As per the report, the global absinthe industry garnered $34.1 billion in 2018, and is projected to reach $44.3 billion by 2026, registering a CAGR of 3.4% from 2019 to 2026.The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Increase in people consuming absinthe after its ban revoked in the U.S. and rise in disposable income drive the growth of the global absinthe market. Whereas, perception regarding adverse effects of absinthe and mental instability rumors impede the market growth. On the other hand, increase in demand for absinthe especially by artists and painters, musicians, and guitarists is anticipated to offer lucrative opportunities in the near future.
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COVID-19 Scenarios:
The global pandemic has caused the absinthe industry to a standstill as the countries with major market players have been affected severely. On the other hand, the halts of other supporting sectors have restrained the market growth. Moreover, the stringent rules and global lockdown have also urged other stakeholders in the absinthe market to curtail down the production.
Absinthe market has been segmented based on type, application, and region. Based on type, the market is segmented on the basis of absinthe blanche, absinthe amber, absinthe verte, absinthe ordinaire, absinthe revepastis, absinthe bohemian, absinthe liqueur, and premium absinthe. The absinthe revepastis segment is projected to portray the fastest CAGR of 4.6% during the forecast period. However, the absinthe bohemian segment held nearly one-fourth of the market in 2018.
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Based on application, the market is categorized into food and beverage industry, cosmetic industry, and medical industry. The food and beverage segment held the largest share in 2018, contributing to nearly three-fifths of the market. However, the cosmetic segment is anticipated to manifest the fastest CAGR of 4.4% during the forecast period.
Based on region, the market analyzes across North America, Europe, Asia-Pacific, and LAMEA. The North America region is expected to portray the fastest CAGR of 4.3% through 2026. However, the market across Europe accounted for the largest share in 2018, contributing to more than two-fifths of the market.
The key players profiled in the report include Teichenne, S.A., DuplaisVerte, Kübler Absinthe Superieure, Hill’s Liquere North America, La Clandestine, Pacific Distillery, Doubs Mystique, Butterfly absinthe, Milan METELKA a.s., and La Fée Absinthe.
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