The absinthe market is anticipated to reach a forecasted market value of USD 273.9 million by 2033 while expanding its global space at an average CAGR of 6.7% (2023 to 2033). The market holds a market value of USD 142.7 million in 2023.
The increased demand for absinthe globally, its medicinal applications, and its growing popularity. Absinthe market survey explains the concept of mindful drinking and Sober-curious drinking and increased rising per capita income. Absinthe has gained popularity with a higher number of bars and restaurants around the world, fueling the sales for Absinthe.
| Report Attribute | Details |
|---|---|
| Absinthe Market Value (2023) | USD 142.7 million |
| Absinthe Market Anticipated Value (2033) | USD 273.9 million |
| Absinthe Market Projected Growth Rate (2023 to 2033) | 6.7% |
The absinthe market report explains that the new enhanced flavours and refined drinks are increasing the popularity of Absinthe. The responsible drinking and legalization of alcohol in some public places have gained traction for the absinthe market.
The market has witnessed a growth in sales as the medicinal use of wormwood, the plant from which absinthe is extracted, has increased over the years. People now have started looking for alternative medicines for the diseases as they have lower side effects than the usages of various drugs, fueling the sales of absinthe.
The use of absinthe in the food industry, especially in deserts and confectionery products, to keep them tasty and safe from bacteria also gains traction in the absinthe market. Absinthe without sugar is spirit, holds its properties, and is generally consumed by diluting it with water.
Expanding absinthe market share is attributed to its use in the food industry as a garnishing product. For instance, dried absinthe leaves are used in red meat, fish, and other curries.
The striving for an absinthe market and its growth are attributed to certain trends that affect the market’s performance. Future Market Insights describes these trends as follows:
High Alcohol Content:
Generally, alcohol like Whiskey and Gin has an alcohol percentage of 46% and 50%, respectively, while Absinthe’s levels vary from 65% to 90%. For example, the Parisian Absinthe brand’s Fee contains 68% alcohol, while Hapsburg Premium Reserve is 89.9% alcohol. So, the tendency to dilute with 4 to 5 parts water, even more later, is suggested, flourishing the demand for absinthe.
Medicinal Use:
The medicinal use of absinthe puts it in a unique spot with higher adoption rates. The key ingredient of absinthe is Artemisia absinthium, aka Wormwood, so named for its ability to kill and expel intestinal worms from the human body.
Its use is effective in digestion problems such as loss of appetite, upset stomach, intestinal spasms, and gall bladder disease. Its effective experiments in managing diabetes, heart illness, and cancer with anti-tumor and anti-inflammatory benefits fuel the demand for absinthe in various regions.
Popularity and History:
Absinthe is said to be consumed by famous personalities like Van Gogh, Picasso, Lautrec, and Hemingway and has been their drink of choice. Its popularity and reputation of being a creative enhancer and aphrodisiac for over 200 years now. History has given a name to the potent liquor absinthe that is known as the green fairy. Even the latest market players have made Absinthe Absente 55 which promotes Van Gogh’s drinking absinthe.
Food Applications:
Wormwood, the absinthe plant is used as an absolute in many confectioneries and deserts. It’s not just bartenders and alcohol mixologists that introduce the green spirit into their bars but kitchens worldwide also use the absinthe processed and absolute, even the wormwood plant leaves in different dishes in red meat, oysters, escargot, and fish.
Drivers:
Emerging trends in the absinthe market define the absinthe’s popularity as skyrocketing worldwide due to its medicinal benefits, such as stimulating the digestive tract by increasing saliva, stomach acid, and digestive enzyme production.
Absinthe can also be used to treat parasitic worm infections. The soaring demand for cosmetics in the market is also driving up demand for absinthe, which is used as an anti-inflammatory, anti-microbial, and insect-repellent product in the industry.
Of Absinthe's ability to enhance the flavor and taste of food products, its use in the food industry has grown. Absinthe is another alcoholic beverage widely consumed worldwide and has seen significant growth in the forecast period.
