Alcoholic Beverage Market Outlook 2031
The global alcoholic beverage market size was valued at USD 2.13 Trillion in 2022 and is expected to reach USD 4.93 Trillion by 2031, expanding at a CAGR of 9.78% during the forecast period, 2023-2031. An alcoholic beverage is a beverage produced by combining ethanol with grains, fermented fruits, and sugar.
Wines and ciders are prepared from fermented fruit, whereas spirits and beers are made from fermented rye and barley respectively. The alcoholic content and flavor of the beverage are influenced by the amount of time it is aged and the container in which it is fermented.
Alcoholic Beverage Market Trends, Drivers, Restraints, and Opportunities
- The developments in the manufacturing of vodka, beer, flavored wine, and cocktails, and beverage tastes boost the market growth.
- Increase in the number of brewers and wineries globally is driving the market expansion.
- The innovation in honey-derived products to produce unique alcoholic drinks for consumers can spur the market growth.
- Rising global young–adult demographic, an increase in consumer demand for premium/super-premium products, and growing disposable income are major factors fueling the future growth.
- People are adopting new cultures and are open to experiment with new food and beverage options, which can foster the expansion of alcoholic beverages market.
- High cost of premium/super-premium products is projected to hinder market expansion in the near future.
- Growing demand for non-alcoholic beverages such as energy drinks, RTD tea, and coffee, due to health concerns, is projected to hamper market expansion in the future.
- Increasing demand for alcoholic beverages with health benefits, herbs, and gluten-free alcoholic beverages can create lucrative opportunities for the market.
Scope of Alcoholic Beverage Market Report
The report on the alcoholic beverage market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Alcoholic Beverage Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Categories (Beer, Spirits [Baijiu, Gin, Liqueurs, Rum, Tequila, Whiskey, Vodka, and Others], and Wine [Still Light Wine and Sparkling Wine]), Alcoholic Contents (Low, Medium, and High), Flavors (Flavored and Unflavored), Packaging Types (Plastic Bottles, Tins, Glass Bottles, and Others), Distribution Channels (Convenience Stores, Online, On-trade, Supermarkets & Hypermarkets, Specialist Retailers, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Bacardi Limited; Heineken Holding NV., Constellation Brands, Inc., Anheuser-Busch InBev, Diageo Plc, Carlsberg Group, Pernod Ricard SA, Suntory Holdings Ltd., Molson Coors Brewing, and United Breweries Ltd.
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Alcoholic Beverage Market Segment Insights
Categories Segment Analysis
Based on categories, the alcoholic beverage market can be segmented into beer, spirits, and wine. The spirits segment can be further fragmented into baijiu, gin, liqueurs, rum, tequila, whiskey, vodka, and others. Additionally, the wine segment can be segregated into still light wine and sparkling wine.
The beer segment is projected to hold significant market share due to health advantages; for instance, barley and hops are high in numerous important nutrients Furthermore, these substances impart antioxidant and bone-strengthening, which has led to an increase in its consumption.
Alcoholic Contents Segment Analysis
On the basis of alcoholic contents, the alcoholic beverage market can be segregated into low, medium, and high. The low segment is anticipated to account for a substantial share.
Low alcohol beer with bolder and exotic flavors combined with substances that aid in conforming to the taste of regular beer is widely being consumed among customers. Furthermore, the increased preference for low alcohol beer as an alternative for alcoholic beverages among millennial has fueled its sales.
Flavor Segment Analysis
In terms of flavors, the alcoholic beverage market can be bifurcated into flavored and unflavored. The flavored segment is estimated to exhibit a high CAGR during the forecast period. The development of low-calorie and alcohol-free varieties, as well as novel flavors such as peach, blueberry, chocolate, strawberry, and lemon, are projected to be important trends driving the segment expansion.
Packaging Type Segment Analysis
Based on packaging types, the alcoholic beverage market can be segmented into plastic bottles, tins, glass bottles, and others. The glass bottles segment is estimated to hold a significant market share due to primary choice for alcoholic packaging as it’s dependable, sustainable, healthful, and premium beverage. Glass is non-porous, sturdy, oxygen-impermeable, and heat tolerant, which helps in maintaining beer flavor.
Distribution Channel Segment Analysis
On the basis of distribution channels, the alcoholic beverage market can be segmented into convenience stores, online, on-trade, supermarkets & hypermarkets, specialist retailers, and others. The supermarkets & hypermarkets segment is expected to register a robust pace during the projected timeline.
With increased urbanization in numerous emerging economies, the number of supermarkets is increasing in practically all major cities. Furthermore, the availability of low-cost items and the availability of a wide selection of alcoholic beverages in supermarkets promote the expansion of the market.
Additionally, the high visibility and appealing assortment of alcoholic beverages, an increase in consumer disposable income, and changes in consumer preferences toward luxury items contribute to the expansion of this distribution segment.
Regional Outlook
In terms of regions, the alcoholic beverage market can be classified as Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America is expected to dominate the market. Alcoholic beverage consumption in North America is estimated to rise due to an increase in the young–adult population and increased consumption of high-quality alcoholic beverages.
On the other hand, rising markets such as China and India are anticipated to considerably increase consumption of alcoholic beverage demand due to a significant increase in disposable income.
Segments
Categories
- Beer
- Spirits
- Baijiu
- Gin
- Liqueurs
- Rum
- Tequila
- Whiskey
- Vodka
- Others
- Wine
- Still Light Wine
- Sparkling Wine
Alcoholic Contents
Flavors
Packaging Types
- Plastic Bottles
- Tins
- Glass Bottles
- Others
Distribution Channels
- Convenience Stores
- Online
- On-trade
- Supermarkets & Hypermarkets
- Specialist Retailers
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Bacardi Limited; Heineken Holding NV.
- Constellation Brands, Inc.
- Anheuser-Busch InBev
- Diageo Plc
- Carlsberg Group
- Pernod Ricard SA
- Suntory Holdings Ltd.
- Molson Coors Brewing
- United Breweries Ltd.
Competitive Landscape
Key players in the alcoholic beverage market are Bacardi Limited; Heineken Holding NV., Constellation Brands, Inc., Anheuser-Busch InBev, Diageo Plc, Carlsberg Group, Pernod Ricard SA, Suntory Holdings Ltd., Molson Coors Brewing, and United Breweries Ltd.
These players have widely engaged in several market development strategies such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
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