The rising popularity of Chinese liquor is expected drive the global baiju market’s growth during the forecast period of 2018 to 2028. Chinese white alcohol in particular is highly popular among the masses. There is a subsequent increase in the production of maize and wheat in the developing countries such as India and China. Moreover, baiju is gaining high popularity as a party drink that is served in various formal and informal gatherings. These factors are expected to play a key role is fostering the global baiju market’s growth.
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Extensive Use of Baiju in Chinese Events to Foster Growth
There is a rise in awareness among people pertaining to the health benefits of baiju such as uric acid reduction that helps in platelets aggregation. Baiju, being a part of the Chinese tradition is extensively used in Chinese events such as weddings and gatherings. These factors have played a significant role in driving the baiju market’s growth.
The market has a highly competitive vendor landscape due to the booming alcohol industry and the easy availability of raw materials for the production of baiju. Leading players in the market are resorting to strategic mergers and acquisitions in order to sustain their position in the market. The market is dominated by a few leading players who are investment in research and development activities in order to maintain their dominant position in the market. Moreover, they are laying considerable emphasis on the development of cost-effective baiju and strengthening he marketing strategies to gain an edge over other players.
On the geographical front, Asia Pacific is expected to dominate the global baiju market. This majorly because of the rising consumption of alcohol in India and China. The easy availability of raw materials in this region has also supported the market’s growth. Numerous players are proliferating this region due to the high popularity of baiju.
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