Mead Beverage Market Forecast: Charting Future Growth and Trends 2030
The global mead beverages market is experiencing an unprecedented surge in popularity, largely driven by shifting spending habits among millennials. The dynamic nature of consumer preferences has transformed this ancient art of crafting fermented, alcoholic beverages into a multi-billion-dollar industry over the past decade. The key to this remarkable growth lies in the diverse range of flavors now available in mead-based drinks, catering to a wide spectrum of tastes.
Diverse Flavors Sparking Global Growth
From sweet to tangy, still to sparkling, and even bitter, the demand for mead beverages has proven insatiable in recent times, indicating substantial opportunities within the market. A growing number of microbreweries worldwide have entered the scene, quietly edging out traditional cocktails. According to Fairfield Market Research, the ascent of mead-beverages is poised to lead the market, offering promising returns for savvy investors.
Mead Beverages Overtake Cocktails on Restaurant Menus
The trend of crafting mead brews with an array of flavors, including fruits and spices, has opened up new avenues for appreciation. Melomel mead, featuring exotic fruits for enriched flavors, is expected to hold a significant share of the market, followed closely by traditional mead. Consumers are increasingly making health-conscious choices, favoring products with natural flavors and fragrances. Melomel mead, in particular, has successfully tapped into the preferences of millennials, especially through budding microbreweries.
On-Trade and Off-Trade: A Dynamic Market Landscape
As millennials show a growing preference for dining out and consuming freshly produced mead, the off-trade segment is projected to capture a substantial value share of over 80%. However, the on-trade segment is expected to exhibit the highest Compound Annual Growth Rate (CAGR) in the mead beverages market during the forecast period. The presence of mead beverages on restaurant menus, coupled with increased awareness through social groups, is anticipated to fuel future growth. Additionally, the rising demand for gluten-free food and beverages, along with products offering nutritional benefits, will further boost the mead beverages market.
US Dominates Mead Beverage Market, Asia Pacific Shows Strong Growth Potential
North America, particularly the United States, is set to lead the global mead beverages market, accounting for over 60% of the value share. The proliferation of meaderies across the US is expected to drive growth significantly. In fact, the American Meadmakers Association reports substantial growth in meaderies, with a 40% increase in 2017 compared to the previous year. Meanwhile, the Asia Pacific region is projected to witness the highest CAGR during the forecast period, with India emerging as a promising market due to the rising consumption of flavored alcoholic beverages by millennials.
Brewery Expansion Takes Center Stage
Key players in the mead beverages market, including Schramm’s Mead, Superstition Meadery, Redstone, Brothers Drake, Medovina, Tallgrass Mead, Beecraft Mead, Moonshine Meadery, PasiekaJaros, Moniac Mead, and B Nektar, are focused on expanding their production capacity year-over-year. For example, Superstition Meadery increased its production from 300 gallons/year in 2012 to 20,000 gallons in 2017, with plans to double production to 100,000 gallons from 2018 to 2019.
The mead beverages market is undeniably riding a wave of success, driven by evolving consumer preferences, a rich variety of flavors, and the innovation of microbreweries. As this dynamic industry continues to flourish, investors and consumers alike can look forward to an exciting and flavorful future.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/mead-beverages-market
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