Market Overview:
The alcoholic beverages market includes products such as beer, wine, and spirits. Beer dominates the global alcoholic beverages market owing to mass availability and popularity among the young population. It provides relaxation and is consumed during social activities and celebrations.
Market key trends:
One of the key trends driving the growth of the global alcoholic beverages market is the growing popularity of craft and premium beers. Craft beer refers to independently produced beers that are generally made on a small batch or artisanal scale and emphasize flavor over alcohol content. Growing number of specialty beers and emerging craft brewers are attracting customers looking for unique beverage options. The millennial population is embracing craft beers and experimenting with new styles and flavors which is propelling the demand for craft and premium beers globally. This trend has enabled beer companies to innovate and expand their product offerings catering to evolving consumer preferences.
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.
Segment Analysis
The global alcoholic beverages market is dominated by beer, which constitutes around 36% of the market share. This is majorly due to higher demand and consumption rates of beer compared to other alcoholic beverages. The beer market comprises lager, ale, stout, and other craft beers. Among these, lager occupies the largest market share owing to its easy availability and affordability across regions.
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 affordability and social acceptance of alcoholic drinks.
North America dominates the global alcoholic beverages market and is expected to continue its dominance over the forecast period. This is attributed to high consumption rates of alcohol in countries such as U.S. and Canada. Europe is another major lucrative market owing to popularity of beer and wine in countries like Germany, France, U.K., etc.
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), Accolade Wines (Australia), 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.). The market is highly consolidated with top players occupying major share. These players are focusing on new product launches, expansion strategies to strengthen their global footprint.
Read More: https://www.dailyprbulletin.com/drive-the-alcoholic-beverages-market-trend-and-share-analysis/
