The global Alcoholic Beverages Market is estimated to be valued at US$ 1,561.99 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:
The global alcoholic beverages market comprises beer, wine and spirits. Beer is the most consumed alcoholic beverage worldwide and provides benefits such as relaxation and socialization. Beer contains antioxidant properties that help reduction of inflammation. Wine is produced by fermentation of grapes and provides health benefits such as lowering risk of heart disease if consumed in moderation. Spirits such as vodka, rum, whiskey and tequila are distilled beverages with high alcohol content by volume. They act as disinfectants and are commonly used for medical purposes. The alcoholic beverages industry generates huge revenues annually due to the preference of these beverages for celebration, social gathering and relaxation purposes.
Market key trends:
The growth of the global alcoholic beverages market is attributed to rising young-adult population and changing social attitudes. Young consumers are major drivers of growth for premium and craft alcoholic beverages. Furthermore, growing health-consciousness among consumers has benefited low- and no-alcohol beverages market. Product innovation and specialty beverages infused with natural ingredients are witnessing high demand. Manufacturers are focusing on vegan, organic, gluten-free and low-calorie product ranges. Introduction of flavored alcoholic beverages especially seltzers and hard teas have gained popularity. Rapid urbanization and improving economic conditions in developing regions provide growth opportunities in the global alcoholic beverages market during the forecast period.
Porter’s Analysis
Threat of new entrants: The global alcoholic beverages industry requires high investments in production facilities, distribution channels and marketing, posing significant entry barriers for new players.
Bargaining power of buyers: The presence of numerous established brands gives buyers significant bargaining power in the global alcoholic beverages market.
Bargaining power of suppliers: Grapes, grains and other raw materials used in alcoholic beverages constitute a significant portion of total costs. This gives suppliers moderate bargaining power.
Threat of new substitutes: Non-alcoholic beverages pose minimal threat currently due to strong brand loyalty, social acceptance and occasions associated with alcoholic drinks.
Competitive rivalry: The global alcoholic beverages market is highly competitive with large multinational companies dominating production and distribution.
Key Takeaways
The Global Alcoholic Beverages Market Demand is expected to witness high growth, exhibiting a CAGR of 3% over the forecast period of 2023-2030, due to increasing social acceptance and consumption occasions. The market was valued at US$ 1,561.99 billion in 2022.
On the regional front, North America holds the largest share of the global alcoholic beverages market attributed to high per-capita consumption and mainstream popularity of drinks such as beer. Europe follows North America closely due to a large availability of quality alcoholic beverages across countries. Asia Pacific is expected to be the fastest growing region with countries like China and India emerging as highly lucrative markets for alcoholic drinks companies.
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. These companies dominate production and distribution globally while continuously investing in expanding their portfolios through mergers and acquisitions.
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