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Cider category to garner US$26.21 billion globally by 2031
The global cider industry is projected to reach US$26.21 billion by 2031, according to a report published by Allied Market Research.
Allied Market Research recently published a report looking at the global forecast for the cider category between 2022-2031.
As per the report, the category generated US$14.57 billion in 2020, and is set to be growing at a CAGR of 5% from 2022 to 2031.
The report states that the rise in health concerns and risks associated with alcohol consumption as well as an increase in popularity of non-alcoholic beverages have helped to boost the growth of the global cider category.
However, it detailed that high sugar content of cider could hinder the market growth. Contrary to this, it outlined how cider’s surge in popularity in Asia-Pacific and LAMEA would almost certainly open new opportunities in the future.
The apple-flavoured segment dominates the market and held the lion’s share in 2020, accounting for more than three-fifths of the global cider category, due to the ease in availability. However, the findings show that the fruit flavoured segment is projected to portray the highest CAGR of 5.3% during the forecast period, due to its application in the food and beverage industry.
By packaging, the cans segment is estimated to register the highest CAGR of 5.1% from 2022 to 2031, due to the trends for craft branding and quality being associated with cans now.
However, the draught segment led in 2020, contributing to around one-third of the global cider category, due to rise in consumption of premium and super-premium ciders.
By region, the global cider category across North America is anticipated to register the highest CAGR of 7.7% during the forecast period, due to its social acceptance in the region. However, the category across Europe held the largest share in 2020, accounting for more than three-fifths of the market, owing to continuous popularity of fermented fruit drinks and alcoholic beverages in Europe.
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