The Global Alcoholic Beverages Market is on an upward growth trajectory and is expected to expand at a steady CAGR over the forecast period of 2017-2023, predicts Market Research Future (MRFR) in an in-depth study.
The consumption of alcoholic beverages is increasingly becoming common among the global populace, especially among the young population. Luxury wines and spirits are considered as a symbol of status and are very popular among the elite class. The expanding base of alcohol consuming population and growing impact of urbanization are reflecting favorably on the growth of the Global Alcoholic Beverages Market. The urban culture and western influence leads to extravagant spending on alcoholic beverages which is expected to propel the growth of the market. Availability in different flavors and blends have attracted to a wide consumer base. In addition, the growing popularity of sparkling and fortified wines is adding to market growth. Introduction of variants such as gluten-free and low calorie, naturally sweetened alcoholic beverages have added to the popularity of alcoholic beverages.
Rigorous marketing and promotional activities by alcoholic beverage makers have resulted in increased brand awareness and has also raised awareness regarding the health benefits associated with the consumption of alcoholic beverages such as wine have further added to the demand for alcoholic beverages.
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Alcoholic beverage manufacturers are partnering with vendors to reach to far off locations and cater to a wider consumer base which induces additional demand within the alcoholic beverages market. Other factors substantiating the growth of the market include growing disposable income in developing countries, innovative product launches, and growing sales through online channels.
On the other hand, market deterrents include adverse effects associated with over-consumption of alcohol and growing health consciousness among the global populace. Growing incidences of liver and heart diseases have led to a decline in the consumption of alcoholic beverages. The high price associated with alcoholic beverages, especially wines might limit the growth in price sensitive markets. The Alcoholic Beverages Industry is subject to tight monitoring by regulatory bodies which might restrain the growth of the market. Legalization of marijuana in certain nations is also likely to threaten the growth of the Global Alcoholic Beverages Market. Adulteration and fluctuations in the price of raw materials remain challenges for the growth of the market. Meanwhile, the introduction of healthier alcoholic beverages is expected to provide growth opportunities.
The key players in the Global Alcoholic Beverages Market include-
- Anheuser Busch InBev (Belgium)
- Carlsberg Group (Denmark)
- Accolade Wines (Australia)
- Constellation Brands (U.S.)
- Heineken Holding NV (The Netherlands)
- Beam-Suntory (U.S.)
- Diageo PLC (U.K.)
The Global Alcoholic Beverages Market has been segmented based on type and distribution channel.
- Distilled spirits
By Distribution Channel
- Non-store based
- North America
- Asia Pacific
- Rest of the world (ROW)
Europe is the largest market for alcoholic beverages and is expected to dominate the Global Alcoholic Beverages Market over the forecast period. Favorable demographics, high disposable income, and inherent tradition of consumption of wine and other alcoholic beverages in the region boost the growth of the market. Increasing youth population who form the major consumer base acts as a plus for the growth of the market.
APAC is also a promising growth pocket for alcoholic beverages and is likely to showcase rapid growth over the forecast period. Increasing disposable income, growing urbanization and heightened demand for alcoholic beverages foster the growth of the market.
February 2019– Coca-Cola Amatil, one of the largest producers of non-alcoholic ready-to-drink beverages announced the introduction of a new lemon-infused beer. The new variant is targeted at drinkers who do not usually consider beer. The new beer will be available in Fiji in 6- and 24-pack cans, with draught to follow.