Growth opportunities in the Alcoholic Beverages Market look promising over the next six years. This is mainly due to the growing consumer demand for premium/super-premium products and ongoing expansion by the leading market players.
Alcoholic Beverages Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global alcoholic beverages market is forecasted to witness a notable growth during the forecast period. The crucial drivers responsible for the market growth include their robust demand, mainly by the millennial population, accompanied by the augmenting demand for superior and exclusive products throughout the nation. In addition, prominent manufacturers are increasingly emphasizing the launch of novel, sophisticated products to serve the distinct demand of individuals. Also, the establishment of substitutes, including the drinks derived from the honey, will allure health-aware consumers. The appealing packaging of these drinks in containers of different sizes and shapes further strengthens the market size. For example, enormous producers have launched canned alcohol for consumers who are seeking an expedient substitute.
The surging focus on quality instead of prices is another factor supplementing the market growth. However, the widespread outbreak of the coronavirus pandemic has negatively influenced market sales. The rigorous lockdown and the temporary halt of bars, restaurants, and liquor shops reduced the supply of alcohol. Nevertheless, the market is forecasted to get back on track in 2021 while experiencing a sharp growth from 2022 onwards.
Type Segment Drivers
Based on the type, the market is segmented into distilled spirits, wine, and beer. Among these, the distilled spirits are predicted to lead the market over the forecast period. This is primarily attributed to the mounting consumption of premium whiskey owing to the virtual switch in consumer’s choice from beer to rums, vodka, and whiskey.
Regional Drivers
Based on the regional coverage, North America is expected to dominate the market over the forecast period. This is due to their vigorous demand by the young adult population. On the other hand, Asia-Pacific is projected to expand at a higher CAGR during the forecast period owing to their stimulating demand in developing economies, including China and India. Furthermore, the accelerating disposable income is driving the alcoholic beverages market share.
Alcoholic Beverages Market’s leading Manufacturers:
- The Wine Group
- Treasury Wine Estates
- Remy Cointreau
- Carlsberg Breweries A/S
- Asahi Group Holding Ltd.
- Thai Beverage Public Co., Ltd.
- Tsingtao Brewery Co Ltd.
- China Resources beer (Holdings) Company Limited
- Brown-Forman
- Accolade Wines
Alcoholic Beverages Market Segmentation:
Segmentation by Type
- Beer
- Ale
- Lager
- Hybrid
- Distilled Spirits
- Rum
- Whiskey
- Vodka
- Others
- Wine
- Sparkling
- Fortified
- Others
- Others
Segmentation by Distribution Channel
- On-Premises
- Liquor Stores
- Grocery Shops
- Internet Retailing
- Supermarkets
- Convenience Stores
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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