Rising Demand of Alcoholic Beverages Driving the Growth of Extra Neutral Alcohol Market.
Hyderabad, India - July 23, 2021 /MarketersMedia/ —
Extra Neutral Alcohol Market (ENA) size is forecast to reach $11.5 billion by 2026, after growing at a CAGR of 6.3% during 2021-2026 due to increasing consumption in developing and emerging countries. Nearly 90% of the ENA produced in India is used in the manufacture, processing and consumption of alcoholic beverages, which is constantly growing. In addition, a gradual change from country liquor towards Indian Produced Foreign Liquor (IMFL) in recent years has also led to a rise in demand for drinking alcohol such as odorless alcohol, whiskey, rum, brandy, and so on. Rising disposable incomes, shifting perceptions towards drinking and Western alcohols are other factors facilitating the market for potable alcohol. In addition, since ENA finds numerous applications in flavors & fragrance sector, expanding cosmetics and personal health care, printing and pharmaceutical industries are expected to be highly lucrative for the extra neutral alcohol market. According to the Associated Alcohols & Breweries limited, India’s extra neutral alcohol consumption of 2.7 billion litres in 2017 which estimated to grow 3.8 billion litres of ENA consumption by 2023. On the other hand, ENA is used in cosmetic products such as perfume, toiletries, cologne, hair spray, air freshener and detergent. It is also used in the manufacturing of antiseptics, medicines, syrups and sprays for medicine, which boost the demand of extra neutral alcohols.
Extra Neutral Alcohol Market Segment Analysis – By Raw Material
Grain based segment held the largest share of more than 55% in the extra neutral alcohol market in 2020 because grain based materials are used in production of alcoholic beverages such as wine, whiskey, gin, rum, vodka, and more. Grains produce alcohols with excellent quality better than others. Grain based distilleries has been a huge demand for grain based extra neutral alcohol for the fast growing Indian Made Foreign Liquor (IMFL) Industries and for blending in Foreign Liquor outside India which has been a multifold surge in demand for extra neutral alcohol.
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Extra Neutral Alcohol Market Segment Analysis – By Application
Potable alcohol segment held the largest share of more than 30% in the extra neutral alcohol market in 2020, and is growing at a CAGR of 6.1% during 2021-2026. There are different grades of alcohol available on the market including fuel grade and industrial grade. Extra neutral alcohol (ENA) is a highly distilled food grade alcohol containing approximately 96 % volume of alcohol. The demand for extra neutral alcohol (ENA) worldwide is being driven by increased demand for alcoholic drinks around the world. According to India Brand Equity foundation (IBEF), global spirits market is forecast to reach at 3.19 billion cases by 2021.
Extra Neutral Alcohol Market Segment Analysis – By Geography
APAC dominated the extra neutral alcohol market share with more than 42.7% in 2020 with rise in the consumption of alcoholic beverages in Asian countries. The intake of odorless alcohol, brandy, vermouth, and so on has been higher in European countries but in the last few years it has declined, and rise in Asia Pacific region. According to the Indian Made Foreign Liquor (IMFL) consumption of red wine is accounting with 61% (approx.) in 2020 of total wine consumption in India to 71.6% in 2017. India consumed 0.8% of total wine compared to the rest of the Asian Countries. Thus, the demand for premium alcohols is expected to drive growth in the extra neutral alcohol market in the future.
Extra Neutral Alcohol Market Drivers
Increasing Consumption of Extra Neutral Alcohol
The global demand for extra neutral alcohol (ENA) dominates the potable alcohol in the pharmaceutical industry. It is used for the processing of disinfectants, sprays and syrups as well. According India Brand Equity Foundation (IBEF), Indian healthcare sector is expected to cross US$ 372 billion by 2022 and medical device market expected to grow US$ 25 billion by 2025.
Rising Demand of Alcoholic Beverages
Rising alcohol consumption, increasing disposable incomes, increasing party culture in urban areas around the world, and the proliferation of clubs, lounges, and bars have given the alcohol industry an impetus. A favorable market climate for the allied extra-neutral alcohol industry was subsequently generated by the increasingly rising alcohol industry. According to the National Epidemiologic Survey on Alcohol and Related Conditions, in America around 24 million adults consume more than 74 drinks per week.
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Market Landscape
Major players in the Extra Neutral Alcohol Market are Illovo Sugar Ltd., NCP Alcohols, USA Distillers, Sasol Solvents, Mumias Sugar Company, Agrochemical and Food Company Ltd (AFCL), Kakira Sugar Works Ltd (KSW), Tag Solvent Products, Swift Chemicals, Greenpoint Alcohols, and among others.
Key Takeaways
Extra neutral alcohol contains 96 % alcohol by volume, a colorless food grade alcohol. It has a neutral smell and taste and is extracted from different sources, such as molasses from sugar cane, grains, and so on.
According Indian Brand Equity Foundation (IBEF), the global spirits market is forecast to be at 3.19 billion cases by 2021, with whiskey, gin, and tequila expected to make gains of 55.2 million, 7.1 million, and 5.8 million litre cases, respectively, between 2017 and 2021.
Demand of extra neutral alcohol is increasing because it is high distilled alcohols that contains no impurities and is used for the manufacture of alcoholic beverages like gin can, odorless alcohol, alcoholic fruit beverages and aperitifs. Growing beverages demand across the globe, propels the market demand.
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