USD 393.26 billion
Report ID: SQMIG30E2013 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 99 | Figures: 66
Global Alcoholic Beverages Market was valued at USD 393.26 billion in 2021 and it is expected to reach at USD 491.27 billion in 2028, at a CAGR of 3.23% during the forecast period (2022-2028).
Alcoholic beverages are a broad category of beverages that contain varying amounts of alcohol. Global alcoholic beverages market is expanding owing to growing young population, rising middle-class income, and strong economy. Furthermore, technological advancements in the production of vodka, flavoured wine, beer, and cocktails, as well as changing consumer lifestyles, beverage tastes, and increase in the number of breweries and wineries worldwide, are major drivers of the market expansion. Although most civilizations have historically consumed a variety of alcoholic beverages, the vast majority of consumption now is of regional speciality alcoholic beverages. Few have progressed sufficiently to be mass-produced as commodities. Worldwide, distilled drinks including wine created from grapes, beer made from barley, and other alcoholic beverages are traded as commodities. These beverages' costs of manufacture and the tariffs imposed on those costs have an impact on their cost. According to price elasticities, prices have varied effects in various countries and throughout various time periods. The rise in young adults is one of the key factors anticipated to fuel the market for alcoholic beverages over the forecast period. The demand for premium and super-premium products is also expected to expand, which will fuel the market for alcoholic beverages. Further predicted to temper the growth of the alcoholic beverages market is the rise in awareness of the negative effects of low alcohol intake. On the other hand, it is anticipated that the market for alcoholic beverages will experience slower growth during the timeframe due to the rising cost of premium and ultra-premium products.
Global Market Size
USD 393.26 billion
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Global Alcoholic Beverages Market is segmented on the basis of product type, packaging, distribution channel, and region. On the basis of product type, the alcoholic beverages market is segmented into beer, distilled spirits, wine, and others. Based on packaging, the market is segmented into plastic bottles, glass bottles, tins. Based on distribution channel, the market is segmented into modern trade, convenience stores, specialty stores, online retailers, hotels/restaurants/bars, commercial stores, on premises, liquor stores, grocery shops, internet retailing, supermarkets. By region, Global Alcoholic Beverages Market is segmented into North America, Europe, and Asia Pacific.
Analysis by Product Type
Based on product type, the beer segment dominated the global alcoholic beverages market. The segment provides a wide range of ales, German-style altbiers, and ordinary bitter special types of beer. The growing popularity of California common beer is expected to drive market growth in the coming years. The rising demand for Belgian-style Flanders to provide B-group vitamins will boost beer sales during the forecast period.
In 2021, the wine segment had the second highest revenue share in the global market. Wine has numerous health benefits; it contains antioxidants that promote longevity, which is a major factor in the segment's rapid growth. To promote health, wine can also help protect against harmful inflammation and heart disease. Furthermore, red wine contains more antioxidants, which help to lower the risk of heart disease and prevent coronary artery disease; these are the factors driving the wine segment growth during the forecast period.
Analysis by Distribution Channel
In 2021, the liquor stores segment accounted for a significant revenue share. Rapid urbanization in emerging economies will create an interconnected network of liquor stores. The growing trend of consumers adopting Western culture is expected to fuel the growth of the alcoholic beverages market. Domestic liquor stores provide a diverse portfolio of alcoholic beverages at a lower cost, which boosts segmental growth. Several governments around the world are taking steps to reduce the complexity of liquor licenses, which will propel market growth..
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North America dominated the global alcoholic beverages market in 2021, accounting for a revenue share of more than 33.0% due to rising demand for polished malt scotch whiskey in the United States and Canada. The growing trend in the United States to adopt classic alcoholic beverage brands such as Arnold Palmer Spiked Half & Half, Bergen bier, and Burgasko will aid market growth. Furthermore, private sector funding in Canada to acquire premium alcoholic beverages is expected to boost market growth.
The alcoholic beverages market in Asia Pacific is anticipated to grow at a double-digit CAGR. This is due to the rising demand for agave-based spirits from developing nations like China and India to meet the need for alcoholic drinks. The consumption of regional alcoholic beverages including black label, VAT69, and McDowell's whiskey, is becoming more popular in India, which is boosting the market expansion. The fastest growth rate is anticipated to be seen throughout the projected period in China, where beer, gin, and tequila flavours are becoming increasingly popular.
From 2022 to 2028, the market in Europe is expected to see the 2nd-fastest CAGR. Alcoholic beverages are mostly produced and consumed throughout Europe. Anheuser-Busch InBev SA/NV, Diageo Plc, and Carlsberg A/S are three of the market's major participants, and they all employ a variety of marketing techniques to stay competitive.
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Companies are primarily focused on launching old-aged rum products in order to meet the growing demand for alcoholic beverages. The primary players are focused on preserving the peculiar taste of alcoholic beverages. However, implementing e-commerce sales methodologies presents its own set of challenges and constraints. Several companies are aiming to expand and launch premium beer products in the alcoholic beverage market.
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According to our analysis, Global Alcoholic Beverages Market is expanding owing to growing young population, rising middle-class income, and a strong economy. Furthermore, technological advancements in the production of vodka, flavored wine, beer, and cocktails, as well as changing consumer lifestyles, beverage tastes, and an increase in the number of breweries and wineries worldwide, are major drivers of the alcoholic beverages market expansion..
|Market size value in 2021||USD 393.26 billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Alcoholic Beverages Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Alcoholic Beverages Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG30E2013