(MENAFN- EIN Presswire) Absinthe Market
Over the years, consumers are demanding variations in liquor and alcoholic beverages.” - Allied Market ResearchPORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, September 21, 2023/EINPresswire/ -- According to a new report published by Allied Market Research, titled, " Absinthe Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," the absinthe market size was valued at $34.1 billion in 2018 and is estimated to reach $44.2 billion by 2026, registering a CAGR of 3.4% from 2019 to 2026.
A colorless or which is often green liquor made with flavors such as wormwood and anise is known as Absinthe. The process of obtaining desired absinthe also includes addition of medicinal and culinary herbs such as leaves and flowers of Artemisia Absinthium, Melissa, coriander, star anise, peppermint, and veronica. Its alcohol content is very high compared to other alcoholic beverages.
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The companies profiled in the report are Pacific Distillery, Teichenne, S.A., Duplais Verte, La Fée Absinthe, Kübler Absinthe Superieure, Hill's Liquere North America, La Clandestine, Doubs Mystique, Butterfly absinthe, and Milan METELKA a.s.
While whisky's alcohol contain is around 40%, and Rum contain 35% alcohol roughly; Absinthe's alcohol content is as high as 60-90% depending on type. Hence, it is more of a pure alcohol drink than just a beverage. During the production of beer and wine, usually yeast is added to a sugary solution. During fermentation process, the added yeasts consumes sugar and formation of alcohol takes place. In Absinthe, wormwood is the vital ingredient. Wormwood (Artemisia Absinthium) is an herbal and medicinal plant, which gives absinthe the distinct taste, which it is known for. While traditional absinthes are redistilled from white grape spirit, lesser absinthes were commonly made by alcohol processed from grain, potatoes, or beets.
Absinthe was banned in the U.S. and many countries of Europe till 2007 owing to the rumors about its adverse effects causing hallucination and mental disturbance. But the ban in the U.S. revoked in 2007 after proofs of absinthe's being not dangerous have been submitted. Since 2007, the market for absinthe has experienced a substantial growth. More market players are engaging in the production of absinthe after the ban revocation. Absinthe was made legal in the European Union in 1988, provided the amount of thujone falls within the agreed limit of 10mg/kg, or 35mg/kg for absinthe bitters. U.S. and Europe are the leading regions when it comes to the consumption of alcohol and alcoholic beverages, and alcohol is been a part of their lifestyle since ancient times. Consumers now want newer taste and flavors, and absinthe is giving consumers the different taste than other alcoholic beverages owing to the addition of wormwood. This factor is driving the growth of the absinthe market, and is expected to do so during the forecast period.
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The global absinthe market is segmented on the basis of type, application, and region. By type, the market is categorized into absinthe blanche, absinthe amber, absinthe verte, absinthe ordinaire, absinthe reve pastis, absinthe bohemian, absinthe liqueur, and premium absinthe. By application, the market is classified into food & beverage industry, cosmetic industry, and medical industry. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
By type, the absinthe bohemian segment generated the highest revenue in 2018 and is expected to remain dominant throughout the forecast period. This can be attributed to increase in demand for products with new taste and lower alcohol content, in countries such as Japan and China. Moreover, increase in penetration of flavored absinthe products is expected to increase the demand for absinthe bohemian in the countries such as the U.S. However, the absinthe reve pastis segment is expected to grow at the highest CAGR throughout the forecast period
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By application, the food & beverage segment was the most prominent segment accounting for maximum share in the global market. This can be attributed to the increase in demand for new flavors developed by the players for this category. However, the cosmetic segment is expected to witness notable growth, with a CAGR of 4.6% from 2019 to 2026.
By region, Europe accounted for maximum share in the global market in 2018 and is expected to remain dominant during the forecast period. North America is expected to grow with the highest CAGR throughout the forecast period, owing to the adoption of new products introduced in the absinthe market among consumers.
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Key Findings of the Absinthe Market :
The absinthe market was valued at $34,149 million in 2018 and is estimated to reach $44,287 million by 2026, growing at a CAGR of 3.4 % throughout the forecast period.
By type, the absinthe reve pastis segment is expected to witness fastest growth, registering a CAGR of 4.6% during the forecast period.
In 2018, by type, the absinthe bohemian segment held the highest share.
In 2018, by region, Switzerland was the most prominent market in Europe and is expected to grow at a significant CAGR throughout the forecast period.
Europe was the dominant region in 2018, accounting for more than two-fifth of the absinthe market share.
David Correa
Allied Analytics LLP
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