Apple revenue for the twelve months ending March 31, 2025 was $400.366B, a 4.91% increase year-over-year. Apple annual revenue for 2024 was $391.035B, a 2.02% increase from 2023. Apple annual revenue for 2023 was $383.285B, a 2.8% decline from 2022. Apple annual revenue for 2022 was $394.328B, a 7.79% increase from 2021.

Apple’s total revenue amounted to around *** billion U.S. dollars in their 2024 financial year, a decrease from the historical record of ****** billion U.S. dollars in financial year 2022. Apple’s annual revenue quadrupled in the last ten years. The fiscal year end of the company is September, 30th. Apple’s dramatic growth Constant waves of innovative products underly Apple’s drastic growth over the years: the Mac computer, iPhone, iPad, and Apple Watch are all revolutionary products that started their own dynasties and enjoy immense commercial success. Apple’s stock tells an even more impressive story: over the last decade, Apple’s share price has grown more than tenfold and prompted it to become the first trillion-dollar company in terms of market capitalization. As of 2024, Apple is the most valuable brand worldwide. Apple store: a unique invention Huge glass panes, minimalistic design – these are the signature characteristics Apple stores are known for. Opened in the early 2000s, the Apple store contributes yet again to Apple’s success story: it was the fastest retailer worldwide to surpass the one-billion-U.S. dollar annual sales trademark and showcases Apple’s diverse products in hundreds of locations around the globe now. Apple’s home market the United States has the highest concentration of these stores – there are ** Apple stores in California alone when looking at the number of Apple stores by state .

Apple is one of the most influential and recognisable brands in the world, responsible for the rise of the smartphone with the iPhone. Valued at over $2 trillion in 2021, it is also the most valuable...

Apple’s iPhone sales accounted for around ** percent of the company’s overall revenue in the first quarter of fiscal year 2025, the largest share of all Apple products. Over the years, services as well as wearables, home and accessories have made a growing contribution to Apple’s net sales. Apple’s revenue growth amid the pandemic In the first quarter of financial year 2025, Apple’s global revenue reached around *** billion U.S. dollars. The Americas are Apple’s largest regional market and contributed to around ** percent of the firm’s sales in that quarter. Who are Apple’s competitors? Having a broad family of products, Apple competes with different companies in different markets. Samsung is Apple’s largest adversaries in the global smartphone market, where the company had a share of almost ** percent in the second quarter of 2024. Similarly, Apple has a solid position in the PC market without a leading advantage. The situation is reversed in the tablet market and the smartwatch market, where Apple has remained the leader since the early days, staying ahead of Samsung, Huawei, Amazon, etc.

The Americas are Apple’s largest regional market, bringing in net sales of ***** billion U.S. dollars in the first quarter of the company’s 2025 fiscal year. Europe and Greater China are two other major markets for Apple. U.S.: Apple’s biggest market The high revenue generated from the Americas is largely due to Apple’s strong performance in their home market, the United States. Apple has the largest market share among smartphone vendors in the U.S. by a large margin. Although international sales have a growing share of Apple’s total revenue, the U.S. still counts for around ** percent of Apple’s net sales. The U.S. also has the highest concentration of Apple stores, which is Apple’s own chain of retail stores that showcase and sell Apple’s various products including the iPhone, iPad, Apple Watch, among others. iPhone: Apple’s most profitable product The iPhone, initially released in 2007, became Apple’s most successful product: The share of iPhone sales consistently amount to more than ** percent of Apple’s overall share of sales. The early generations of iPhone revolutionized the mobile phone industry and popularized the use of smartphones. Now in the **** generation, the new iPhone ** Pro and ** Pro Max continue to contribute to the success of Apple’s signature product, helping push for year-on-year iPhone sales growth despite the economic recession we are experiencing.

