by Alcoholic beverages such as beer, wine, and spirits are widely consumed globally for recreational and social purposes. These beverages find extensive applications in events, parties, and occasions.
The global Alcoholic Beverages Market is estimated to be valued at US$ 1,769.41 Bn 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.
Market key trends:
One of the key trends shaping the growth of the market is the emergence of premium and craft beers, especially among millennials and Gen Z consumers. These new entrants are focusing on premiumization, customization, and experimentation with new flavors. They are offering unique flavors made from locally grown ingredients to resonate with changing consumer tastes. Many craft brewers are garnering attention through social media campaigns and experience-driven branding. This has fueled demand for new niche brands and limited edition beers across the world.
SWOT Analysis
Strength: Alcoholic beverages are in demand globally due to social and cultural acceptance. Changing lifestyles and rising disposable incomes in developing nations are fueling the market growth.
Weakness: Stringent government regulations and increasing health consciousness among consumers are restraining the market growth. Rise in binge drinking and alcoholism is a concern.
Opportunity: Growth of online retail channels and expansion of product portfolios to cater to new segments present lucrative opportunities. Rising social gatherings and outdoor activities boost the on-trade sales.
Threats: Launch of alternative beverages poses threat to established brands. Growing preference for non-alcoholic drinks and rising health issues associated with excessive drinking threaten the market.
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 disposable incomes and changing tastes and preferences of consumers.
Regional analysis
Asia Pacific region dominated the market and is expected to exhibit fastest growth, rising at a CAGR of around 3% during the forecast period. China, India and South East Asian countries will be major markets in the region. North America and Europe collectively held significant share of over 60% of the global market in 2023 due to high per capita consumption in countries like U.S., Germany and UK.
Key players
Key players operating in the Alcoholic Beverages market are Anheuser-Busch Inbev (BUD) (Belgium), Asahi Group (Japan), Bacardi (Bermuda), Brown Forman (U.S.), Carlsberg (Denmark), Constellation Brands (U.S.), Diageo (U.K.), Heineken (Netherlands), Pernod Ricard (France), Suntory (Japan). Major players are focused on new product launches, mergers, and acquisitions to expand their global presence.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
