Mead Beverages Market
Global Industry Analysis (2017-2020), Growth Trends and Market Forecast (2021-2025)
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Craft Beer Rides the Wave of Success
The dynamic nature of spending habits of millennials across the globe has resulted in a booming demand for mead beverages. Ancient art of making fermented, alcoholic beverages, mead-based drinks have opened up a multi-billion-dollar industry in the recent decade.
The market is being driven by the range of flavours available in mead-based beverages, giving the buyers a choice and thus attracting a wide range of consumers. From sweet to tangy, still to sparkling, bitter and much more. The demand for mead beverages has been an insatiable one.
The mushrooming number of microbreweries through restaurants have encroached are quietly eating into the share of cocktail consumption. Fairfield Market Research predicts that as mead beverages take the lead, the market will be ripe for the right investments for whopping returns.
Mead Beverages Takeover Restaurant Menus, Leaving Cocktails Second in Race
The strengthening trend of concocting mead brews with a wide range of flavours, ranging from fruits and spices has opened up a completely new palate for appreciation. Out of the many flavours, melomel mead is expected to represent a comparatively higher value share followed by traditional mead. Consumers across the globe are now becoming more conscious about their food consumption especially the processed food and beverages. Products comprising natural flavour and fragrances are gaining traction, as making healthy choices while enjoying indulgent food and beverages is an intensifying sentiment amongst the spendthrift urbanites. Melomel mead comprises exotic fruits for creating enriched flavours. This has allowed breweries to tap into millennials. Players are projected to tap into this business strategy to make a mark for themselves. This can be observed especially in the case of budding microbreweries.
Millennial population loves to dine out and consume mead that are freshly produced. Due to this, during the historical years, the segment off-trade is estimated to register the largest value share of more than 80.0% in 2021. However, on-trade is expected to register highest CAGR during the forecast period. Rising awareness about the product among people through social groups coupled with the inclusion of mead beverages in restaurants menus is expected to drive the market growth. In addition, increasing demand for gluten-free food & beverages and products offering additional nutritional benefits is further expected to fuel the mead beverages market growth across the globe.
U.S. Tops Charts as Meaderies and Microbreweries become a Raging Phenomenon
Globally, North America is estimated to occupy the largest value share on the pie. The U.S. alone is estimated to account for more than 60% of value share. Growing number of meaderies across the country is expected to fuel the market growth during the forecast period.
For instance, according to American Meadmakers Association, in 2015 total number of meaderies in the U.S. stood at 275 approximately, which increased to 300 in 2016. This number has grown at an annual growth of 9.1% and in 2017 the total number of meaderies reached 420, growing at 40% to previous year.
However, Asia Pacific region is projected to register the highest CAGR during the forecast period. India is expected to have favourable market growth during the forecast period. Market growth in the country is attributed to the rising demand for flavoured alcoholic beverages among millennials.
Brewery Expansion to Remain Key Trend Among Players
Some of the major players studied in the report include Schramm's Mead, Superstition Meadery, Redstone, Brothers Drake, Medovina, Tallgrass Mead, Beecraft Mead, Moonshine Meadery, PasiekaJaros, Moniac Mead, B Nektar among others.
Expanding production capacity every year is one of the key trend pertaining to the market. For instance, Superstition Meadery, in 2012 produced 300 gallons/year and in 2017, the company increased its production to 20,000 gallons. It also announced to double its production to 100,000 gallons from 2018 to 2019.