by Market Overview:
Alcoholic beverages include beer, wine, spirits, and others. Beer is the most consumed alcoholic beverage globally and refers to any fermented beverage made from cereals like barley or wheat. Wine is an alcoholic beverage made from fermented grapes. Spirits are distilled alcoholic beverages containing ethanol. The alcoholic beverages market has grown significantly owing to changing lifestyles, rising disposable income, expanding distribution channels, and growing social acceptance of alcohol consumption in events and gatherings. However, adverse health effects associated with excessive alcohol consumption and stringent regulations may hamper market growth.
Market key trends:
One of the major trends in the alcoholic beverages market is the rising demand for premium, super-premium, and craft beers. Consumers are willing to spend more for higher quality beers made from natural ingredients with distinctive flavors. Another key trend is the increasing popularity of cocktail culture globally. Spirit-based cocktails are gaining traction among millennials and Gen Z consumers. Innovation in cocktail recipes using unique herbs, fruits and other ingredients has boosted their consumption in bars, restaurants and social gatherings. Furthermore, growing health consciousness has led to surge in demand for low- and no-alcohol beverages as alternatives. Production of alcoholic beverages using organic, natural ingredients without additives and preservatives also presents lucrative opportunities in the market.
Porter’s Analysis
Threat of new entrants: The alcoholic beverages market has high entry barriers due to high production and distribution costs involved. Established brands and regulations further discourage new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and variety of product options from various manufacturers.
Bargaining power of suppliers: Suppliers of raw materials such as grains, molasses have moderate bargaining power due to availability of substitute ingredients.
Threat of new substitutes: New substitute exists such as non-alcoholic beverages and other recreational drinks. However, established alcoholic brands ensure loyal customer base.
Competitive rivalry: The market is highly competitive due strong presence of international and domestic players. Price competition and new product launches are common.
The global Alcoholic Beverages Market Demand is estimated to be valued at US$1,769.41 Bn or Mn 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.
Key Takeaways
The global alcoholic beverages market is expected to witness high growth, exhibiting a CAGR of 2.5% over the forecast period, due to increasing disposable income and socialization trends.
Regional analysis: North America represents the largest regional market for alcoholic beverages, followed by Europe and Asia Pacific. The Asia Pacific region is expected to witness the fastest growth over the forecast period supported by changing cultural trends, rising living standards, and a growing young population in countries such as China and India.
Key players analysis: Key players operating in the alcoholic beverages market include Halewood International Limited (U.K.), Davide Campari-Milano N.V. (Netherlands), Diageo (U.K.), ASAHI GROUP HOLDINGS, LTD. (Japan), Accolade Wines (Australia), Bacardi (Bermuda), Mike’s Hard Lemonade Co. (U.S.), CASTEL FRÈRES. (France), SUNTORY HOLDINGS LIMITED (Japan), Anheuser-Busch Companies LLC (U.S.), Brown‐Forman (U.S.), Pernod Ricard (France), Miller Brewing Co. (U.S.)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
