The Alcoholic Beverages market is estimated to be valued at US$ 1,561.99 billion or Bn in 2022 and is expected to exhibit a CAGR of 3.00% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Alcoholic beverages are drinks containing ethyl alcohol or ethanol which is intoxicating in nature when consumed. Common types of alcoholic beverages include beer, wine and spirits. Beer is one of the most widely consumed alcoholic beverages and is generally made from cereal grains such as barley, wheat and rice that have gone through the brewing process. Wine is an alcoholic beverage made from fermented grapes and other fruits. Spirits are distilled alcoholic beverages that have high alcohol content than beer and wine.
Market Dynamics:
The alcoholic beverages market is witnessing high growth owing to increasing millennial population and rising disposable income. The millennial population consumes alcoholic beverages both socially as well as recreationally which is boosting the market growth. This generation is highly experimental and spends lavishly leading to increased spending on premium alcoholic beverages. Further, rising disposable income especially in developing regions allow people to spend more on recreational activities such as consuming alcoholic drinks, thereby fueling the market growth over the forecast period.
SWOT Analysis
Strength: Rising alcohol consumption in emerging economies such as India and China due to increasing disposable income and changing social attitudes is fueling the growth of the alcoholic beverages market. Alcoholic beverages find extensive usage in social gatherings and celebrations, thereby driving their demand. Furthermore, market players are investing heavily in innovations and product premiumization.
Weakness: Stringent government regulations on alcohol advertisements and consumption due to adverse health impacts of alcohol abuse pose major challenges to market growth. Rising health consciousness among consumers is also prompting a shift toward low-and no- alcohol beverages.
Opportunity: Growing demand for premium, craft and locally-produced alcoholic beverages provides lucrative opportunities for craft breweries and small producers. Furthermore, the emergence of e-commerce has opened new avenues for market players to tap into untouched regional markets.
Threats: Volatility in agricultural commodity prices affects the cost of production for market players. Also, increasing preference of millennials toward healthy drinks threatens the future prospects of the alcoholic beverages industry.
Key Takeaways
The Global Alcoholic Beverages Market Demand is expected to witness high growth, exhibiting CAGR of 3.00% over the forecast period, due to increasing disposable incomes, changing lifestyles and social drinking habits.
Regional analysis: North America dominates the global alcoholic beverages market, accounting for over 30% share due to strong consumption base and presence of key players in the region. Asia Pacific exhibits fastest growth owing to growing alcohol consumption in China, India and Southeast Asian countries on the back of rising living standards.
Key players: Key players operating in the alcoholic beverages market are Anheuser-Busch InBev SA/NV, Bacardi Limited, Beam Suntory Inc., Constellation Brands Inc., Diageo Plc, Heineken Holding NV, Molson Coors Brewing Co., Pernod Ricard SA, SABMiller Ltd., and Carlsberg group. Anheuser-Busch InBev SA/NV leads the market with wide brand portfolio and geographic footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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