June 24, 2024

The global Alcoholic Beverages Market is estimated to Propelled by Rising Demand for Premium Beverages

The global Alcoholic Beverages Market comprises beverages with alcohol content such as wine, beer, and spirits. Alcoholic beverages are among the most popular beverages consumed worldwide. They provide relaxation, socializing opportunities, and taste advantages.

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:

The premiumization trend has been rising in the global alcoholic beverages market over the past few years. There has been significant demand for premium and super-premium brands of beer, wine, and spirits. Customers are willing to pay higher prices for higher quality, novel flavors, and customized alcoholic beverages. Several key players have been focusing on introducing premium brands and customization options to cater to the growing demand. For instance, in 2021, Anheuser-Busch InBev launched Budweiser Reserve Copper Lager, a premium beer made with cold-filtered Budweiser lager topped with Champagne yeast. The company also announced limited edition premium beers under the Budweiser, Michelob Ultra, and Stella Artois brands. This rising demand for premium products is expected to drive the global alcoholic beverages market significantly over the forecast period.

SWOT Analysis
Strength: The alcoholic beverages market has strong brand recognition among major brands. Additionally, rising disposable incomes in developing nations are fueling market growth.
Weakness: Health consciousness is rising globally, which poses challenges to market growth. stricter regulations and taxation policies in some countries also act as a restraint.
Opportunity: Emerging markets like Asia Pacific and Latin America offer new growth prospects due to changing consumer preferences. Product innovation and premiumization is another opportunity area.
Threats: Alternative beverages like low-alcohol and no-alcohol beverages pose competition. Economic slowdowns can negatively impact consumer spending on alcoholic drinks.

Key Takeaways

The global alcoholic beverages market is expected to witness high growth over the forecast period of 2023 to 2030. 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.

Regional analysis shows that the Asia Pacific region dominates the market currently and is expected to witness the fastest growth over the coming years. Countries like China, India, and Indonesia offer immense growth potential.

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), and Suntory (Japan). These players are focusing on expanding their production facilities and distribution networks in high growth regions. They are also investing in product launches and innovations to attract health-conscious consumers.

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it