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.
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.
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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.
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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.
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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.
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