Alcoholic Beverages Market size is set to grow by USD 261.6 billion from 2024-2028, Increase in popularity of craft segment to boost the market growth, Technavio

NEW YORK, June 21, 2024 /PRNewswire/ -- The global alcoholic beverages market size is estimated to grow by USD 261.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 2.09% during the forecast period. Increase in popularity of craft segment is driving market growth, with a trend towards increasing consumption of alcoholic beverages. However, prominence of counterfeit products poses a challenge. Key market players include Anheuser Busch InBev SA NV, Asahi Group Holdings Ltd., Bells Brewery Inc., Campari Group, Carlsberg Breweries AS, Constellation Brands Inc., Deschutes Brewery, D.G. Yuengling and Son Inc., Diageo Plc, FIFCO USA, Heineken NV, Kirin Holdings Co. Ltd., Molson Coors Beverage Co., New Belgium Brewing Co. Inc., Pernod Ricard SA, Stone Brewing Co. LLC, Suntory Holdings Ltd., Treasury Wine Estates Ltd., Victory Brewing Co., and Yanghe Distillery Co. Ltd..

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Key Market Trends Fueling Growth

In developing economies like India, China, Indonesia, and Singapore, the alcoholic beverages market is experiencing significant growth. The increasing demand for premium alcoholic beverages is a major factor driving this industry. Producers are expanding their sales channels, including online stores and convenience stores, to reach more consumers. New product launches, such as Constellation Brands' Shyft, a new flavor-changing flavored malt beverage, are also contributing to market growth. These factors will continue to boost the alcoholic beverages industry during the forecast period. 

The alcoholic beverages market is experiencing significant trends with various types gaining popularity. Carbonated alcoholic beverages, such as beer and carbonated drinks, continue to be in demand. Alcoholic liquors, including whiskey and spirits, are also seeing growth. Hearts and distilleries produce a range of alcoholic beverages, including cardiovasculature drinks and distilled spirits. Factories manufacture alcoholic beverages using modern technology. Consumers prefer premium and super-premium brands, driving up market value. The market is competitive with brands competing on taste, price, and marketing strategies. The industry is subject to regulations regarding alcohol content and marketing. Sustainability is a trending concern, with some companies focusing on eco-friendly production methods. Overall, the alcoholic beverages market is dynamic and evolving, with various trends shaping its growth. 

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Market Challenges

• The alcoholic beverages market faces a significant challenge from the proliferation of counterfeit alcoholic beverages. These fake products, made from substandard raw materials, pose health risks to consumers and result in substantial revenue losses for manufacturers worldwide. Counterfeit alcohol, also known as unrecorded or non-commercial alcohol, harms brand reputation and sales. Vodka is a common target for counterfeiters. Combating the expansion of counterfeit alcoholic beverages is crucial to safeguard consumer health and ensure the growth of the alcoholic beverages industry.
• The Alcoholic Beverages market faces several challenges in the modern business landscape. Key areas of concern include regulation and compliance, such as the implementation of stricter drinking age laws and limits on alcohol content. Competition is fierce, with numerous brands and types vying for consumer attention. Urbanization and population growth in some regions create new opportunities, while in others, declining consumption trends pose challenges. Factors like consumer preferences, cultural norms, and economic conditions also impact the market significantly. Additionally, the rise of e-commerce and digital marketing necessitates a strong online presence for brands to succeed. Overall, the Alcoholic Beverages industry must adapt to these challenges to remain competitive and thrive in the dynamic business environment.

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Segment Overview

This alcoholic beverages market report extensively covers market segmentation by

1. Product
• 1.1 Beer
• 1.2 Spirits
• 1.3 Wine
2. Distribution Channel
• 2.1 Off-trade
• 2.2 On-trade
3. Geography
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Beer- The alcoholic beverages market experiences consistent growth, driven by increasing consumer preferences for premium and super-premium brands. Beer, wine, and spirits are the major segments, with spirits showing the fastest expansion. Factors fueling this growth include changing demographics, rising disposable income, and expanding distribution channels. Globalization and cultural shifts also contribute to the market's expansion. Overall, the alcoholic beverages industry remains a significant player in the global consumer goods sector.

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Research Analysis

The alcoholic beverages market encompasses a wide range of products, including those made from fermented grains, fruits, sugars, tubers, plant saps, honey, milk, and various types of wines and beers. Ethanol is the common denominator in these beverages, with alcohol content percentages varying greatly. Regulations governing alcoholic consumption are stringent, requiring warning labels and adherence to local special circumstances. Environmental responsibility is a growing concern in the industry, with organic and biodynamic wines, eco-friendly packaging solutions, and sustainable farming practices becoming increasingly popular. Cultural factors and religious beliefs also play a significant role in the wine culture and beer market, with traditional beers holding deep cultural significance in various regions.

Market Research Overview

The Alcoholic Beverages Market encompasses a wide range of consumer products, including beers, wines, spirits, and non-alcoholic beverages. These beverages are produced using various ingredients such as grains, fruits, and hops. The fermentation process is crucial in the production of alcoholic beverages, converting sugars into alcohol and carbon dioxide. The global alcoholic beverages market is driven by factors such as increasing consumer preferences for premium and super-premium brands, growing urbanization, and changing demographic trends. The market is segmented based on product type, distribution channel, and region. The alcoholic beverages industry is subject to various regulations and standards to ensure product safety and quality. Sustainability and innovation are key trends shaping the future of the market. The market is expected to grow at a steady pace in the coming years, driven by these factors and others.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Beer
• Spirits
• Wine
• Distribution Channel
• Off-trade
• On-trade
• Geography
• Europe
• APAC
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio