New products in hard cider category push market growth
The global market for apple and fruit-flavored cider is expected to see a CAGR of more than 6% from 2017-2021, driven by the launch of new products by various market players and growing demand for premium cider products.
Technavio (technavio.com) market research analysts forecast the global cider market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global cider market for 2017-2021. The report also lists apple-flavored cider and other fruit flavored ciders as the two major product segments of which, apple flavored cider accounted for over 88% of the market share in 2016.
According to Manjunath Reddy, a lead analyst at Technavio for non-alcoholic beverages research, “The trend of premiumization is another factor that will help the market grow during the forecast period. With the turnaround of the global economy, there is an increase in the disposable income of consumers, which has led to increased demand for premium products.
Technavio food and beverage analysts highlight the following three market drivers that are contributing to the growth of the global cider market: