New York, US, Nov. 14, 2022 (GLOBE NEWSWIRE) -- Alcoholic Beverages Market Overview
Market Research Future (MRFR) 's report highlights "Alcoholic Beverages Market Information by Type, Distribution Channel, and Region - Forecast till 2027"; the market will reach USD 2,684 billion by 2027, at 2.4% CAGR.
Market Synopsis
It is common knowledge that alcoholic beverages are fermented beverages with chemical components of ethanol. Spirits, beer, and wine are among the colorless, flammable liquids that they contain. Most cultures in the world have historically drunk various alcoholic beverages, although local delicacy alcoholic beverages make up the lion's share of consumption. Alcoholic drinks include ethanol as a byproduct of the yeast-yeast fermentation of carbohydrates. It can also be produced using ethylene made from hydrocarbons split from petroleum. Only a small fraction has developed into products that are mass-produced commercially. Beer made from barley, wine made from grapes, and other distilled drinks are traded as commodities on a global scale. The production costs and the taxes-imposed impact the price of these beverages.
Distinct countries and periods impact prices as determined by price elasticities. Technological advancements favor the alcoholic drinks industry in producing flavored wine, vodka, cocktails, and beer, as well as consumer lifestyle changes influencing beverage tastes. The growing popularity of super-premium and luxury alcoholic beverages and the rising number of vineyards and breweries worldwide will ensure significant corporate growth in both established and developing countries. The rising popularity of weekend gatherings among corporate executives and the new socializing trend will significantly impact the global market. Despite this, the enormous demand for healthy and organic beverages in tandem with the expanding population of health-conscious consumers may eventually impede market expansion.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 2,684 Billion |
| CAGR | 2.4% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rising trend of alcohol consumption |
| Rise in personal disposable income of consumers |
Market Competitive Landscape:
The valuable companies in the alcoholic beverages market are:
- Carlsberg Group
- Anheuser Busch InBev.
- Beam-Suntory
- Accolade Wines
- Diageo Plc.
- Heineken Holding Nv
- Constellation Brands
Market U.S.P. Covered:
Market Drivers:
The procedures involved in producing alcohol have been significantly impacted by the strict social distancing laws and regulations. Closing bars and other establishments serving alcohol has also impeded worldwide market expansion. However, due to several favorable market aspects, the industry is anticipated to rebound and display strong performance during the anticipated time. Moreover, it is projected that the market for alcoholic beverages will expand because of the increased demand for handcrafted spirits in developing nations like China and India. The market will soon have a chance to capitalize on the rising demand for value-added hard seltzer products at competitive prices. The growing preference for non-alcoholic beverages is impeding industry expansion, too.
Major players are currently concentrating on releasing cordials and alcoholic beverages with a lower alcohol content to maintain human health. Market expansion is being refueled by increasing investment from leading companies in the United Kingdom to acquire high-quality Scotch whisky products. The main participants buy rice wine, perry, and the highest-caliber cider. Consumer desire for lower-calorie beer supplements, which is expanding quickly, is another factor boosting market expansion. A future opportunity for the market is the growing desire to buy value-added hard seltzer goods at reasonable prices. As a result, it is anticipated that the market for alcoholic beverages will do well throughout the projection period.
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Market Restraints:
The negative health effects of excessive alcohol intake are one of the main barriers. Alcohol intake is linked to various health issues and dangers, including heart disease, liver disease, and others. Market expansion is hampered by consumers' growing propensity to drink non-alcoholic beverages. Additionally, vendors in the alcoholic beverage sector must invest significant money and resources and obtain legal approvals from the government to launch any new businesses. Therefore, digesting all of the elements above could take a very long time, further restricting the expansion of the alcoholic beverage market. Additionally, the market growth is anticipated to be constrained by the high cost of premium/super-quality brands and the growing demand for non-alcoholic beverages due to rising health concerns.
COVID 19 Analysis
The coronavirus infection had a greater global impact in the financial years of 2021. During the COVID-19 era, the market's supply chain was slightly constrained. The lockdown enforced by many governments worldwide hindered the distribution routes, including supermarkets, grocery stores, and liquor stores. Beer and dark liquor were in more demand during the COVID-19 pandemic. To boost the market's sales statistics, the major companies in the alcoholic beverage industry are analyzing online selling from the e-commerce platform. This procedure increased the product's commercial possibility, which can afterward spur market expansion.
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Market Segmentation
By type, the market includes beer, distilled spirits, wine, and others.
By distribution channel, the market includes store-based and non-store based.
Regional Insights
North America controlled the market for alcoholic beverages, and the U.S. is increasingly embracing traditional alcoholic beverage brands. Furthermore, it is projected that the funds given by private companies in Canada to buy luxury alcoholic beverages will accelerate market expansion. The market for alcoholic beverages is anticipated to expand significantly in the Asia-Pacific region. This is due to the rising need for agave-based spirits from developing nations like China and India to meet the need for alcoholic drinks. The consumption of regional alcoholic beverages, including black label, VAT69, and McDowell's whiskey, is becoming more popular in India, boosting the market's expansion. The fastest growth rate is predicted in China, where gin, beer, and tequila flavors are becoming increasingly popular.
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