Latin America Alcohol Ingredients Market was worth USD 0.21 billion in 2022 and expected to be growing at a CAGR of 9.6%, to reach USD 0.33 billion by 2028.
Alcohol ingredients are ingredients used in a variety of food & beverage applications, especially in the production of alcoholic beverages.
Alcoholic beverages are manufactured by the fermentation of fruit, vegetables or cereals. Alcohol ingredients such as yeast, flavours & salts, enzymes, colours and other ingredients are extracted from natural sources such as plants, vegetables, and fruits.
The major driving force of the market is the rise in alcohol consumption in emerging countries due to huge population base, more acceptance of socializing places like bars and pubs and growing consumption of alcohol becoming a new trend among the younger generation. The alcohol ingredients demand essentially depends on the performance quality and legislations imposed by the both local as well as international government on the production of alcohol beverage ingredients and alcohol beverages. The market is restrained by stringent government regulations on manufacturing and selling liquor, high taxes, and ban on advertisements among others. Health-conscious consumers and high costs of raw materials are also a major restraint of the alcohol Ingredients market.
The La alcohol ingredients market is segmented by ingredient type, beverage type and geography. By the ingredients type, the market is classified into yeasts, enzymes, colorants, salts & flavours and others. Yeast can be additionally categorized into bottom-fermenting and top-fermenting. By beverage type, the market is separated into beer, spirits, wine, whiskey, brandy, others. Further categorisation of spirits includes vodka, rum, scotch, gin, tequila and others. Spirits are accounting for a major part of market growth in recent times.
Geographically the Latin America Alcohol Ingredients Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. The market is projected to expand in Latin America as the consumer expenditure on these beverages is mounting rapidly. Brazil is one of the largest markets in this region followed by Mexico, Argentina, and Columbia.
Key Players in the Market:
Major Key Players in the Latin America Alcohol Ingredients Market are
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