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BANGALORE, India , Sept. 7, 2022 /PRNewswire/ -- Cider Market is Segmented By Product(Apple Flavored, Fruit Flavored, Perry), By Channel(On-trade, Off-trade), By Packaging (Draught, Cans, Glass Bottles, Plastic Bottles, Others): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Food & Drink Category.
Cider Market Size was valued at USD 14,570.3 million in 2020 and is projected to reach USD 26,211.2 million by 2031, registering a CAGR of 5.0% from 2022 to 2031.
Major Factors Driving the Growth of Cider Market
Alcohol consumption as a status symbol and the rise in demand for premium spirits as a result of rising per capita income are two key drivers anticipated to propel the cider market expansion over the forecast period.
The global cider market has expanded as a result of increased health hazards and worries about alcohol consumption as well as the popularity of non-alcoholic beverages.
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TRENDS INFLUENCING THE GROWTH OF THE CIDER MARKET
During the forecast period, the popularity of craft beverages has skyrocketed, and the hard cider market has emerged as one of the fastest-growing segments of this business. Cider aims to capitalize on consumer demand for gluten-free options and growing interest in alternative beverages to grow as a more popular beverage. Hard Cider, a craft beer market, has been incredibly well-liked by Millennial beer drinkers who want alcoholic beverages with sweet and distinctive flavor profiles. This factor is expected to drive the cider market.
Cider is more than just a tasty beverage because it has a number of health advantages. Cider appeals to consumers searching for a more healthful alcohol option, but for those trying to limit their alcohol use, THC-infused ciders provide an interesting new alternative to alcoholic ciders. Since its debut, non-alcoholic beers have undergone tremendous change. The market is responding by providing a wider variety of products with little or no alcohol as more people stop drinking altogether or reduce their consumption for health and other reasons. This in turn is expected to fuel the cider market.
Furthermore, canned cider is expected to fuel the cider market. Can weigh less than bottles, which results in significant transportation cost savings. A producer now has access to markets outside of their city, region, and perhaps even nation! The eco-conscious millennial market, as well as expanded use scenarios including camping, sporting events, festivals, and other outdoor settings, are the main drivers of demand.
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Based on packaging, the cans segment is expected to be the most lucrative. The growth of can ciders is aided by the demand for premium beverages and craft branding. Cans are infinitely recyclable and cool down quicker than glass, which promotes the market's sustainable expansion.
Based on the Distribution Channel, the on-trade distribution channel is expanding at the fastest rate. This is due to the expansion of pubs and bars and the rise in disposable income in emerging economies.
Based on region, Europe dominated the market, with the biggest cider market share during the projection period. The most popular alcoholic beverages in Europe , particularly in the UK, are ciders and their various variants. As a result of diverse geographic regions, different flavors of cider are preferred differently. However, due to the colder climate in the majority of European nations, alcohol use is a widespread practice.
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