New York, United States, April 02, 2024 (GLOBE NEWSWIRE) -- The Global Alcoholic Beverages Market Size is to Grow from USD 1639.9 Billion in 2023 to USD 2249.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.21% during the projected period.
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Liquids having an alcohol content are known as alcoholic beverages, and they are usually fermented. In their manufacturing process, yeast is employed to transform sugars from a range of sources, including grains, fruits, and sugarcane, into carbon dioxide and alcohol. Most people drink alcohol to unwind on their own or to enjoy with others in social situations. Additionally, market trends are being driven by the growing use of alcoholic beverages, particularly in developing nations like China, India, Indonesia, and Singapore. The market's expansion can be ascribed to the rising demand for premium alcoholic drinks. As a result, producers have focused on offering a wide range of ready-to-mix hybrid drinks in an attempt to meet the constantly shifting tastes and preferences of consumers. Increased demand for alcoholic beverages due to population growth could provide ample opportunity for industry expansion. Raising crop yields, trade volumes, and farming operations will be necessary to meet the population's growing demand. Companies in the alcoholic beverage industry are expected to benefit from the rising demand for alcoholic beverage products due to the forecast period of population growth. However, non-alcoholic and energy drinks are posing a threat to the alcohol business as they steadily replace various alcoholic beverages, as consumers' perceptions of their health and well-being influence their purchasing decisions.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & & charts from the report on the "Global Alcoholic Beverages Market Size, Share, and COVID-19 Impact Analysis, By Type (Distilled spirits, Beer, Champagne, Wine, Other), By Alcohol Content (High, Medium, Low), By Distribution Channel (Liquor Stores, Supermarkets/Hypermarkets, Bars/ Clubs, Restaurants, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
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The beer segment is anticipated to hold the greatest share of the global alcoholic beverages market during the projected timeframe.
Based on the type, the global alcoholic beverages market is divided into distilled spirits, beer, champagne, wine, and others. Among these, the beer segment is anticipated to hold the greatest share of the global alcoholic beverages market during the projected timeframe. This is because businesses have been able to build enduring relationships with their customers by learning about their preferences for different beer Flavors and occasions.
The high segment is anticipated to grow at the fastest pace in the global alcoholic beverages market during the projected timeframe.
Based on the alcohol content, the global alcoholic beverages market is divided into high, medium, and low. Among these, the high segment is anticipated to grow at the fastest pace in the global alcoholic beverages market during the projected timeframe. This is because consumer tastes for strong spirits and liquors which are often associated with upscale, sophisticated drinking occasions fuel the demand for high alcohol content.
The liquor stores segment is predicted to grow at the highest pace in the global alcoholic beverages market during the estimated period.
Based on the distribution channel, the global alcoholic beverages market is divided into liquor stores, supermarkets/hypermarkets, bars/ clubs, restaurants, and others. Among these, the liquor stores segment is predict0ed to grow at the highest pace in the global alcoholic beverages market during the estimated period. This is because liquor stores, especially in metropolitan areas, provide a convenient and fast way to purchase alcoholic beverages without having to go far or wait in long queues. They are handy and easily available.
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Europe is expected to hold the largest share of the global alcoholic beverages market over the forecast period.
Europe is anticipated to hold the largest share of the global alcoholic beverages market over the predicted timeframe. The growing trend of European consumers favoring premium and craft alcoholic beverages is the driving force behind the market's expansion. Local breweries, distilleries, and wineries that cater to the tastes of European customers are proliferating as a result of their growing need for distinctive and premium beverages. Additionally, the regional growing disposable income and stable economy have increased the consumption of alcoholic beverages, especially luxury and foreign brands. Furthermore, consumer confidence and product quality have been enhanced by strict but clear government laws about the production, distribution, and labeling of alcohol. A thriving and growing market is also facilitated by Europe's rich cultural legacy and varied drinking customs, as customers are willing to try a various types of conventional and cutting-edge alcoholic beverages.
North America is expected to grow at the fastest pace in the global alcoholic beverages market during the forecast period. This might be related to the growing demand for polished malt scotch whisky in North America and the United States. Market expansion will be aided by the rising renown of classic American alcoholic beverage brands like Arnold Palmer Spiked Half & Half, Burgasko, and Bergenbier. Moreover, market expansion is anticipated to be accelerated by the funds provided by private corporations in Canada to purchase luxury alcoholic beverages. Furthermore, the market for alcoholic beverages in the United States had the most market share, while the market in Canada had the quickest rate of growth in the area.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global alcoholic beverages market include Tsingtao Brewery Company Limited, Kirin Holdings Company, Limited, MillerCoors (Molson Coors Brewing Company), Heineken Holdings N.V., Beijing Yanjing Brewery Co. Ltd., Carlsberg Breweries A/S, Diageo plc, Bacardi & Company Limited, Anheuser-Busch InBev SA/NV, Olvi Oyj, and Others.
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Recent Developments
- In September 2023, With the completion of the deal, Bacardi Limited became the exclusive owner of ILEGAL Mezcal, a top-tier, artisanal mezcal. The company is family-owned.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global alcoholic beverages market based on the below-mentioned segments:
Global Alcoholic Beverages Market, By Type
- Distilled spirits
- Beer
- Champagne, Wine
- Other
Global Alcoholic Beverages Market, By Alcohol Content
- High
- Medium
- Low
Global Alcoholic Beverages Market, By Distribution Channel
- Liquor Stores
- Supermarkets/Hypermarkets
- Bars/ Clubs
- Restaurants
- Others
Global Alcoholic Beverages Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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