NEW YORK, May 14, 2018 (GLOBE NEWSWIRE) -- The global alcoholic beverages market is expected to witness a CAGR of 2.5%, and is projected to reach USD 1,674.1 billion by 2024. The growth in the market is attributed to rapid urbanization and increasing disposable income. Moreover, increased availability of new alcoholic beverages is also expected to drive the market growth during the forecast period.
Owing to the increase in working population, there has been a sharp rise in disposable income, especially in the developing economies. With the increase in disposable income, alcoholic drinks have become more affordable. With rapid urbanization and rise in purchasing power, more and more people are going out to socialize and looking for new alcoholic products which has led to the increased consumption of alcoholic beverages.
Popularity of Craft Beer to Drive Global Beer Industry
The growing consumer demand for new alcoholic products has led to the growth in the market share of craft beer . Craft beer offers a range of products from gluten free ale to beer with various fruit flavours. Over the past years, the number of breweries in the U.S. and the U.K has increased significantly. The popularity of craft beer has led to growth opportunities for regional breweries. Moreover, Large breweries are acquiring smaller craft breweries to broaden their market share. Acceptance of craft beer in Asia Pacific is also expanding with increasing market penetration, leading to growth opportunities in the region.
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Alcoholic beverages Market - Regional insight
Geographically, Asia-Pacific held the major share of the alcoholic beverages market in 2017 and expected to show the highest CAGR during the forecast period. The growth in the region is mainly driven by the increasing disposable income in the emerging economies. The European market is projected to show moderate growth rate during the forecast period. Beer was the largest segment of European alcoholic beverages market in 2017.
Key findings from the report:
- On the basis of product type, beer holds the major share of the alcoholic beverages industry and is projected to retain its dominance during 2018-2024
- Based on the distribution channel, the supermarkets/hypermarkets hold the major share of the market in 2017
- Asia-Pacific held the major share of the market in 2017 and is expected to show the highest CAGR during the forecast period
- The key players dealing in Alcoholic beverages sector are Diageo plc; Anheuser-Busch InBev; Heineken Holding N.V; Bacardi Limited; Kirin Holdings; Asahi Group Holdings; Pernod Ricard; Carlsberg Group; Suntory Holdings Limited; Constellation Brands, Inc.; among others
- On May 3, 2018 Diageo has acquired super-premium mezcal brand Pierde Almas. Pierde Almas will be the second mezcal brand to join Diageo after the Casamigos Tequila brand
By Product Type
- Beer
- Wine
- Spirits
- Others
By Distribution Channel
- Supermarkets/Hypermarkets
- Specialty stores
- On Trade
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East & Africa
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