The company cites a survey from Deloitte which indicates that Millennials are drinking 20% less than their parents were at the same age and consumers overall are making healthier choices.
The total global alcohol beverage market is today worth more than $1 trillion in annual sales and the market for NoLo alcoholic beverages has gained 3% of this market. This is set to grow by over 31% by 2024.
Recent research by the Australian non-alcoholic spirits brand found that 42% of the Irish population now drink less alcohol than they did five years ago, with 51% of that cohort having reduced their alcohol consumption due to a desire to lead a healthier lifestyle.
In 2020 Lyre’s was a nascent product delivering sales of £4 million during the year but witnessed 1,300% growth across the full 12 months in the face of the onset of the pandemic according to IWSR figures.