(MENAFN- GlobeNewsWire - Nasdaq) New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Absinthe Global market Report 2023' -
F. Berger, Jade Nouvelle Orleans, Rudolf GmbH, Vieux Carre, Mansinthe, Rudolf Group, and Philadelphia Distilling Company.
The global absinthe market grew from $34.25 billion in 2022 to $35.12 billion in 2023 at a compound annual growth rate (CAGR) of 2.5%. 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 absinthe market is expected to grow to $40.47 billion in 2027 at a CAGR of 3.6%.
The absinthe market consists of sales of absinthe verte, absinthe ordinaire, absinthe reve pastis, absinthe bohemian, absinthe amber, and absinthe blanche, and other absinthe.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.
Absinthe is a flavored spirit derived from several plants, including the leaves and flowers of artemisia absinthium together with other aromatic ingredients.Absinthe is prepared from high alcohol spirits, with an alcohol content of 68% by volume.
Absinthe is usually consumed by diluting with water and can be used to flavor mixed drinks.
Europe was the largest region in the absinthe market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the absinthe market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of absinthes are absinthe verte, absinthe ordinaire, absinthe reve pastis, absinthe bohemian, absinthe amber, and absinthe blanche.Absinthe verte is prepared from natural ingredients such as cocoa, grand warmwood, star anise, fennel, peppermint, and vanilla.
Absinthe is mainly sold through online and offline distribution channels. Major applications of absinthe can be seen in the medical industry, food and beverage industry, and cosmetic industry.
The increasing alcohol and other beverage consumption is expected to propel the growth of the absinthe market.Consumers globally are increasingly consuming alcohol products and beverages.
For instance, in January 2022, according to an article published by The Harvard Gazette, an official news website of Harvard university, researchers recreated the drinking trajectories and liver disease trends in all U.S. people using data from a national survey of U.S. adults on their drinking habits, which indicated that excessive drinking (such as binge drinking) increased by 21% during the COVID-19 pandemic. Therefore, the increasing alcohol and other beverage consumption is driving the growth of the absinthe market.
New product launches are a key trend gaining popularity in the absinthe market.Modern Absinthe is a result of laboratory experimentation.
For instance, in October 2020, La Fée, a UK-based spirit company, announces the release of a new 20cl bottle of their signature La Fée Parisienne absinthe.It has brought innovation to the industry with a detachable 12-page cocktail book integrated into the label.
The book not only provides a history of the category and the beginnings of La Fée, but it also teaches readers how to consume absinthe, from the traditional sugar and water to new spins on cocktail classics.
In September 2021, Pernod Ricard, operating in absinthe manufacturing based in Paris, acquired leading online spirits retailer The Whisky Exchange for an undisclosed amount.The acquisition is in line with Pernod Ricard's consumer-centric strategy of meeting consumer expectations and needs in a context of solid e-commerce growth and strong demand for premiumization.
Pernod Ricard will leverage synergies between The Whisky Exchange's expertise and its in-house platforms such as Bodeboca and Drinks&Co. The Whisky Exchange is a France-based specialist drink retailer company.
The countries covered in the Absinthe 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 absinthe market research report is one of a series of new reports that provides absinthe market statistics, including absinthe industry global market size, regional shares, competitors with absinthe market share, detailed absinthe market segments, market trends and opportunities, and any further data you may need to thrive in the absinthe industry. This absinthe 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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