LONDON, April 21, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the grain alcohol market, increasing research and development is a key trend 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 instance, in 2020, Diageo, a UK-based beverage company, announced the launch of a new research and development center in Shanghai to further its product innovation and development aims in China. The first of its kind in the beverage alcohol sector in Shanghai, will help the Chinese market and will strengthen Diageo’s ability to quickly create and develop premium products that cater to Chinese consumer tastes. The research center was created with the aim of manufacturing a strong portfolio of products developed in China based on local consumer insights and trends.
Major players in the grain alcohol market are Archer-Daniels-Midland Company, Cargill, Inc., Kweichow Moutai, Roquette Frères, MGP Ingredients, Inc, Cristalco, Wilmar Group, Manildra Group, Glacial Grain Spirits, Wuliangye Yibin Co., Diageo Plc, Altria Group, Pernod Ricard, ChemCeed, Ethanol US, NuGenTeca, and Pinal Energy LLC.
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The global grain alcohol market share 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%. Global grain alcohol industry growth is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $16.37 billion in 2026 at a CAGR of 5.32%.
The increasing consumption of alcoholic drinks is driving the growth of the grain alcohol market. An increase in consumption of these beverages can be attributed to multiple factors, such as rising levels of disposable income and an increasingly urban population. For instance, in 2020, according to the US government, there was a 60% increase in drinking, compared to the pre-pandemic. The major reasons behind increased drinking include increased stress (45.7%), growing alcohol availability (34.4%), and boredom (30.1%). The alcohol consumption per capita is expected to grow from 5.9 liters of original alcohol per annum in 1990 to 7.6 liters in 2030.
The global grain alcohol market research report is segmented by source into sugarcane, grains, fruits, others; by type into ethanol, polyols; by application into beverages, food, pharmaceutical and health care, others; by functionality into preservative, coloring/flavoring agent, coatings, others.
As per the grain alcohol market analysis, in 2021, Europe was the largest region in the market. Asia Pacific is expected to be the fastest-growing region in the global grain alcohol market during the forecast period. The regions covered in the global grain alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Grain Alcohol Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide grain alcohol market overviews, grain alcohol market analyze and forecast market size and growth for the whole market, grain alcohol market segments and geographies, grain alcohol market trends, grain alcohol market drivers, grain alcohol market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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