For the first quarter of their 2025 fiscal year, Apple reported a revenue of ***** billion U.S. dollars. Apple revenue - additional information Apple Computer, Inc. was renamed Apple Inc. in 2007, in order to reflect the brand’s extension into other segments of the consumer electronics market. The company, founded in 1976, went on to grow from a two-man operation to a worldwide record-breaking phenomenon. In its 2023 financial year, Apple reported 383 billion U.S. dollars in revenues, compared to ***** billion U.S. dollars in 2004. Since the 2001 launch of the iPod in 2001, Apple has invested billions in research and development of new products, in order to answer ever changing consumer needs. Apple’s most profitable division is its hardware segment, which includes products such as the Macintosh computer series, the iPod, the iPhone, the iPad, or Apple TV. Additionally, Apple offers consumers a number of software products, such as the OS X and iOS operating systems and web-based services, such as the Mac App Store and the iOS App Store, iTunes Store, iBooks, or iCloud. Apple's iPhone is its most successful product Released in 2007 and already in its ****** generation in 2014, the iPhone is Apple’s most successful product, with over *** billion units sold since its launch. It is credited with almost single-handedly making Apple one of the most valuable brands in the world. The iPhone also has a very strong brand retention, surpassing all other smartphone brands. In the United States and in the United Kingdom, Apple's iOS operating system occupied **** or more of both markets in 2024.

iPhone sales made up approximately **** percent of Apple’s total revenue in the first quarter of the company’s fiscal year 2025. iPhone sales usually contribute to **** or more than **** of Apple’s overall sales revenue. Apple’s other businesses such as the Apple Watch and the iTunes Store have been bringing in growing shares of revenues, from around **** percent in 2017 to a combined almost ** percent in the first quarter of FY 2025. Apple is the second largest smartphone vendor As Apple’s most successful product, the iPhone is one of the most heavyweight players in the smartphone market, with dozens of millions of iPhones being shipped every quarter. Indeed, when it comes to smartphone vendor share, Apple is the second largest smartphone vendor in the world, after Samsung. iPhone runs the iOS system, which is Apple’s inhouse operating system. Most other products on the market run the Android system developed by Google. iOS occupies around a ******* of the overall mobile operating system market, Android the rest. The differences between iOS and Android iOS is a closed system while Android is more open, which means that users can better customize their phones using the Android system. Because of its open nature, Android is also an easier target for hackers, whereas iOS is considered safer as Apple does not release its source code to developers and users. Both operating systems get regularly updated – Android 13 is Android’s 13th major release, and iOS 17 is the 17th major iOS release. Due to the great many models of Android phone devices, the Android versions are more fragmented than iOS, with older versions like Marshmallow and Lollipop still running on a big number of devices, whereas iOS **, released in 2023, runs on around ** percent of all Apple devices when looking at iOS version share.

The Americas region accounted for the largest share of Apple’s revenue in terms of geographical distribution. As of the first quarter of fiscal year 2025, the Americas held around ** percent of the revenue, whereas Europe came in second with roughly over ** percent. Apple’s revenue tends to be the highest in the first quarters of every financial year (October to December), when the holiday seasons take place. iPhone's prominence First introduced in 2007, the iPhone has been described as “revolutionary” for the mobile phones industry with its unique designs, features, and services. Despite a slight fluctuations in the share of Apple’s revenue, iPhone still generates the largest part of the company’s revenue. Within the smartphone industry, iPhones composed **** percent of the total smartphone sales globally in the second quarter of 2024. Smartphones global picture Looking at the global smartphone market over the years, Apple and Samsung have been the main competitors until recent years, when the Chinese brands Huawei and Xiaomi started to grow rapidly. According to the most recent data, Samsung was positioned first, closely followed Apple.

In the first quarter of its 2025 fiscal year, Apple generated around ** billion U.S. dollars in revenue from the sales of iPhones. Apple iPhone revenue The Apple iPhone is one of the biggest success stories in the smartphone industry. Since its introduction to the market in 2007, Apple has sold more than *** billion units worldwide. As of the third quarter of 2024, the Apple iPhone’s market share of new smartphone sales was over ** percent. Much of its accomplishments can be attributed to Apple’s ability to keep the product competitive throughout the years, with new releases and updates. Apple iPhone growth The iPhone has shown to be a crucial product for Apple, considering that the iPhone’s share of the company’s total revenue has consistently grown over the years. In the first quarter of 2009, the iPhone sales were responsible for about ********* of Apple’s revenue. In the third quarter of FY 2024, this figure reached a high of roughly ** percent, equating to less than ** billion U.S. dollars in that quarter. In terms of units sold, Apple went from around **** million units in 2010 to about *** million in 2023, but registered a peak in the fourth quarter of 2020 with more than ** million iPhones sold worldwide.

The number of Apple iPhone unit sales dramatically increased between 2007 and 2023. Indeed, in 2007, when the iPhone was first introduced, Apple shipped around *** million smartphones. By 2023, this number reached over *** million units. The newest models and iPhone’s lasting popularity Apple has ventured into its 17th smartphone generation with its Phone ** lineup, which, released in September 2023, includes the **, ** Plus, ** Pro and Pro Max. Powered by the A16 bionic chip and running on iOS **, these models present improved displays, cameras, and functionalities. On the one hand, such features come, however, with hefty price tags, namely, an average of ***** U.S. dollars. On the other hand, they contribute to making Apple among the leading smartphone vendors worldwide, along with Samsung and Xiaomi. In the first quarter of 2024, Samsung shipped over ** million smartphones, while Apple recorded shipments of roughly ** million units. Success of Apple’s other products Apart from the iPhone, which is Apple’s most profitable product, Apple is also the inventor of other heavy-weight players in the consumer electronics market. The Mac computer and the iPad, like the iPhone, are both pioneers in their respective markets and have helped popularize the use of PCs and tablets. The iPad is especially successful, having remained as the largest vendor in the tablet market ever since its debut. The hottest new Apple gadget is undoubtedly the Apple Watch, which is a line of smartwatches that has fitness tracking capabilities and can be integrated via iOS with other Apple products and services. The Apple Watch has also been staying ahead of other smart watch vendors since its initial release and secures around ** percent of the market share as of the latest quarter.

Key Apple App Store StatisticsApple App Store App and Game RevenueApple App Store Gaming App RevenueApple App Store App RevenueApple App Store App and Game DownloadsApple App Store Game...

Apple reported net income of 93.74 billion U.S. dollars in its 2024 fiscal year, down from the highest net income to date in 2022. Apple’s global revenue amounted to 391 billion U.S. dollars in that same year. Founded in 1976 in California by Steve Jobs, Steve Wozniak and Ronald Wayne, Apple has over the years developed into one of the most valuable brands worldwide. The fiscal year end of the company is September, 30th. Apple’s products The product that contributed most to Apple’s success is the iPhone, which brought in 52 billion U.S. dollars sales revenue in the first quarter of 2019 alone. Revenues generated from iPhone sales consistently make up around 50 percent of Apple’s overall revenue in recent years. Other major Apple products include consumer electronic devices such as the Mac computers, iPad, Apple Watch and the smart speaker HomePod. Apple’s service products, such as the iTunes Store and iCloud, are becoming a greater part of the company’s business and provides new sources of revenue stream.

Apple generated over 69 billion U.S. dollars in revenue from iPhone sales in the first quarter of the 2025 financial year. Apple revenue streams Apple registered its highest revenue to date in FY 2022, when the company’s revenue stood at over 394 billion U.S. dollars. Apple’s success over the years can be explained by strong brand loyalty, and the constant release of innovative products, updates and features. The iPod, for example, was one of the first successful releases of the company to the consumer market. However, according to industry experts, the increased capacity of smartphones to play and store music led to the decline of digital music devices sales, such as the iPod. Rise of Apple iPhone Since its introduction in 2007, Apple’s iPhone has gained space in the market. In the first quarter of Apple's 2025 financial year iPhone sales revenue stood at over 69 billion U.S. dollars. The increase in devices sales had a direct impact on the iPhone’s share of the company’s total revenue. In the beginning of 2009, sales of the iPhone accounted for about 25 percent of Apple’s total revenue. By the first quarter of 2025, this share was at around 55 percent. Other products and services Apple’s iPad tablet, the Mac computer and costumer services are important revenue streams as well for Apple. Together, these three revenue streams generated over 43 billion U.S. dollars for the company in the first quarter of the 2025 fiscal year. Other products such as wearables, home, and accessories generated over 11 billion U.S. dollars in the same quarter.

