Global Alcoholic Beverages Market – Overview
The emergence of promising new markets for alcoholic beverages provided new opportunities for the manufacturers, which supported the growth of the global market. Market Research Future, a firm that specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Alcoholic Beverages Market Research Report- Forecast to 2023 that the market will demonstrate a CAGR % while achieving steady growth in the forecast period.
Increasing legal purchasing age (LPA) of consumers from emerging economies is propelling the demand for alcoholic beverages market Outlook. Approximately 2.3 billion people fall under LPA from emerging economies, wherein the Asia-Pacific region contains 60% of the world’s youth population. In addition, easy accessibility of the product in grocery and major retail stores has also supported the growth of the market. Dedicated space for liquors in grocery stores and other major retailers is a common practice in developed nations such as the US, however, the trend is picking up in emerging economies. Furthermore, the rise of the home-attainment (stay-at-home) trend in both developed and emerging economies has accelerated the demand for easy availability of liquors in retail stores.
Additionally, the growing popularity of digital and social media marketing in recent years also helped in spiking the demand for the product. More than 70% of the companies are set to increase their digital marketing budgets in the coming years. In addition, the age-targeted marketing offered by major social media platforms made it comparatively less risky for the companies to advertise their products. It has also helped in bridging the gap between the manufacturers and consumers, consequently triggering the demand for customization and personalization of products. However, higher taxes levied by the government on alcoholic beverages could hinder the growth of the market.
Latest Industry Updates
Dec 2017 Diageo launched Canadian Whisky, namely Entrapment under its Orphan Barrel Whiskey Distilling Co brand. The whisky is a blend of 7% corn and 3% malted barley.
Aug 2017 Diageo acquired super-premium tequila, Casinos. Through this acquisition, the company aims to strengthen its participation in the swiftly growing tequila category.
Feb 2017 Absolut launched a new Vodka flavor, namely Absolut Vodka. The new product launch is in line with the company’s strategy to strengthen its product portfolio.
Jan 2017 Sula Vineyards launched a premium blended whisky called Eclipse which is a blend of 62% grain spirit, 10% malt Scotch, 20% grape spirit, and 8% peated malt spirit. The new product launch further enhanced its product portfolio.
Global Alcoholic Beverages Market - Competitive Analysis
The alcoholic beverages industry is highly dominated by a few major players and the competition is intense. To gain a substantial market share, the companies are focusing on product diversification, strengthening their existing portfolio, as well as also concentrating on geographical expansion. For instance, to reap the benefits of the rapidly growing tequila market, Diageo diversified its product portfolio by acquiring premium tequila brand, Casamigos. Also, companies are increasingly focusing on growing their consumer base using social media. It is estimated that more than 70% of the companies are set to increase their digital marketing budgets in coming years, for instance, major brands such as Patron have increased their budgets by double-digit percentages during 2015.
The key players profiled in Alcoholic Beverages are Anheuser Busch InBev (Belgium), Carlsberg Group (Denmark), Accolade Wines (Australia), Beam-Suntory (U.S.), Constellation Brands (U.S.), Diageo PLC (U.K.), and Heineken Holding NV (The Netherlands) among many others.
Global Alcoholic Beverages Market – Segments
The global Alcoholic Beverages market has been divided into type, packaging material, distribution channel, and region.
Based on Type: Fermented Drinks (Beer, Wine, and Others), Distilled Drinks (Gin, Rum, Vodka, Brandy, and Others)
Based on Packaging Material: Glass, Plastic, Paper/Carton, Metal Cans, and Others
Based on Distribution Channel: Food Retail (Store Based, Non-Store Based), and Food Service
Based on Region: North America, Europe, Asia Pacific, and ROW.
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Global Alcoholic Beverages Market - Regional Analysis
The global alcoholic beverages market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Among these, Europe is expected to retain its dominance throughout the forecast period. This is attributed to the increasing per capita disposable income coupled with the favourable demographic conditions. Within Europe, Germany is estimated to account for the largest market share during the forecast period. The Asia Pacific is projected to grow at a higher rate as compared to the other regions. Especially China and India are lucrative market opportunities in the Asia Pacific region for the alcoholic beverage manufacturers.
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Global Alcoholic Beverages Market – OverviewEmergence of promising new markets for alcoholic beverages provided new opportunities for the manufacturers, which supported the growth of the global market.
Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Alcoholic Beverages Market Research Report- Forecast to 2023 that the market will demonstrate a CAGR % while achieving steady growth in the forecast period.Increasing legal purchasing age (LPA) of consumers from emerging economies is propelling the demand for alcoholic beverages.
Approximately 2.3 billion people fall under LPA from emerging economies, wherein Asia-Pacific region contain 60% of the world’s youth population.
In addition, easy accessibility of the product in grocery and major retail stores has also supported the growth of the market.
Dedicated space for liquors in grocery stores and other major retailers is a common practice in developed nation such as US, however the trend is picking up in emerging economies.
In addition, the age targeted marketing offered by major social media platforms made it comparatively less risky for the companies to advertise its products.
Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reportsThe Alcoholic Beverages Global Market Report 202030 by The Business Research Company describes and explains the global alcoholic beverages market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 20252030.
The report evaluates the market across each region and for the major economies within each region.The Alcoholic Beverages Global Market Report 2021 covers alcoholic beverages market drivers, alcoholic beverages market trends, alcoholic beverages market segments, alcoholic beverages market growth rate, alcoholic beverages market major players, and alcoholic beverages market size.
View Complete Report:https://www.thebusinessresearchcompany.com/report/alcoholicbeveragesglobalmarketreport202030covid19impactandrecoveryThe alcoholic beverages market report provides an in-depth analysis of the impact of COVID19 on the global alcoholic beverages industry, along with revised market numbers due to the effects of the coronavirus and the expected alcoholic beverages market growth numbers 20212030.Alcoholic Beverages Global Market Report 2021 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The chapter on the impact of COVID19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market.
The chapter also covers markets which have been positively affected by the pandemic.Request For The Sample Now:https://www.thebusinessresearchcompany.com/sample.aspx?id=1895=smpThe global alcoholic beverages market is expected to grow from $499.74 billion in 2020 to $546.15 billion in 2021 at a compound annual growth rate (CAGR) of 9.3%.
The market is expected to reach $735.83 billion in 2025 at a CAGR of 8%.The report covers the alcoholic beverages market’s segments 1) By Type: Beer, Wine And Brandy, Spirits.2) By Distribution Channel: Off Trade Channels, On Trade Channels.3) By Category: Mass, Premium.Subsegments Covered: Ales, Lagers, Stouts & Porters, Malts, Wine, Brandy, Whiskey, Vodka, Rum, Tequila, Gin, Other Spirits.About The Business Research Company: The Business Research Company is a market intelligence firm that excels in company, market, and consumer research.
