Prominent
players operating in the global arak market include Domaine des
Tourelles, Lebanese Fine Wines Ltd., Château Ksara, Haddad
Distilleries, Lebanese Fine Wines, Eagle Distilleries Co., and Abi
Raad Group, finds Transparency Market Research (TMR). A number of top
players are likely to consolidate their partnerships to maintain
their stronghold in the market. Several leading companies focused on
product innovations are launching exotic flavors, in a move to gain a
competitive edge over others, observes TMR. In addition, they are
exploring a combination of impactful marketing strategies to help
them stay ahead of their rivals.
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The
global arak market stood at US$20.8 mn in 2016 and is projected to
reach a valuation of US$27.6 million by 2024 end. The global market
is prognosticated to clock a CAGR of 3.6% during the forecast period
of 2016–2024.
Globally,
the various distribution channels for the sales of Arak comprise
travel retail, supermarket, bar/pub, and liquor shop. Of these, the
supermarket segment is expected to rise at a major rate over the
assessment period. By the end of 2024, the distribution channel is
estimated to hold the dominant share of 66.8% in the global market.
The prominence of the channel is attributed to its extensive reach,
the availability of a wider range of products, and the provision of
in bulk.
Regionally,
the Middle and Africa (MEA) accounted for the leading global share of
64.5% in 2016 and is expected to collect attractive revenues over the
forecast period. The regional market is led by countries such as
Lebanon, Jordan, and Syria. The MEA is trailed by North America.
Rising
Popularity of Arak as Flavored Drink among Young Adults to Boost
Market
The
global
arak market is primarily being driven by the steadily rising
demand for arak among young adult populations in developing and
developed regions. The widespread popularity of ethnic alcoholic
drinks in numerous countries in the Middle East such as Lebanon,
Jordan, Israel, Palestine, and Syria is a noteworthy factor
propelling the demand for arak. The popular demand for
aniseed-flavored spirits across the millennial generation in these
countries is bolstering the consumption of arak in major regions.
The
rising use of arak as an exotic ingredient in making high-quality
cocktails and their substantial demand in restaurants in various
countries of Middle East is expected to accentuate the growth of the
global market. Intense efforts by arak manufacturers in the region to
expand their production capacity in recent years is providing a
robust impetus to the growth of the market. Furthermore, considered
as a part of ethnic drink, a burgeoning hospitality industry in
countries such as Lebanon is a crucial factor offering a robust
fillip to the demand for arak.
Persistently
Volatile Political Scenario in Middle East Countries Crippling Demand
However,
the economic uncertainty precipitated by a persistently volatile
political scenario in several countries of the Middle East is a
critical factor adversely affecting the growth of the global arak
market. The ongoing political tensions in Syria and the chaos caused
by civil war are unfavorably impacting the growth. The rise in cost
of production and sales of arak is severely hindering the demand in
the country.
Nevertheless,
the adoption of innovative mix of marketing strategies by
manufacturers, coupled with the rise in disposable incomes, is
boosting the global arak market. The launch of arak of premium
varieties is a noteworthy trend anticipated to significantly catalyze
the growth of the market. The vast changes in lifestyle of younger
populations and a rapidly emerging hospitality industry in various
parts of the MEA are offering a sustained thrust to the demand for
arak. Furthermore, the advent of exotic flavors augurs well for the
overall market.
The
study presented here is based on a report by Transparency Market
Research (TMR) titled “Arak Market (Source - Obeidi or Merwah
Grapes, Anise Seeds, and Powder; Distribution Channel - Supermarket,
Travel Retail, Liquor Shop, and Bar/Pub) - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2016–2024”
Key
Takeaways
- The popular demand for ethnic flavored alcoholic drinks in young generations is a prominent factor driving the market
- An uncertain political and economic situation in the Middle East is a glaring restraint; however, a rapidly emerging hospitality industry in the region is creating promising opportunities for manufacturers.
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