A blend of fermented fruits, sugar, & grains, with an ethanol content of more than 1.2%, is called an alcoholic beverage, i.e., stored & fermented in several ways to bring out the best flavors for consumption. Such beverages are consumed widely by people across different regions worldwide as rejuvenating & recreational drinks.In addition, due to the vast popularity of alcoholic drinks, commercial places like cafes, restaurants, bars, and hotels, among others, also serve & experiment with these beverages to offer an attractive menu for the consumers.
The Global Alcoholic Beverages Market is projected to grow at around 3.2% CAGR during the forecast period, i.e., 2022-27. The growth of the market is driven principally by the growing number of alcohol consumers worldwide and their surging inclination toward premium drinks. It, in turn, is generating growth opportunities for the leading players to increase their production & distribution capacities and introduce new flavors & variants, i.e.,
Besides, the growing focus of many countries on enriching their cultural integrity is also portraying increasing consumption of alcoholic beverages, which, in turn, is augmenting the market growth. In addition, the active efforts of alcohol beverage manufacturers to strengthen their distribution channels worldwide is another aspect anticipated to play a crucial role in propelling the market expansion.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: US, Canada, Mexico|
|Europe: The UK, France, Germany, Italy, Spain, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Singapore, Rest of Asia Pacific|
|South America: Brazil, Argentina, Rest of South America|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Turkey Rest of Middle East and Africa|
|Key Companies Profiled||
Anheuser-Busch InBev, Asahi Group Holdings Ltd., Bacardi Limited, Boston Beer Company Inc., Carlsberg Group, Constellation Brands Inc., Diageo PLC., Heineken Holding NV, Molson Coors Brewing Company, Suntory Beverage & Food Limited
|Unit Denominations||USD Million/Billion|
Moreover, swift development in the commercial sector, with the increasing establishment of cafes, bars & restaurants, hotels, etc., are also infusing the demand for alcoholic beverages for cocktail crafting & flavor experiments. Furthermore, the growing influx of tourists & migrants shall remain a prevalent factor in promoting the overall growth of the Global Alcoholic Beverages Market through 2027.
Key Trend in the Global Alcoholic Beverages Market
With the rapidly surging alcohol consumers & their growing sophistication, the demand for high-quality alcohol with a greater focus on flavor, ingredients, & aesthetic packaging is a key trend in the Global Alcoholic Beverages Market, i.e., encouraging the leading manufacturers to come up with premium alcohol.
Besides, growing health concerns among consumers are further instigating the leading market players to introduce products with natural & functional ingredients, which, in turn, would further boost the global market in the years to come.
Impact of Covid-19 on the Global Alcoholic Beverages Market
The advent of Covid-19 in 2020 had a decelerating impact on most industries worldwide, and the Global Alcoholic Beverages Market is no exception. The imposition of lockdown & stringent movement restrictions, which led to the suspension of business operations, bans on public gatherings, closure of bars, hotels, liquor shops, etc., and a substantial decline in product sales, caused significant revenue losses for the leading market players.
Besides, disruptions in the supply chains caused delays in the deliveries of raw materials, pre-produced goods, etc. However, post the first wave of the pandemic, the governments partially uplifted the restrictions, which brought back some fluidity in the market. With this, manufacturers witnessed a temporary upsurge in sales as people began to panic shop & stockpile products, owing to the uncertainty of the crisis.
Moreover, with regulations for alcohol distribution through online channels across some countries, the market witnessed considerable growth amidst the crisis. The leading players made a paradigm shift to digital platforms and offered services like door-step deliveries and an extensive range of alcoholic beverages of different budgets & brands for the customers. It, in turn, led to the dramatic upswing in the global market and generated growth opportunities for the players to increase their production capacities and meet the burgeoning consumer requirements.