Opportunities:
The increase in absinthe consumption following the repeal of the prohibition and the increase in disposable income is expected to propel the market growth. Furthermore, growth in absinthe demand, particularly among artists and painters, musicians, and guitarists, is expected to provide opportunities for the absinthe market.
Restraints:
Although, there is a significant rise in absinthe consumption following the repeal of the prohibition, and the increase in disposable income is expected to drive market growth. Nevertheless, alcohol bans in some countries, rumors of mental instability, and public perception of Absinthe's negative effects may stymie market growth.
Based on application, the absinthe market is segmented into three segments: the food and beverage industry, the cosmetic industry, and the medical industry. The food and beverage segment was the most prominent, accounting for the majority of absinthe market share. This is due to an increase in demand for new flavors developed by the players in this category.
The one-stop shopping experience provided by retail stores and online formats makes it a very popular shopping option for consumers. However, due to rapid internet and smartphone penetration, online shopping is expected to boost growth during the forecast period.
According to the types absinthe is classified into eight types, including absinthe blanche, absinthe amber, absinthe verte, absinthe ordinaire, absinthe reve pastis, absinthe bohemian, absinthe liqueur, and premium absinthe.
Absinthe bohemian is popular in Europe and is made without aniseed. The aniseed ingredient is replaced with lemon or another fruit extract in absinthe liqueur to obtain fruit flavor in absinthe liqueur. It is expected to fuel the demand for absinthe in new market spaces.
According to the study, the market in North America is anticipated to exhibit a market share of 33.7% in 2022. Since Absinthe is an extremely popular alcoholic beverage in USA, its demand is on a roll.
This trend is expected to continue during the forecast period owing to the health benefits of Absinthe as well as its increasing use in the cosmetic and Food & Beverage industries. Hence, the market is forecasted to show a positive outlook over the assessment period.
The Absinthe market survey explains that Europe is forecasted to be profitable for the Absinthe market players during the projected timeframe. Absinthe is one of the most consumed alcoholic beverages in European Countries. Moreover, with France and Switzerland being the top exporters of Absinthe in the world, the demand for Absinthe is expected to rise in the upcoming years.
Currently, the industry is thriving in Spain and the Czech Republic, owing to its wild popularity there, which is a key driving factor of the market. Moreover, as the awareness of the medical benefits of absinthe is increasing so is the use of absinthe in the medical industry.
As a result of the above-mentioned factors, the European absinthe market is anticipated to account for a 27.4% share of the global market in 2022. As Swiss alcohol is preferred all around the world because of its refined taste and containing aging processes, absinthe’s history related to Switzerland puts it in a favorable spot.
The startup dynamics for the absinthe market are dynamic and hold the capability of expanding market space. The new brands with exotic flavors and different levels of alcohol are fueling the sales of Absinthe. The new market players are investing huge amounts of money in the absinthe market. Companies experiment with products specific to the application of food and medicine.
The market players in the global Absinthe market are adopting a variety of strategies to strengthen their position in the market. Acquisitions, partnerships, and agreements are some of the most adopted strategies.
Recent Mergers and Product Launch:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.7% from 2023 to 2033 |
| Base Year for Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Application, Type, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; The Asia Pacific excluding Japan; Japan; The Middle East and Africa |
| Key Countries Profiled | The USA, Canada, Brazil, Argentina, Germany, The United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC Countries, South Africa |
| Key Companies Profiled | La Fée Absinthe; Lucid Absinthe Supérieure; Kübler Absinthe Superieure; La Clandestine; Hill's Liquere North America Doubs Mystique; Duplais Verte; Pacific Distillery; Alandia GmbH & Co. KG; Butterfly absinthe; Jade Liqueurs LLC; Philadelphia Distilling Company; Teichenne S.A.; Milan METELKA a.s; RUDOLF |
The market is valued at USD 142.7 million in 2023.
The growth potential of the absinthe market is 6.7% through 2033.
La Fée Absinthe and Lucid Absinthe Supérieure are the leading market players.
Increasing demand for cosmetics to boost the market prospects.
The food and beverage segment is likely to remain preferred through 2033.
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Absinthe Market
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