Grain Alcohol Global Market Report 2023
Major players in the grain alcohol market are Archer-Daniels-Midland Company, Cargill, Inc., Kweichow Moutai, Roquette Fr res, MGP Ingredients, Inc., Cristalco, Wilmar Group, Manildra Group, Glacial Grain Spirits, Wuliangye Yibin Co.
New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Grain Alcohol Global Market Report 2023" - https://www.reportlinker.com/p06282673/?utm_source=GNW
, Diageo PLC., Altria Group, Pernod Ricard, ChemCeed, Ethanol US, NuGenTeca, and Pinal Energy
The global grain alcohol market grew from $13.42 billion in 2022 to $14.18 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The grain alcohol market is expected to grow to $17.86 billion in 2027 at a CAGR of 5.9%.
The grain alcohol market consists of sales of polyols grain alcohol and ethanol grain alcohol.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Grain Alcohol is a distilled neutral spirit made from fermenting grains such as corn, rye, wheat, grapes, grains, sugarcane, tubers, and beets and is used to make other alcoholic drinks such as wine, vodka, homemade liqueurs, and others. Grain alcohol is the purified form of ethyl alcohol, which is also known as ethanol, neutral grain spirit, or rectified spirit.
Europe was the largest region in the grain alcohol market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the grain alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main sources of grain alcohol include sugarcane, grains, fruits and other sources.Sugarcane grain alcohol is prepared by fermenting either sugar cane juice or molasses diluted with water, including yeast-removing sugar.
The different types of grain alcohol are ethanol and polyols, which are used in applications such as beverages, food, pharmaceuticals, health care, and other applications. The different functionalities of grain alcohol include preservatives, coloring/flavoring agents, coatings, and other functionalities.
The increasing consumption of alcoholic drinks is driving the growth of the grain alcohol market.An increase in consumption of these beverages can be attributed to multiple factors, such as rising levels of disposable income and an increasingly urban population.
For instance, in 2020, according to the US government, there was a 60% increase in drinking, compared to pre-pandemic. The major reasons behind increased drinking include increased stress (45.7%), growing alcohol availability (34.4%), and boredom (30.1%). Alcohol consumption per capita is expected to rise from 5.9 litres per year in 1990 to 7.6 litres in 2030. Therefore, the increasing consumption rate of alcoholic beverages drives the grain alcohol market.
Increasing research and development is a key trend gaining popularity in the grain alcohol market.Companies in the grain alcohol market are focusing on developing new flavours and varieties based on ethnic tastes.
For instance, in 2020, Diageo, a UK-based beverage company, announced the launch of a new research and development centre in Shanghai to further its product innovation and development aims in China.The first of its kind in the beverage alcohol sector in Shanghai will help the Chinese market and will strengthen Diageo’s ability to quickly create and develop premium products that cater to Chinese consumer tastes.
The research centre was created with the aim of manufacturing a strong portfolio of products developed in China based on local consumer insights and trends.
In April 2021, MGP Ingredients, Inc., a US-based distributor of premium distilled spirits and specialty wheat proteins and starches, acquired Luxco, Inc. for an undisclosed amount. The acquisition is in line with MGP’s long-term strategy focused on shifting to higher value-added products and diversification of the business portfolio. Luxco is a US-based company that is a leading producer, distributor, importer, and bottler of beverage alcohol products.
The countries covered in the grain alcohol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The grain alcohol market research report is one of a series of new reports that provides grain alcohol market statistics, including grain alcohol industry global market size, regional shares, competitors with grain alcohol market share, detailed grain alcohol market segments, market trends and opportunities, and any further data you may need to thrive in the grain alcohol industry. This grain alcohol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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