Transparency
Market Research points out that the key players operating in the
global arak market are Abi Raad Group, Kawar, Eagle Distilleries Co.,
and Lebanese Fine Wines among others. The report states that the
companies are expected to strengthen their partnerships in the coming
years to expand their horizons. Furthermore, players are also
expected to focus on reinventing arak with impacting marketing
strategies and product innovation.
According
to the research report, the global arak market is was valued at
US$20.8 bn in 2016 and is anticipated to be worth US$27.6 bn by the
end of 2024. During the forecast period of 2016 and 2024, the global
market is estimated to expand at a CAGR of 3.6%.
Download
exclusive Sample of this report:
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=18968
Demand
from Middle East and Africa Keeps Region in the Lead
On
the basis of distribution channel, the global arak market is
segmented into supermarket, travel retail, liquor shop, and bar/pub.
Of these, the supermarket segment is anticipated to show the highest
growth in the coming years. Analysts project that this segment is
slated to acquire a share of 66.8% in the global arak market by the
end of 2024.
Geographically,
the global arak market is segmented into North America, Asia Pacific,
Europe, Latin America, and the Middle East and Africa. Out of these
segments, the Middle and Africa is expected to make a noteworthy
contribution to the rising revenue of the arak market. As of 2016,
this geographical segment held a share of 64.5% in the overall
market. North America is anticipated to follow the lead in the coming
years as well.
Adoption
of Arak as a Key Ingredient in Cocktails Augments Demand
The
demand for arak is anticipated to continue to be on the rise due to
changing dietary habits and lifestyles. Primarily known as an ethnic
alcoholic drink, the demand for arak is projected to soar as
countries such as Jordan, Lebanon, Syria, Israel, and Palestine
continue to make it an integral part of their diet. Furthermore, the
booming hospitality industry in Lebanon has also contributed to the
growing profits of the arak
market. Growing production of arak in various flavors has also
presented mammoth opportunities to the global market in recent years.
Efforts taken by manufacturers in the Middle Eastern countries such
as Syria, Jordan, Israel, and Lebanon to preserve this traditional
drink are also expected drive the market’s growth.
The
shifting preference of younger population toward arak is also
expected to boost the sales of this product in the coming years. The
increasing demand for arak in places such as bars, pubs, wine stores,
and across a majority of the food chains has also augmented the
demand for arak. The various types of arak produced are premium red
classic, delicate premium green, and premium black. Furthermore,
incorporation of arak as a key ingredient in a wide range of
cocktails is also anticipated work in favor of overall market.
Shifting
Political Scenario in Syria Threatens Market Growth
The
changing political scenario of the Middle East has significantly
marred the earnings of the global arak market. The ongoing Syrian
conflict has resulted in high cost of raw materials required for
producing arak. This has resulted in the high production cost of arak
and thereby increased the selling price as well. Furthermore, the
poor regulations pertaining to the production of arak have also
resulted in homemade arak and unlabeled arak, which is hampering the
sales of commercialized arak brands.
This
review is based on research report by Transparency Market Research,
titled “Arak Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016 - 2024.”
Key
Segments Covered
By
Source Type
- Obeidi or Merwah Grapes
- Anise Seeds
- Powder
By
Distribution Channel
- Supermarket
- Travel Retail
- Liquor Shop
- Bar/Pub
Key
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
No comments:
Post a Comment