Low Alcohol Beverages Market Outlook
In 2020, the global low alcohol beverages market was valued at USD 889.7 million and is expected to register a CAGR of 4.3% between 2021 and 2028. Low alcohol beverages include drinks that have an “alcoholic strength by volume” (ABV) of between 0.05% and 1.2%. Low alcohol beverages are going mainstream and are set to become serious contenders in the overall beverage industry in the next couple of years. One of the key driving forces behind its growth is rising consumer awareness, especially among young millennials, about the health risks associated with excessive alcohol intake. Consumers are becoming increasingly conscious about their physical and mental health, leading to a decline in the consumption of high ABV beverages.
Various factors are propelling the Low Alcohol Beverages Market Size. Such factors, according to the latest Market Research Future report, include new product development and innovative packaging, research and experiments with new flavors, burgeoning demand for long drinks and cocktails, inclination towards luxury for rising disposable income, growing awareness about ready to drink alcoholic beverages, and increasing preference for ready to drink cocktails by millennials.
On the contrary, increasing anti-alcohol campaigns, stringent rules & regulations on the Low Alcohol Beverages advertising, easy availability of alternative products, cultural beliefs, vivid duties and taxation, and harmful effects of consuming Low Alcohol Beverages market analysis are factors that may hamper the Low Alcohol Beverages Market growth during the forecast period.
COVID-19 Analysis
The outbreak of the COVID-19 pandemic affected various industries worldwide. But it created great opportunities for the Low Alcohol Beverages Market. During the COVID-19 pandemic, the governments across various countries-imposed a lockdown. Hence, all the retail stores were ordered to be closed. This made the people start to panic about buying low alcohol beverages in bulk. Also, such beverages are healthier to drink during COVID-19. During this time, the eCommerce platforms stood as a boon to the consumers as they started delivering low alcoholic beverages to the customers. Many online alcohol delivery service providers witnessed a huge increase in their sales during the pandemic. However, the growth in the preference of the consumers toward healthier drinks is estimated to create a good impact on the alcohol consumption trends during the forecast period.
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Key Players of Low Alcohol Beverages Market
Some of the key players in the low-alcohol beverages market are The Boston Beer Co. Inc., Olvi Plc, New Belgium Brewing Co. Inc., Molson Coors Beverage Co., Heineken NV, Constellation Brands Inc., Carlsberg Breweries AS, Asahi Group Holdings Ltd., and Anheuser Busch InBev SA/NV. Top players are keen on strengthening their position by increasing the share of organic and clean label products.
Market Segmentation
The Market Research Future report offers a complete segmental analysis of the Low Alcohol Beverages Market based on distribution channel, packaging type, and base type.
By base type, the Low Alcohol Beverages Market is segmented into gin, vodka, rum, whiskey, and others. Of these, the rum segment will lead the market during the forecast period as various flavors are easily infused in rum. This will be followed by the vodka segment.
By packaging, the Low Alcohol Beverages Market is segmented into cans and bottles. Of these, the bottle segment will have the largest share in the market during the forecast period for its high impermeability.
By distribution channel, the Low Alcohol Beverages Market is segmented into non-store-based and store-based. The store-based is again segmented into specialty stores, supermarkets and hypermarkets, and others. Of these, the store-based segment will have the maximum share in the market during the forecast period owing to the availability of types of alcoholic beverage in plenty in supermarkets & hypermarkets.
Regional Analysis
By region, the Low Alcohol Beverages Market report covers the latest trends and growth opportunities across Europe, North America, the Asia Pacific, and the Rest of the World. Of these, Europe will lead the market during the forecast period of the emergence and presence of key market players, a significant rise in the production rate and sales, and high alcohol consumption.
The Low Alcohol Beverages Market in the APAC region will grow at the highest CAGR and the fastest pace of its increasing consumption by millennials.
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The Low Alcohol Beverages Market in North America will have a healthy growth during the forecast period. Various factors are propelling the growth of the Low Alcohol Beverages Market in the region, such as high accessibility of Low Alcohol Beverages, the shift in consumer lifestyle, inclination towards luxury, and innovation & development of new products. These beverages are highly preferred for their low alcoholic content, which again is adding to their growth. The US followed by Canada are the chief contributors to this region.
NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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