Alcoholic Beverages Market, by Type (Beer, Distilled Spirits, Wine, Others), by Distribution Channel (Convenience Stores, On Premises, Liquor Stores, Grocery Shops, Internet Retailing, Supermarkets) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Alcoholic Beverages Market Overview
The global Alcoholic Beverages Market size was estimated at USD 1,678 billion in 2023 and is projected to reach USD 2,212 billion in 2030 at a CAGR of 4.12% during the forecast period 2023-2030.
An alcoholic beverage, also referred to as an alcoholic drink, an adult beverage, or a libation, is a potable liquid that contains ethanol. This chemical compound, which is reminiscent of a drug, is derived from the fermentation of grains, fruits, or other sources of sugar, and is categorized as a form of alcoholic beverage. Imbibing, or the act of consuming alcoholic beverages, is a customary social activity that holds considerable cultural significance. The production, distribution, and consumption of alcoholic beverages are frequently governed by regulatory frameworks. The implementation of warning labels and the specification of the alcohol content percentage may be compulsory under such legal frameworks. While some countries categorically prohibit such conduct, alcoholic beverages are generally lawful elsewhere.
The growth of the global Alcoholic Beverages market is mainly driven by the growing global young adult populace, in conjunction with elevated disposable income and consumer interest in high-end products. The escalating consumer preference for novel variations, particularly in the alcoholic beverage domain, has sparked a revolution in the formulation of craft beer. Numerous breweries have opted to develop fresh product assortments featuring requisite characteristics, thus creating mild-lager beer for consumption. The upswing in market demand has led to a substantial increase in the production of craft beer across diverse global and regional breweries.
On the other hand, major health concerns may hamper the market growth to some extent.
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The COVID-19 lockdown enforced a ban on socializing and the closure of all restaurants, nightclubs, and pubs, thereby affecting the purchase and consumption of alcohol by consumers. The alcoholic drinks industry experienced a downturn in business and a decline in global alcohol consumption in the first half of 2020. The sales of alcohol-based drinks in bars, nightclubs, pubs, and restaurants were also impacted by the complete shutdown. COVID-19 significantly altered the drinking tendencies of consumers, who transitioned from consuming alcohol-based drinks at restaurants and pubs to home consumption.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The transformation of the social and demographic landscape is predicted to stimulate the expansion of the Alcoholic Beverages Market. Additionally, the augmented accessibility of alcohol is a contributing factor to the market's growth. An increasing trend towards premiumization of alcohol is evident as manufacturers alter their product portfolios and direct more focus towards premium alcoholic beverages. The introduction of new premium alcohol products has also escalated over time, presenting favorable opportunities for vendors on a global scale. Furthermore, the escalating demand for artisanal spirits in developing economies like China and India is projected to bolster growth in the alcoholic drinks market. The upcoming market opportunity lies in the increasing demand for value-added hard seltzer products at a reasonable cost. These factors have led to the expansion of the market and increased demand for Alcoholic Beverages solutions.
Key Findings
- The type segment is further fragmented into beer, distilled spirits, wine and others. The Beer segment is expected to account for a larger market size during the forecast period. Beer is a commonly favored beverage among consumers as a preventative measure against heart disease and stroke. It is also utilized for the treatment of diabetes, anxiety, cancer, and a myriad of other ailments, albeit a majority of these applications currently lack substantial scientific evidence. Minerals such as magnesium, potassium, selenium, and vitamins B have been discovered in beer. Furthermore, antioxidants have been identified in diverse beer selections worldwide.
- The distribution channel segment is further bifurcated into convenience stores, on-premises, liquid stores, grocery stores, internet retailing and supermarkets. The supermarkets are the largest market during the forecast period. The preference of customers is inclined towards the acquisition of alcoholic beverages that are discounted and offer health benefits owing to limited consumption. An additional factor that contributes to the success of supermarkets is the strategic placement of merchandise in close proximity to each other, thereby enabling consumers to easily compare and select the most suitable option. The surging trend of urbanization, coupled with an increase in the working-class populace and competitive pricing strategies, has further bolstered the popularity of these markets. The competitive prices offered by these sales formats, combined with their accessibility, have led to a considerable customer base being drawn to these establishments, fulfilling all of their purchasing requirements in a time-efficient manner.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period. In Asia Pacific, the market's steady growth can be attributed to the rising demand for premium alcohol and the working population's social lifestyle.
Alcoholic Beverages Market Regional Analysis
Asia Pacific to Dominate the Market
- Asia Pacific is estimated to account for the largest market share during the forecast period. In Asia Pacific, the market's steady growth can be attributed to the rising demand for premium alcohol and the working population's social lifestyle.
- Moreover, the growing income of middle-class consumers, the higher purchasing power, and rapid urbanization have pushed consumers toward trying super premium alcohols, contributing to market growth.
Alcoholic Beverages Market Competitive Landscape
· Accolade Wines
· Anheuser-Busch InBev
· Asahi Group Holdings Ltd
· Bacardi Limited
· Boston Beer Company Inc.
· Brown Forman
· Carlsberg Group
· Castel Frères.
· Constellation Brands Inc.
· Davide Campari-Milano N.V.
· Diageo PLC
· Halewood International Limited
· Heineken Holding NV
· Mike's Hard Lemonade Co.
· Miller Brewing Co.
· Molson Coors Brewing Company
· Pernod Ricard
· Suntory Beverage & Food Limited
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Alcoholic Beverages Market Recent Developments
- In November, 2022, Diageo acquired Balcones Distilling (often known as Balcones), a Texas craft distiller and one of the leading manufacturers of American Single Malt Whisky in the United States.
- In October, 2022, Bacardi launched an Indian-made whiskey named Legacy. Bacardi intends to create a discount pricing category for its customers through Legacy in order to further strengthen its expansion plan in India.
Reasons to Acquire in the Alcoholic Beverages Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Alcoholic Beverages Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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