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The global arak market has been growing at a steady pace due to its rising popularity amongst the younger generation. The report states that the global market is likely to benefit from the adoption of arak as a key ingredient in a variety of cocktails in the coming years. Additionally, increasing production of arak and efforts put in by producers to preserve the ethnic drink are also expected to benefit the global market. Owing to these reasons, the global arak market is expected to be worth US$27.6 mn by 2024 end from US$20.8 mn in 2016. Between the forecast years of 2016 and 2024, the global market is projected to rise at a CAGR of 3.6%.
The research report states that the rise of bars, pubs, restaurants, and gourmet joints are expected to boost the growth of the global arak market in the coming years. The introduction of new brands and revival of this traditional drink with brilliant marketing strategies is expected to play an important role in the development of the overall market. Analysts predict that changing lifestyles, increasing disposable incomes, and emerging hospitality industry in countries such as Lebanon, Syria, Israel, and Palestine is also expected to make a significant contribution to the soaring profits of the global arak market. The launch of types of arak such as delicate premium green, premium red classic, and premium black are also anticipated to lure in a new consumer base.
Volatile Political Climate Increases Cost of Arak
The biggest challenge in the global arak market is the volatile political situation in Syria, which has considerably raised the prices of raw materials required for manufacturing arak. Thus, the high production costs have rendered higher selling prices, thereby creating a negative impact on the sales. The poor licensing policies and lack of regulatory norms governing the production of arak have also hampered the profits of arak market as it has allowed the production of homemade and unlabeled arak. Collectively, these factors are expected to restrain the global market in the coming years.
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In terms of the distribution channel, the global arak market is segmented into the supermarket, travel retail, liquor shop, and bar or pub. Analysts have high hopes from supermarkets to drive the sales of arak across the globe. The wide reach of supermarkets, ability to provide a broader range of products, and bulk storage are anticipated to work in favor of this segment. As of 2015, the supermarket segment was worth US$13.0 mn. The report concludes, that this distribution channel will continue to dominate the global market in the coming years.
Middle East to Remain Key Consumer of Arak
In terms of geography, the global arak market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The report indicates that the high demand for arak from the Middle Eastern countries is expected to keep this geographical segment at the forefront in the coming years. As of 2016, the Middle East and Africa held a share of 64.5% in the global market. Jordan, Syria, and Lebanon are expected to be the key consumers of arak in the near future.
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