April 23, 2024

The Global Alcoholic Beverages Market is Expected to be Flourished by Growing Socializing Trends

The global Alcoholic Beverages Market involves the production, marketing and sale of drinks containing ethanol such as beer, wine and spirits. Major product types include beer, wine and spirits. Beer is produced through the brewing and fermentation of cereal grains such as barley, millet and wheat. Wine is produced through the fermentation of grapes and other fruits. Spirits refer to distilled beverages with high alcohol content produced through distillation from various feedstocks such as sugarcane, grains or fruits. The global Alcoholic Beverages Market finds extensive applications in the food and beverage industry for consumption in hotels, restaurants, bars and pubs as well as households. The market is driven by increasing socializing and partying culture along with rising disposable incomes and changing lifestyles.

The global Alcoholic Beverages Market is estimated to be valued at US$ 1,769.41 Bn 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.

Market Dynamics:

Growing socializing trends have been a key factor driving the growth of the Global Alcoholic Beverages Market. Changing lifestyles and increasing young population are giving rise to partying culture and spending more time socializing with friends at pubs, bars, clubs and lounges which has resulted in growing consumption of alcoholic drinks. According to a survey, about 53% of millennials consume alcohol to overcome social anxiety and enjoy time spent with friends. Moreover, availability of new flavors and product launches catering to evolving consumer preferences is another driver augmenting market growth. For instance, companies are innovating mixed drink options, hard seltzers, more premium spirits and ready-to-drink cocktails. These new offerings attract younger consumers who prefer low-calorie drinks. Rising disposable incomes in emerging economies is also fueling the market as consumers are able to spend more on recreational and social activities involving alcohol.

Segment Analysis

The global alcoholic beverages market is segmented into beer, spirits, and wine. The beer segment dominates the market and holds more than 35% share. Beer is highly consumed globally and has wide acceptance among all demographics. Developing regions in Asia Pacific and Latin America are witnessing rising beer consumption.

PEST Analysis

  • Political: The alcoholic beverages industry is regulated by local and national laws pertaining to production, distribution, and marketing of alcoholic drinks. regulations vary greatly across countries and regions.
  • Economic: Global GDP growth, disposable incomes, and growing urbanization are major drivers of alcoholic beverages demand. economic downturns negatively impact industry sales.
  • Social: Social norms and cultural traditions influence drinking patterns. Some cultures embrace alcohol more openly while others adopt more conservative views.
  • Technological: Innovation in packaging, product formulations, and expansion of online retail channels are key technology trends shaping the industry.

Key Takeaways

The global alcoholic beverages market is expected to witness high growth over the forecast period of 2023 to 2030. The global Alcoholic Beverages Market is estimated to be valued at US$ 1,769.41 Bn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023 to 2030.

The Asia Pacific region is poised to be the fastest growing and most lucrative regional market. China, India and other developing Asian countries will drive future sales due to rising incomes, westernization of lifestyles and positive demographics. Growing middle class, urbanization and social liberalization are propelling alcohol consumption in the region.

Key players
Key players operating in the alcoholic beverages market are Anheuser-Busch Inbev (BUD) (Belgium), Asahi Group (Japan), Bacardi (Bermuda), Brown Forman (U.S.), Carlsberg (Denmark), Constellation Brands (U.S.), Diageo (U.K.), Heineken (Netherlands), Pernod Ricard (France), Suntory (Japan).