Rising Demand For Craft Alcohol, Premium Products
Rising Demand For Craft Alcohol, Premium Products
Jan 23, 2013 6
(FoodProductDesign) - Rising taste for high-end beverages is driving demand for higher-priced craft and imported spirits. As a result, the alcoholic beverage manufacturing sector is overflowing with opportunities for crafty entrepreneurs looking to enter the beer, liquor and wine industries, according to new market data from IBISWorld.
According to the “Alcoholic Drinks Sector Bubbles Over with Craft Producers" report, while a growing population of legal drinkers and rising alcohol consumption will contribute to the sector expansion, the rise of premiumization—a trend by which consumers gravitate toward premium and ultra-premium products, including alcohol—will likely be the key to new, independent enterprises’ success.
In response to increasingly exotic consumer preferences, producers will continue to cater to niche markets by picking up on emerging trends like gluten-free or organic alcoholic beverages. And, as consumers continue to explore new beverages, new entrants will be able to find their own niche in the market.
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