The MENA's apple market amounted to $6.6B in 2024, rising by 5% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2024; the trend pattern remained relatively stable, with only minor fluctuations in certain years. Over the period under review, the market attained the peak level in 2024 and is expected to retain growth in the immediate term.

In the first quarter of Apple's financial year 2025, iPad sales generated about ***** billion U.S. dollars in revenue, up from **** billion U.S. dollars registered in the same quarter of 2024. Apple’s iPad revenue – additional information Introduced to the consumer market in 2010, the iPad is Apple’s tablet computer. This particular device was a pioneer in the tablet market, and aims to fill a gap between smartphones and laptop computers by offering another mobile device option for consumers. The iPad uses the same operating system and multi-touch user interface as the iPhone and the iPod Touch. In the second quarter of 2024, Apple shipped around 12 million tablets worldwide, and has released multiple versions of the device. Apple’s iPad performance In FY 2023, iPad sales generated about 28 billion U.S. dollars in revenues. In the third quarter of 2013 (2Q ’13 calendar year), iPad revenue accounted for about a quarter of Apple’s total global revenue, the highest share to date. In the latest quarter, iPad sales accounted for nearly seven percent of Apple’s total global revenue. Competition With the success of the iPad over the years, Apple has established itself as the leading vendor in the tablet market. The company’s market share has been steadily decreasing over the years though, going from around ** percent in 2011 to over ** percent in 2024. Samsung is Apple’s main competitor in the market, while Chinese brands Lenovo and Huawei, and Amazon also have significant market shares. As competitors strengthen their presence in the market, Apple’s tablet operating system, iOS, has lost the position of leading tablet operating system in late 2012 to then regain it in 2022. As of the fourth quarter of 2023, Apple iOS was the leading tablet operating system with almost ** percent of the share against around 45 percent of Android.

According to Cognitive Market Research, the global Apple Juice Concentrate market size will be USD 2715.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 3.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 1086.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 814.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 624.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 135.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 54.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031.
The Health-conscious consumers category is the fastest growing segment of the Apple Juice Concentrate industry

Market Dynamics of Apple Juice Concentrate Market

Key Drivers for Apple Juice Concentrate Market

Increasing Demand for Natural, Nutritious Beverages to Boost Market Growth

The Apple Juice Concentrate Market includes the growing demand for natural, nutritious beverages due to increasing health consciousness, preference for clean-label products, and a shift away from sugary soft drinks. Additionally, apple juice concentrate is widely used as a natural sweetener and ingredient in food and beverages. Restraints include fluctuating raw material prices, the high sugar content in concentrates, and growing competition from alternative healthy beverages, such as plant-based or organic drinks. For instance, Ingredion has bought PureCircle 2020, a stevia sweetener manufacturer. Then, in 2021, Ingredion purchased Katech, a German manufacturer of texturing and stabilizing solutions. The company then formed joint ventures with Grupo Arcor, which provides food and beverage components to consumers in Argentina, Uruguay, and Chile, and Amyris, a Brazilian producer of fermentation-derived Reb M sweetener.

Expanding use in processed foods

This growth in the food service industry is likely to benefit the Apple Juice Concentrate market, including the expanding use of apple juice concentrate in processed foods, as it enhances flavor and nutritional value. Increasing consumer demand for natural and convenient food options also fuels growth. However, restraints include fluctuating apple prices and concerns over the health impact of concentrated sugars, which may limit market expansion. Additionally, strict regulatory standards for food safety can pose challenges for manufacturers in maintaining compliance.

Restraint Factor for the Apple Juice Concentrate Market

Rising raw material and processing expenses limit growth

The Apple Juice Concentrate Market faces significant restraints due to rising raw material costs and processing expenses. Fluctuations in apple prices, driven by weather conditions and agricultural challenges, increase production costs. Additionally, processing expenses related to technology, labor, and energy contribute to higher overall costs. These financial pressures can limit profitability for manufacturers and restrict investment in innovation and expansion, ultimately hindering market growth and competitiveness. Efficient sourcing and cost management strategies are essential to mitigate these challenges.

