New York, June 02, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Grain Alcohol Global Market Report 2022” – https://www.reportlinker.com/p06282673/?utm_source=GNW
Diageo Plc, Altria Group, Pernod Ricard, ChemCeed, Ethanol US, NuGenTeca and Pinal Energy LLC
The global grain alcohol market is expected to grow from $12.63 billion in 2021 to $13.31 billion in 2022 at a compound annual growth rate (CAGR) of 5.33%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $16.37 billion in 2026 with a CAGR of 5.32%.
The grain alcohol market consists of the sale of grain alcohol by entities (organizations, independent traders and partnerships) which is a distilled neutral alcohol made from fermenting grain. Grain alcohol is the purified form of ethyl alcohol, also known as ethanol, neutral grain alcohol or rectified alcohol.
Grain alcohol, a neutral alcohol, can be made from corn, rye, wheat, grapes, grains, sugar cane, tubers, and beets and is used to make other alcoholic beverages such as wine, vodka, house liqueurs and others.
Major sources of grain alcohol include sugar cane, grains, fruits, and other sources. Sugarcane grain alcohol is made by fermenting either sugarcane juice or molasses diluted with water, including yeast-eliminating sugar.
The different types of grain alcohol are ethanol and polyols which are used in applications such as beverages, food, pharmaceuticals and healthcare and other applications. The different functionalities of grain alcohol include preservative, coloring/flavoring agent, coatings, and other functionalities.
Europe was the largest grain alcohol market region in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing consumption of alcoholic beverages is driving the growth of the grain alcohol market. An increase in the consumption of these beverages can be attributed to multiple factors such as rising levels of disposable income and an increasingly urban population.
For example, in 2020, according to the US government, there was a 60% increase in alcohol consumption compared to the pre-pandemic period. The main reasons for the increase in alcohol consumption are increased stress (45.7%), increasing availability of alcohol (34.4%) and boredom (30.1%). Alcohol consumption per capita is projected to increase from the original 5.9 liters of alcohol per year in 1990 to 7.6 liters in 2030. Hence, the increase in the rate of alcohol consumption drives the alcohol market. grain alcohol.
Increasing research and development is a key trend that is gaining popularity in the grain alcohol market. Companies in the grain alcohol market are focusing on developing new flavors and varieties based on ethnic tastes.
For example, in 2020, Diageo, a UK-based beverage company, announced the launch of a new research and development center in Shanghai to further its focus on innovation and product development in China. The first of its kind in the alcoholic beverage industry in Shanghai will help the Chinese market and enhance Diageo’s ability to rapidly create and develop high-end products that meet the tastes of Chinese consumers.
The research center is established with the aim of manufacturing a strong portfolio of products developed in China based on local consumer knowledge and trends.
In April 2021, MGP Ingredients, Inc., an American 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 of shifting to higher value-added products and diversifying the business portfolio. Luxco is a United States-based company that is a leading producer, distributor, importer and bottler of alcoholic beverages.
The countries covered in the grain alcohol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06282673/?utm_source=GNW
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