The food grade alcohol market was valued at USD 9.9 billion in 2015 and is projected to grow at a CAGR of 3.9% to reach USD 12.8 billion by 2022. Food grade alcohol plays a major role in the manufacture of flavors, extracts, yeast, and other food products. Factors such as an increase in the disposable income, betterment in the quality of beverages, and advanced marketing activities have led to an increase in global beverage consumption. Owing to the increasing demand for beverages and trade in alcohol alongside expansions in emerging markets like India, China, and Brazil, the market offers potential growth opportunities in the near future.
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The Asia Pacific region is experiencing the highest growth rate due to strong industrial development policies adopted by the government. Increased government investments for urbanization and the improved standard of living of consumers have led to an increase in the consumption of food & beverage products. The strategic investors in the industry should see this as an opportunity to introduce innovative alcohol products to cater to the changing demands of manufacturers in this market.
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The food & beverage industry offers the European food grade alcohol market a prominent consumer base with opportunistic growth prospects. The region’s food industry intends to adopt innovation and new product development strategies to meet the demand and competition in this region.