Alcoholic Beverages Market Is Estimated To Witness High Growth...

Alcoholic Beverages Market Is Estimated To Witness High Growth Owing To Increasing Social Drinking Practices

Posté 2023-11-10 07:39:40

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Market Overview:

The alcoholic beverages market comprises alcoholic drinks such as beer, spirits, wine and ready-to-drink beverages consumed for recreational purposes. Beer segment dominates the market due to high consumption of beer worldwide during social gatherings such as sports events and parties. The wine segment is also growing rapidly owing to changing lifestyle and preference of wine over other drinks during social meet-ups and celebrations.

Market Dynamics:

The alcoholic beverages market is driven by increasing social drinking practices across the world. Changing lifestyle, rising disposable income and shifting preference towards flavored alcoholic beverages consumption during social occasions is fueling the market growth. Furthermore, technological advancements in production process along with introduction of innovative product varieties by key players is also propelling the market growth. However, stringent government regulations regarding sales and marketing of alcoholic beverages and health risks associated with high alcohol consumption may challenge the market growth.

SWOT Analysis

Strength: Alcoholic beverages market has strong brand loyalty for some established brands. The market has a wide variety of products to choose from in beer, wine and spirits. Large players in the market have strong distribution networks globally.

Weakness: Stringent government regulations and increasing taxes on alcoholic beverages in many countries. Rising health awareness among consumers about risks of excessive alcohol consumption.

Opportunity: Emerging markets offer huge growth potential supported by rising incomes. Innovation in flavors, packaging and marketing is expanding the customer base. Use of advanced technologies for efficient production and quality control.

Threats: Shift in consumer preference towards low-and no- alcohol beverages. Alternative beverages like cannabis-infused drinks pose competition. Vulnerability to economic downturns affecting consumer spending.

The global Alcoholic Beverages Market Demand is estimated to be valued at US$1,769.41 Bn or Mn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways

The global alcoholic beverages market is expected to witness high growth, exhibiting CAGR of 2.5% over the forecast period, due to increasing socialization and consumption. The market size is projected to reach US$ 1,979.47 Bn by 2030 from US$ 1,769.41 Bn in 2023.

Regional analysis: North America currently dominates the global market accounting for over 30% share in 2023 due to high per capita consumption, especially beer. However, Asia Pacific is expected to see fastest growth due to rising incomes, changing lifestyles and increasing social acceptability in countries like China and India.

Key players: Key players operating in the alcoholic beverages market are Halewood International Limited (U.K.), Davide Campari-Milano N.V. (Netherlands), Diageo (U.K.), ASAHI GROUP HOLDINGS, LTD. (Japan), Bacardi (Bermuda), Mike's Hard Lemonade Co. (U.S.), CASTEL FRÈRES. (France), SUNTORY HOLDINGS LIMITED (Japan), Anheuser-Busch Companies LLC (U.S.), Brown‐Forman (U.S.), Pernod Ricard (France), Miller Brewing Co. (U.S.). Major players are focusing on expanding to fast growing markets through mergers, acquisitions and increasing distribution networks.