- Distilled Spirits
Alcoholic Beverages Market size was valued at USD 516.3 billion in 2022 and is poised to grow at a CAGR of 8.4% from 2023-29. Alcoholic beverages comprise a large group of drinks containing varying amounts of ethanol, a type of alcohol produced by the fermentation of grains, fruits, or other sources of sugar. The market owing to the increased preference of consumers for hybrid alcohol beverages with brands such as White Claw, Truly, and Bon & Viv leading the market. The increased consumption of alcohol among young adults owing to rising peer pressure and disposable income is expected to drive the market. According to the 2021 National Survey on Drug Use and Health (NSDUH), 16.6 million young adults ages 18 to 25 (49.7% in this age group) reported drinking in a monthly survey. The increasing number of breweries and wineries, easy access to alcohol shops, and increased online platforms for alcoholic beverages are boosting market growth. Moreover, the premiumization owing to the increased consumer for a more sophisticated palate and increased demand for premium-quality alcoholic beverages has also accounted for significant growth in the market. For instance, in 2023 Radico Khaitan Ltd, an alcohol beverage maker launched Jaisalmer Indian Craft Gin in the premium segment.
The growing population with different alcoholic beverage preferences along with the availability of different flavours according to taste preference has led to the development of different brands and gradual market growth. For instance, in September 2022, Britvic launched two new flavors Green Apple and Pink Lemonade for its mixer range in the Brazilian market. Furthermore, an average reduction in risk of hypertension, irregular cardiac rhythms, stroke, and heart attack with mild consumption of alcohol according to research also increases the demand in the market. According to research people from colder regions with less sunlight drink more alcohol than their warm-weather counterparts, further increasing the market in such regions. However, the rising awareness among individuals of alcoholism and changing preference to consume non-alcoholic beverages is posing challenges to market growth. However, alcohol consumption being a multi-generational tradition in some parts, increasing popularity among people, crowd-sourcing innovations, and competition among key players are accelerating and transforming the alcoholic beverage market.
Alcoholic Beverages Market Key Developments:
Fastest Growing Market
The soaring urban population with increasing disposable income is the key factor influencing the growth of the alcoholic beverages market. The change in the lifestyles owing to the hectic work schedules, continuous launch of new products with added flavors is driving the consumer preference, which is expected to drive the growth of the market. Some of the factors such as limited consumption of the alcohol is playing a vital role in the minimal risk of the cardiovascular diseases which is likely to enrich the growth of the alcoholic beverage market. However, the adverse effects mainly in the young adults is likely to restrain the growth of the alcoholic beverage market. According to the WHO, in the year 2014, there were approximately 3.3 million deaths owing to higher consumption of the alcohol. The higher cost of the premium products is another factor restraining the growth of the market.
2022 is the base year and 2029 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.