Rise in people consuming absinthe after its ban revoked in the U.S. and increase in disposable income drive the growth of the global absinthe market
PORTLAND, Oregon, Jan. 28, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Absinthe Market by Type (Absinthe Blanche, Absinthe Amber, Absinthe Verte, Absinthe Ordinaire, Absinthe Reve Pastis, Absinthe Bohemian, Absinthe Liqueur, and Premium Absinthe), and Application (Food And Beverage Industry, Cosmetic Industry, and Medical Industry): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global absinthe industry was pegged at $34.1 billion in 2018, and is projected to reach $44.3 billion by 2026, registering a CAGR of 3.4% from 2019 to 2026.
Rise in people consuming absinthe after its ban revoked in the U.S. and increase in disposable income drive the growth of the global absinthe market. However, perception regarding adverse effects of absinthe and mental instability rumors hamper the market growth. On the contrary, rise in demand for absinthe especially by artists and painters, musicians, and guitarists is expected to create lucrative opportunities in the near future.
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Absinthe reve pastis segment to manifest fastest CAGR by 2026
By type, the absinthe reve pastis segment is projected to portray the fastest CAGR of 4.6% during the forecast period, owing to improvement in the taste of absinthe reve pastis due to use of newly developed ingredients. However, the absinthe bohemian segment held nearly one-fourth of the market in 2018, as the ban on the absinthe has been lifted up in many countries.
Food and beverage segment dominated the market
The food and beverage segment held the lion's share in 2018, contributing to nearly three-fifths of the market, owing to rise in demand of absinthe in various food & beverage products to enhance taste of the food product. However, the cosmetic segment is expected to manifest the fastest CAGR of 4.4% during the forecast period, due to increase in application of absinthe in several cosmetic products such as hand cream, hand wash, hand gel.
North America to portray fastest growth through 2026
The market across North America is expected to portray the fastest CAGR of 4.3% through 2026, owing to the revival of usage of absinthe in food and beverage applications in the region. However, the market across Europe accounted for the largest share in 2018, contributing to more than two-fifths of the market, owing to the willingness of the consumer to try innovative tastes that offers new opportunities to invent the variety of absinthe.
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Major market players
- Pacific Distillery
- Duplais Verte
- Teichenne, S.A.
- Kübler Absinthe Superieure
- La Fée Absinthe
- La Clandestine
- Hill's Liquere North America
- Butterfly absinthe
- Doubs Mystique
- Milan METELKA a.s.
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