Increase in consumption of alcoholic beverages among consumers worldwide and rise in acceptance of alcoholic beverages in social gathering.

PORTLAND, OR, UNITED STATES, September 1, 2021 /EINPresswire.com/ -- Food Grade Alcohol Market was estimated at $6.97 billion in 2019, and is expected to hit $8.84 billion by 2027, registering a CAGR of 5.4% from 2021 to 2027. The report provides a detailed analysis of changing market trends, major winning strategies, key segments, drivers & opportunities, and competitive scenario.

Rise in consumer spending and growth in urbanization have led to an increase in the consumption of processed and comfort food which, in turn, has driven the growth of the global food grade alcohol market. On the other hand, fluctuations in prices of sugarcane, corn, wheat, and others curb the growth to some extent. Nevertheless, the trend of consuming alcoholic beverages, such as beer, wine, whiskey, among others, in social gatherings is expected to create multiple opportunities in the industry.

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Covid-19 scenario-
• The outbreak of covid-19 caused major disruptions in the supply of raw materials, therefore, impacting the manufacturing of food grade alcohol based products.
• At the same time, this pandemic has increased health consciousness among people. And, the fact that any sort of alcoholic indulgence tends to weaken the immune system and reduces the ability to cope with infectious diseases has declined the demand for such products to a significant extent.

On the basis of type, the ethanol segment accounted for the maximum share in the global food grade alcohol market in 2019. Food grade ethanol has the highest rate of consumption by means of alcoholic beverages such as beer, wine, whiskey, and other liquors. Rise in social gatherings coupled with increase in consumer spending has created higher market traction for alcoholic beverages. Owing to this expanding market base and escalating consumption, the ethanol segment accounted for a higher value share in the global food grade alcohol market analysis.

On the basis of source, the sugarcane, sugar beet & molasses category was the dominant segment in 2019, with 42.6% food grade alcohol market share. This was attributed to the fact that sugarcane accounts for one of the largest sources in producing ethanol globally. However, the grains segment is anticipated to grow at a faster rate during the forecast period.

On the basis of application, the beverages category was the dominant segment in 2019, with 41.9% global food grade alcohol market share. Ethanol is largely used in the production of alcoholic beverages such as beer, wine, whiskey, and other liquors. The beverages segment accounted for a higher market share in 2019, owing to the expanding demand and consumption of alcoholic beverages over the years.

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On the basis of region, North America was the prominent region for the global food grade alcohol market in 2019. This can be attributed to the tremendous popularity and substantial consumption of alcohol and processed food in the region. However, Asia-Pacific is expected to witness a significant CAGR, owing to rapid demand and acceptance of alcohol for social drinking coupled with rise in income spending as well as young consumers.

The key players operating in the food grade alcohol market include Cargill Incorporated, Spectrum Chemical Manufacturing Corp., MGP Ingredients, Inc., Archer Daniels Midland Company, Roquette Freres SA, Manildra Group, Wilmar International Limited, Molindo Group, Grain Processing Corporation, Cristalco S.A.S., and Ingredion.

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