Health Issues With Caloric Intake and Sugar Content

Despite being natural, apple juice concentrate's high sugar content has drawn criticism from regulators and health-conscious consumers. Many consumers are choosing low-calorie or no-added-sugar options as worries about obesity and diabetes grow. Because of this change in perception, classic apple juice concentrate's long-term appeal is limited, and businesses are compelled to reformulate or create hybrid products in order to satisfy shifting dietary requirements.

Key Trends for the Apple Juice Concentrate Market

Increase in Emerging Economies' Demand

Convenient fruit-based drinks are becoming more and more popular in emerging countries like China, Ind...

App Revenue Key StatisticsMobile Ad SpendApp and Game RevenuesiOS App and Game RevenueGoogle Play App and Game RevenueGaming App RevenuesiOS Gaming App RevenueGoogle Play Gaming App RevenueApp...

Description Accel Entertainment Accel Entertainment (ACEL) is an operator of Video Gaming Terminals for third party establishments. It buys VGTs from manufacturers, then rents them out to bars, restaurants, alcohol serving joints and manages the machines to earn money from gamblers. The income earned from VGTs are split amongst (a) the joints that host the VGTs, (b) the local or state government taking a cut out of the machines’ gambling earnings, and (c) Accel Entertainment, as the operator/owner of the VGTs. ACEL is profitable, growing top line 20%+ CAGR over a decade, with stable margin and high cash flow. Earnings should grow at mid-single digits going forward, but it’s trading at 10x PE. ACEL is also cheap compared to comps. Apple CAPM Apple Forward P/E Apple Gross Margin Apple Net Margin Apple ROE Return on Equity Apple ROA Return on Asset Apple Graham Number Apple Current Ratio Video Gaming Terminals (VGTs) are arcade machines running gambling games, such as slots or card games. Unlike the gambling machines specifically domiciled in casinos, VGTs are specifically installed in non-casinos settings, such as restaurants, clubhouses, bars, truck stops, and other alcohol licensed establishments. VGTs are income producing assets. They generate Net Terminal Income (NTI) which is the money from what people put into play minus what the VGTs payout for win. Categorically, Net Terminal Income earned from VGTs are split amongst 3 parties, (i) Licensed Establishments - this is the place wherein the VGT is placed, such as bars, restaurants, parlors; (ii) Terminal Operator - this is the company that owns and manages the VGTs. Accel is a terminal operator; (iii) State and local Government - they receive a cut as taxes; the money appropriated can be used for any number of purposes. (iv) a negligible portion of NTI (like 1%) is paid the vendor of central communication system installed on the VGT. For instance, in Illinois, 1% of NTI is paid to Scientific Games. Currently, only ~10 US states have legalized VGTs, but just like iGaming (online gambling), the trend US wide is slow but steady marching of adoption by more states. This development is positive for VGT operators. ACEL operates VGTs in a handful of states. Topline growth comes from operating more machines. ACEL has grown from organically and via acquisition. Below are the key states for ACEL State VGTs in the State Economics Comments Illinois 8,630 locations48,600 machines Annual earning averages $104k per machine. Splits:VGT operator 32.5%, govnmt 34%, location owner 32.5% IL has the most VGT nationally. 6 VGTs allowed per location. 10 per truck stop. Number of location in the state continues to grow, at LSD. Total number of VGTs in the state grows at MSD. Montana 1,400 locations16,000 machines Annual earnings averages $106k per machines. SplitsVGT operator 42.5%; govnmt 15%; location owner 42.5% In January 2025, a bill was introduced to raise video gaming wager limit from $2 to $4. Nebraska 1,600 locations5,900 machines Annual earnings averages $67k per machine. Splits:VGT operator 40%+; govnmt 5%; location owner 35% Since legalization in 2020, the state saw 60% growth over the past several years. Based on momentum, strong growth should continue. Nevada 170,000+ machines Economics are undisclosed, but are negotiated amongst parties. VGT operator often get 32%+ of the split. Slot machines are allowed outside of casinos. Establishments can have 15 machines. Highly competitive market given abundant gambling competition in the state. Louisiana 1,500 locations12,000 machines Annual earnings $50-100k depending on location.Splits: 26% gvmnt; 37% VGT operator; 37% location the market been around for 30 years. VGTs installed at bars and truck stops. Both fragmented. In bars, the machines used are legacy equipment 20+ years old. Investment Thesis Straightforward, desirable per machine economics. By my research, VGT operators like Accel buy these ready-to-deploy VGTs from manufacturers at cost averaging $20-30k per machine. Once deployed, average machine typically generate $100k+ per year. Terminal operator gets a 30-40% cut out of this figure, so payback is 1 year. Return on capital is evidently quite attractive. There are other miscellaneous fees that I’ve not accounted for, but nothing meaningfully dampens the quite attractive economics. Amazon CAPM Amazon Forward P/E Amazon Gross Margin Amazon Net Margin Amazon ROE Return on Equity Amazon ROA Return on Asset Amazon Graham Number Amazon Current