- Trend of premiumization of alcoholic beverages motivates manufacturers to look for environment-friendly and economic alternatives to barrel aging
- Growing acceptance of white oak alternatives in the U.S. and the European Union offers significant lucrative gains to market players
ALBANY, N.Y., Sept. 22, 2021 /PRNewswire/ -- White Oak Alternatives Market: Broad Growth Contours
Emerging cost-effective production technologies and aging processes in the whiskey industry are boosting the market prospects of white oak alternatives. A range of white oak alternatives are being used during alcoholic fermentation to impart a variety of aromas, colors, fragrance, and flavors to wine, beer, and whiskey. White oak alternatives such as chips, spirals, cubes, staves, and powders are attracting the attention of alcoholic beverages manufacturers.
The widespread consumer preference for liquors preserved in white oak barrels is a key driver for the acceptance of various white oak alternatives. Particularly, the market has witnessed significant revenue growth from the acceptance of white oak chips for commercial as well as home production processes. The global white oak alternatives market is projected to reach US$ 470.8 Mn by 2029.
Whisky aficionados and novices in beer making are creating new fusion of flavors and aroma by harnessing inexpensive white oak alternatives. In particular, cocktail connoisseurs have used chips for aging of low-alcohol drinks. The focus on reducing the production cost of alcoholic beverages has led winemakers worldwide to look for cost-effective adjunct to oak barrels and eco-friendly alternatives, thereby extending the horizon of the white oak alternatives market.
Key Findings of White Oak Alternatives Market Study
Steady Increase in Wine Consumption Expands Market Outlook: Past few years have seen rise in alcohol consumption in several middle-income countries, notably in Asia Pacific. In part, the trend can be attributed to massive economic growth in these countries. On the other hand, in high-income countries, consumers have become more discerning about the flavors and aromas of the alcoholic beverages they consume. Commercial manufacturers are adopting white oak alternatives for whiskey aging. Both these trends have positively influenced the demand for white oak alternatives, thereby propelling the market growth, notes a study on white oak alternatives. Shift toward low-alcohol beverages in some developed nations is also fueling the acceptance of white oak alternatives to barrel aging.
Alcoholic Beverages Manufacturers Adopt Emerging Technologies to Reduce Production Cost: A wide variety of extractive contents are possible with white oak alternatives for wines and other alcoholic beverages that previously underwent the traditional barrel aging process. Specifically, they are being adopted by home users to improve the complexity of spirits and add spectrum of flavors. Furthermore, the growing demand for premium wines is a key trend bolstering the prospects of the white oak alternatives market.
Rise in rates of individual alcohol consumption is a key driver for manufacturers looking for cost-efficient ways of liquor fermentation and aging, thus boosting their prospects in the white oak alternatives market. The increase has been steep, especially in low and middle-income regions in the past five years. A part of the drive stems from massive promotional programs for wine tourism in various parts of the world.
Changing taste and preferences of consumers of alcoholic beverages have motivated manufacturers to expand the array of taste, aroma, and mouthfeel of the liquor
White Oak Alternatives Market: Regional Growth Dynamics
North America held a leading share of the global white oak alternatives market in 2019. The popularity of white oak barrel in wine aging and the massive urge to shift to low-alcoholic drinks have favored the revenue prospects of the regional market. The revenue growth results from the rise in sales in the U.S.
Asia Pacific is anticipated to expand at a remarkably high CAGR during the forecast period of 2021–2029. India, China, and Japan have emerged as potentially lucrative markets in the region.
White Oak Alternatives Market: Competition Dynamics
The global white oak alternatives market is characterized by a fair degree of fragmentation. Some of the key players are The Vintner Vault, Canadell SAS, Gusmer Enterprises, Inc., Innerstave, Bouchard Cooperages, G3 Enterprises, Inc., Oak Chips, Inc., Protéa France, Speyside Bourbon Cooperage, Inc., and Speyside Bourbon Cooperage, Inc.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.