The main factors influencing the global alcohol gummies market are the surge in demand for alcohol gummies

PORTLAND, OR, US, March 29, 2023 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Alcohol Gummies Market by Type (Spirit gummies, Cocktail gummies), by Nature (Alcohol infused, Alcohol flavored), by Distribution Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global alcohol gummies industry generated $10.9 million in 2021, and is anticipated to generate $16.3 million by 2031, witnessing a CAGR of 4.3% from 2022 to 2031.

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Prime determinants of growth

An increase in demand for consumption of alcohol gummies drives the growth of the global alcohol gummies market. However, lack of consumer awareness about the availability of alcohol gummies, particularly in emerging nations in Asia-Pacific, Latin America, and Africa restricts the market growth. Moreover, increased demand for handmade confections with alcohol presents new opportunities in the coming years.

Major Key Companies:

The major players analyzed for global alcohol gummies industry are Arewa Treats, Maggie Lyon Chocolatiers, Kate & Belle, The Candy Store, Sugarfina USA LLC, SugarSin, Inebriated Baker, Lolli & Pops, Smith & Sinclair US, and Squish Candies.

Regional Analysis:

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global alcohol gummies market, and is likely to dominate the market during the forecast period. Consumers in most of the nations in this region choose to purchase premium alcohol gummies from specialty stores due to the distinctive variety of appealing products offered and the convenient packaging. It appears that customers are opting for premium products. However, the North America region is expected to witness the fastest CAGR of 5.2% from 2022 to 2031. The primary factors influencing the market growth in the region include increase in popularity of the products due to consumer preferences, their availability in a variety of flavors, and the regional tradition of consuming them on special occasions.

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By nature, the market is divided into alcohol infused and alcohol flavored. The alcohol infused segment is growing at a moderate rate during the forecast period. Gummies that have been prepared with alcohol are known as alcohol-infused gummies. Alcohol-infused gummies are produced using gin, rum, whiskey, and many other types of alcohol. Alcohol-infused gummies are rising in popularity, especially among young people.

KEY FINDINGS OF STUDY

-> By type, the spirit gummies segment was the highest revenue contributor to the market, with $6.5 million in 2021, and is estimated grow at a CAGR of 4.2% from 2022 to 2031.

-> By application, the alcohol flavored segment was the highest revenue contributor to the market, is estimated to reach $10 million by 2031.
By distribution channel, the online segment was the highest revenue contributor to the market, and likely to grow at a CAGR of 4.2% during the forecast period.

-> Region wise, Europe was the highest revenue contributor, accounting for $4.7 million in 2021, growing at a CAGR of 4.0% during the forecast period.

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According to the alcohol gummies market analysis, the market is analyzed on the basis of type, nature, distribution channel, and region. By type, the market is divided into spirit gummies and cocktail gummies. Further, the spirit gummies segment is divided into whiskey, rum, vodka, and others. The spirit gummies segment occupied the major alcohol gummies market share of the market in 2021 and is projected to maintain its dominance during the alcohol gummies market forecast period.

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