Ratio Growth of VGT industry. Historical trend has demonstrated that VGTs are popular with businesses and government because they generate good revenue, but as of 2025, only 10 US states have legalized VGTs. They are Illinois, Indiana, Iowa, Louisiana, Montana, Missouri, Tennessee, Oklahoma, South Dakota, and Texas. In each of the state where VGT is legal, adoption has been strong. Each year, more establishments like bars or restaurants are licensed for VGT. In Nebraska for instance, since legalization in 2020, VGT in the state has blossomed by 60%. Businesses are finding this passive asset to be a good additional source of income. Government are supporting the endeavor because they get a cut of the profit, which contributes to many government’s perennially underfunded status. Americans also loves to gamble, and demand for VGTs shows no signs of saturation. Bear in mind that in all states, there is a per bet wager limit, of $2-5. No high stakes here, just people playing with chump changes. Yet VGT is already generating prodigious cash flow. On the back of (a) more VGTs adoption in each state where it’s legal + (b) VGTs conceivably legalized in other states + (c) upping the wager limit (which states have a proclivity to do over time), there is a robustly growing TAM for ACEL. IMO: industry revenue growth of HSD for a decade is realistic. ACEL is a market leader with scale. Like in other businesses, scale often begets scale. This business is ultimately commoditized. VGT operators all acquire the same variations of machines from a dozen or so manufacturers. Differentiations for operators stem from customer service, operating proficiency (including what games to offer and replacement of older machines, etc), and sales. ACEL is the largest operator in Illinois with 1/3 of market share. In Montana, and Nebraska, it is also growing. ACEL can leverage its scale and reputation to offer better pricing and is more accessible to establishments who wants to partner with a VGT operator. Lastly, still with lots of smaller players, the VGT operators landscape is ripe for further consolidate. Public peers like ACEL generally trades at premium valuation to private targets, so ACEL stands to gain from absorbing smaller operators accretively, as it demonstrably has in the past. ACEL margin stable; revenue should CAGR MSD to HSD. The VGT industry is still largely fragmented and players appetite for VGT as alluded to earlier has not saturated. Management has reiterated repeatedly intention to achieve long term growth of LSD topline; MSD EBITDA growth; and HSD FCF assuming normalized capex. In the current environment, ACEL should be able to achieve MSD to HSD topline growth from the combination of (a) location growth + (b) VGT growth per location + (c) revenue growth per machine. This modest growth assumption is well supported by ACEL’s historical operating results. I see 3-5% top line growth for meaningful number of years to come. The margin should incrementally improve also because operator’s split of gaming machine income is stable in each state and contracts are conventionally almost a decade long. With variable cost predictably static, ACEL’s overhead of personnel costs should be distributed over larger base of operation and revenue base as ACEL grows, so overall margin should be improve as the business growth. Call option via accretive M&A. The VGT industry is still mostly fragmented, with many small private operators valued at low EBITDA multiples. This means ACEL can continue to execute a opportunistic M&A strategy of multiples arbitrage. This not only enables ACEL to deepen footprint in existing states, but also affords possibility to penetrate new states. And market generally responds to ACEL M&A positively. Casino buildout in Illinois. Press ACEL is expanding to beyond just gaming machines to casinos and horse racing. In 2024, ACEL bought Fairmount Holdings for $35 million in stock. The deal gets for ACEL the only active racetrack in Illinois, with 65 race days and ~435 horse races annually. The facility generated $29 million 2023 revenue and modest Adj. EBITDA, but ACEL will invest $85-95 million over the next 2 years to build a Phase I temporary casino site and then a Phase II permanent casino site. The Phase I temp casino is expected to launch Q2 2025, with 255 machines. The Phase II permanent casino is expected to roll out by by YE2027, with 600+ slot machines + 24 table games. Once complete, the site expects to generate $25 million of Adj. EBITDA and 75% FCF, making the entire asset a 16% IRR project. The deal received comments from the city major and Illinois government people, all signs of ACEL’s blessing from local community. Valuation ACEL is currently trade at ~11x owner’s earnings. With MSD earnings growth, it should trade at least 15x earnings. Risks (What could go wrong) Execution delays in casino buildout. The Phase I and Phase II build out of the Fairmount acquisition could be delayed for a variety of operational reasons. Any delays or project cost overrun during the buildout would impair profitability and impinge on the ACEL prospects and stock price. Gambling is a highly discretionary spend. Amidst an already turbulent 2025 ensnared by chaotic tariff threats and looming economic slowdown, gambling arcade machines would be the type of venues highly vulnerable to spending pullback. However, the magnitude of a deterioration

