Low Alcohol Beverages Market Outlook
Market Research Future (MRFR) asserts that the Low Alcohol Beverages Market Size was valued at USD 938.4 million in 2021. The low alcohol beverages market industry is projected to grow from USD 978.75 million in 2022 to USD 1314.20 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2022 - 2030). The quick shift in customer preferences towards high-quality, creative, and nutritious low alcohol beverages is the key market driver enhancing the low alcohol beverages market growth.
The low alcohol beverages market Share industry has been segmented with respect to two sections, namely distribution channel and type.
The major industry distribution channels covered in the study are Wine, Beer, RTD (ready to drink), and Spirits. The RTD sub-category, at present, heads the worldwide market. The RTD low alcohol beverages have become extremely popular in recent years. Consumers are increasingly opting for these beverages since they are much lighter and contain low carbs as well as alcohol content. Mounting health consciousness, particularly among millennials has raised the appeal of low alcohol RTD beverages. In addition, convenient handling, emergence of new flavors, aesthetic pleasing packaging styles, and aggressive marketing initiatives further bolster the sales of RTD drinks.
The segments depending on distribution channel are non-store-based and store-based. The store-based distribution channel is the top segment in the global market. However, the growth of the non-based segment should be a higher rate, given the surging number of online purchases via several e-commerce channels. Booming sales of a variety of low alcohol beverages worldwide through various popular e-commerce channels will significantly catapult the market position in the years ahead.
Primary Drivers and Challenges
Mindful drinking has become the latest trend among the youth, as the number of road accidents has risen at an alarming pace worldwide. Also, youngsters are now more inclined towards healthy beverages that do not add to calories, resulting in considerable market growth.
Consumers’ soaring awareness regarding the toxic impact of high Low Alcohol Beverages Market, and the consequent rise in the preference for low alcohol beverages will add to the market value as well. High burden of obesity and diabetes across the globe has also reduced the intake of alcoholic drinks among the consumers. In turn, the demand for hard seltzers with low alcohol content in different flavors will offer impetus to the global industry.
Furthermore, the major players are focused on exploring new packaging styles with eye pleasing aesthetics to attract more customers. They are also trying out other marketing strategies to bolster the number of buyers, which is likely to raise the market demand in the approaching period. The flourishing e-commerce industry, especially in developing economies will have a favorable impacft on the worldwide market as well.
Europe will be recording the highest growth in the next few years, offering a host of attractive opportunities to the firms. Government reforms, and the rising number of manufacturers investing substantially on modern brewing techniques as well as product innovation for better variety and taste would encourage considerable market growth in the future.
North America is touted to be a highly lucrative market in the following years, given the rising production rate of a variety of low alcohol beverages and the surging expenditure on the packaging technology. Heightened focus of the brewers on creating new drinks, exploring a variety of flavors to gain the attention of more consumers should further augment the business growth in the region.
The low alcohol beverages market in Asia Pacific will be extremely profitable in the years ahead, thanks to the massive population base in the emerging countries like China and India. Escalating preference for Key low alcohol beverages Market Players among sports enthusiasts and athletes to maintain their fitness will be a notable growth inducer for the APAC market. The significant rise in organized retail will further translate into a booming market. Other growth rendering factors include the mounting obesity and diabetes cases that compel consumers to opt for low alcohol beverages market trends with reduced sugar content.
Eminent Market Vendors
Anheuser Busch InBev., Carlsberg Group, Beam-Suntory, Constellation Brands, Diageo Plc, Heineken Holding Nv, Accolade Wines, United Breweries Group, The Brown–Forman Corporation, Bacardi Limited are the major low alcohol beverage producers outlined in the MRFR study.
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