Cider and Perry Market Growth Prospects: Industry Analysis, Demand Forecast, and Key Trends
The global cider and perry market size is experiencing robust growth, with demand anticipated to be valued at $92.4 billion in 2023, and is forecasted to grow at a CAGR of 3%, reaching $124.7 billion by 2033. This growth trajectory is attributed to shifting consumer preferences towards ready-to-drink beverages and the increasing popularity of craft beers.
Market Dynamics and Growth Factors
From 2016 to 2022, the cider and perry market registered an impressive CAGR of 6%. The market’s expansion is driven by the introduction of mass-market brands offering cider drinks at competitive prices and a rising demand for beer alternatives in mature markets like the USA and Australia. This trend is creating significant opportunities for cider and perry manufacturers to innovate and capture a broader consumer base.
Draught cider and perry currently account for 46.8% of the market share, with the beverage gaining popularity among both young and older demographics. The market’s growth is further supported by increasing production volumes, market innovation, and product diversification.
Regional Insights
North America holds a substantial share of 34.7% in the global cider and perry market. The presence of leading cider producers and high regional demand, coupled with increasing disposable incomes, is driving market growth. Technological advancements and significant R&D initiatives in the USA and Canada are contributing to the region’s dominance.
Europe is projected to capture a 40.7% market share by 2023. The region’s market is bolstered by a rising number of breweries and innovative cider flavors, attracting a diverse consumer base. High consumer spending on food and beverages and the presence of numerous market players further fuel growth.
The Asia Pacific region is expected to exhibit significant growth over the forecast period. The rapidly growing food and beverage industry, particularly in emerging markets like India and China, is driving demand for cider and perry. Manufacturers are responding by increasing production to meet rising consumer demand for premium alcohol brands and varied flavor profiles.
Market Challenges
Despite the promising growth prospects, the cider and perry market faces challenges. Increasing health awareness among consumers about the negative impacts of alcoholic beverages poses a potential impediment. Additionally, distinguishing cider and perry products from sparkling wines and raising product awareness remain key challenges for market participants.
Competitive Landscape
The cider and perry market is highly competitive, with major players such as Crispin Cider Company, WOODCHUCK CIDER, Louis Dupont, Ace Cider, and Aspall leading the market. Several regional players are also making significant contributions, particularly in the Asia Pacific region.
Notable recent developments include:
Pall Corporation‘s acquisition of Pall-Austar Lifesciences Limited in March 2022, aimed at expanding manufacturing capacity to support single-use technology supply chain demand in China.
Vintage Wine Estates‘ acquisition of ACE Cider in November 2022, enhancing their product portfolio with one of the fastest-growing craft cider brands in the USA.