According to Cognitive Market Research, the global Cider market size is USD 15245.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 6098.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 4573.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 3506.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 762.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 304.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.
The Apple Flavored held the highest Cider market revenue share in 2024.

Market Dynamics of Cider Market

Key Drivers for Cider Market

Rising Demand for Gluten-Free and Vegan Products to Increase the Demand Globally

Increasing consumer preference for alternative beverages is driving the cider market due to shifting consumption habits and evolving taste preferences. Consumers are increasingly seeking healthier, gluten-free, and lower-alcohol alternatives to traditional alcoholic beverages like beer and wine. Cider, characterized by its natural ingredients and refreshing flavors, aligns well with these preferences. Its versatility in taste profiles—from sweet to dry and fruity to spicy—appeals to a wide audience seeking variety and experimentation in their beverage choices. Moreover, cider's perception as a craft and artisanal product contributes to its premium image, attracting consumers interested in supporting local producers and experiencing unique flavor combinations. These factors collectively position cider as a favored alternative beverage category, driving its growth and expanding market opportunities globally.

Rising Demand for Gluten-Free and Vegan Products to Propel Market Growth

The rising demand for gluten-free and vegan products is driving the cider market because cider inherently meets these dietary preferences. Cider is typically gluten-free as it is made from fermented apples or other fruits without barley or wheat, making it suitable for individuals with gluten intolerance or celiac disease. Additionally, many cider brands are naturally vegan, as they do not use animal-derived ingredients in their production process. As consumers increasingly prioritize health-conscious choices and dietary restrictions, the availability of gluten-free and vegan cider options appeals to a broader audience seeking alternative alcoholic beverages. This trend has propelled cider's popularity among consumers looking for flavorful, natural, and inclusive beverage options that align with their dietary needs and lifestyle preferences, thus driving growth in the cider market.

Restraint Factor for the Cider Market

Limited Consumer Awareness and Misconceptions About Cider's Taste to Limit the Sales

Limited consumer awareness and misconceptions about cider's taste can restrain the cider market by influencing purchasing decisions and consumption habits. Some consumers may perceive cider as overly sweet or only suitable for specific seasons, limiting its appeal year-round. Moreover, there may be confusion about cider's alcoholic content, flavor profiles, and production methods compared to more familiar beverages like beer or wine. Addressing these challenges involves educational marketing campaigns to clarify cider's diversity in taste—from dry and crisp to sweet and fruity—and its versatility in food pairings. Increasing exposure through tastings, collaborations with restaurants, and engaging with beverage enthusiasts can also help dispel misconceptions and broaden consumer acceptance. By enhancing consumer understanding and appreciation of cider's unique qualities, producers can expand market penetration and capitalize on growing interest in alternative alcoholic beverages.

Impact of Covid-19 on the Cider Market...