Alcoholic Drinks Market Rising With Growth In New Technology Trends Research By 2028
Posted by Mrudula Karmarkar on November 18th, 2022
The global alcoholic drinks market size is expected to reach USD 2,877.2 billion by 2028, registering a CAGR of 10.3% during the forecast period, according to a new report by Grand View Research, Inc. This can be attributed to the growing demand for premium beer, wine, and dark spirits across the globe. Moreover, the growing trend to consume artisanal spirits is further anticipated to boost market growth during the forecast period. The increasing procurement of Scottish whiskey in Europe is a major factor to propel market growth. Moreover, the growing demand for value-added cordials and liquors across the world is anticipated to boost business growth. Rising demand to procure cost-effective alcoholic cocktail products is expected to be an upcoming opportunity for the market.
Hard seltzer segment is projected to register the fastest growth during the assessment period. This can be credited to the rising demand for watermelon and cucumber craft hard seltzer in the U.S. and Canada. The hard seltzer blueberry and acai is the popular trend in the U.K. which is majorly consumed in the winter season to improve the human digestion system. The seltzer black cherry will contribute in building sales, which, in turn, is likely to refuel the market during the forecast period. The key players in the market are launching the old-aged rum product to meet the growing demand for alcoholic beverages. At present, the prime key players are adopting a sustainable manufacturing process for alcoholic beverages to maintain the bizarre taste of the drink. The rapid growth of the e-commerce industry in Asia Pacific will project to showcase significant market growth during the forecast period.
Liquor stores contributed a share of more than 25% in the global market revenue in 2020. This growth is owing to the supportive steps taken by several government regulators across the world to diminish the complexity of liquor licenses. The large customer base for alcohol consumption will encourage retailers to expand their network chain of the liquor stores. North America dominated with a revenue share of more than 30% in 2020. The growing consumption of malt scotch whiskey in the U.S. and Canada is anticipated to propel market growth.The market share of the U.S. is mainly driven by the growing consumption rate of ale, German-style altbier, and the ordinary bitter special type of beer. Moreover, the growing for acceptance of rum and brandy in Canada is anticipated to boost market growth.
Europe is projected to witness the 2nd fastest CAGR of 10.4% from 2022 to 2028. Europe is the leading producer and consumer of alcoholic drinks in the world. The major key players namely Carlsberg A/S, Diageo Plc, and Anheuser-Busch InBev SA/NV are highly contributing to revenue generation in the market for alcoholic drinks by using multiple strategies.
This can be credited to the growing consumption of premium beer from developed economies such as the U.S. and the U.K. The growing demand for beer, wine, and dark spirits is enhancing the sales of alcoholic beverages. Moreover, the rising popularity of pubs, bars, and restaurants is further anticipated to boost market growth during the forecast period. The growing acceptance of the striking flavors of beers to aid the digestive system is the major factor driving the industry.
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Moreover, the rising demand for artisanal spirits in developing economies such as China and India is anticipated to boost the growth of the market for alcoholic drinks. Rising demand to procure value-added hard seltzer products at an affordable cost is the upcoming opportunity for the market. However, the rising inclination to consume non-alcoholic beverages is hindering the market growth. At present, key players are focusing to launch cordials and liquors with lower alcoholic content to maintain human health.
Alcoholic Drinks Market Report Highlights
During the financial year 2020 - 2021, the coronavirus disease had affected the globe to a larger extent. The supply chain of the market had slightly hindered during the COVID-19 era. The distribution channels such as liquor stores, grocery shops, and supermarkets were hampered due to the lockdown imposed by several governments across the globe. During the COVID-19 pandemic, the demand for beer and dark spirits increased. The key players in the market for alcoholic drinks are evaluating internet retailing from the e-commerce platform to improve the sales statistics of the market. This kind of process was expanding the commercial opportunity of the alcoholic beverages product, which, in turn, can propel market growth.
Growing investment from the U.K.-based prime players to procure high-quality Scotch whisky products is refueling market growth. The major key players are procuring superior quality cider, perry, and rice wine. The rapidly growing demand for lower calorie-based beer supplements from U.S. consumers is further driving industry growth. Moreover, the rising demand to procure value-added hard seltzer products at an affordable cost is an upcoming opportunity for the market. Hence, the market for alcoholic drinks is expected to perform well during the forecast period.
List of Key Players in the Alcoholic Drinks Market
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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