Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "United States Alcoholic Beverages Market Report by Type, Packaging, Distribution Channel, States and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The United States alcoholic beverages market was valued at US$ 519.89 Billion in 2023. The analyst predicts a growth rate of 4.47% from 2024 to 2032. The market is expected to be valued at US$ 770.61 Billion during this period.
Alcoholic beverages contain ethanol from fermentation or distillation. This includes beer, wine, and spirits. They hold significant cultural and economic importance in the US, with a wide variety available from craft breweries, wineries, and distilleries. They are integral to social gatherings and events. The 2022 National Survey on Drug Use and Health (NSDUH) states that 221.3 Million people aged 12 and older, representing 78.5% of this group, have consumed alcohol at some point. Issues like alcohol abuse, however, highlight the challenges associated with their prevalence.
Robust Economic Framework
A sturdy economic system spurs higher disposable earnings levels. This propels spending on discretionary items like alcoholic beverages. In December, personal income surged by US$ 60.0 Billion (0.3% monthly), per the Bureau of Economic Analysis. Consumer spending rose by US$ 133.9 Billion, driven by increased services and goods. With more money for non-necessities, people indulge in beer, wine, and spirits. This fuels demand in the United States alcoholic beverages market.
Millennials constitute a Significant segment of Consumers
Millennials wield extensive impact and diverge from previous generations in alcoholic beverage choices. They favor exploration and premium alternatives. This trend has notably influenced the United States alcoholic beverage market's boom and diversification. According to Penn State Extension, a higher percentage of millennials consume spirits (47%), beer (45%), wine (45%), hard seltzer (39%), craft beer (37%), and canned cocktails (29%) compared to Gen Xers and Baby Boomers. Their demand for novelty and quality drives producers to adapt, shaping an evolving industry landscape.
Increasing Interest in Top-tier and Luxury Beverages
The alcoholic beverages market sees rising demand for premium and super-premium beverages as customers increasingly seek higher-premium products with natural and valuable ingredients. This trend fuels marketplace expansion, prompting producers to innovate in reaction to evolving patron choices for healthier and more sophisticated alternatives, propelling a dynamic market. For instance, in January 2024, Absolut and Ocean Spray introduced the Absolut and Ocean Spray Vodka Cranberry cocktail in a convenient RTD layout, reflecting this trend. Crafted from premium elements, such as Absolut Vodka and real Ocean Spray Cranberry Juice, the Vodka CranT RTD variety gives natural flavors and sparkling water, catering to various consumer preferences.
California Alcoholic Beverages Market
California may command a leading role in the United States alcoholic beverages market. This is mainly attributed to its thriving wine industry. Benefitting from the Mediterranean weather, California is the nation's essential wine-producing area. The Wine Institute states that the state accounts for approximately 80% of the nation's wine production, positioning itself as the world's fourth-biggest wine production area. Moreover, more than 80% of California wine is crafted in Certified Sustainable California Wineries, and over half of the state's about 615,000 vineyard acres are certified to one of California's sustainability packages, including Certified California Sustainable Winegrowing, Fish Friendly Farming, LODI RULES, Napa Green, and SIP Certified. This wealth of production guarantees a wide array of wines tailored to various tastes and budgets.
The prominence of California extends to its position as a hub for craft breweries. This nurtures an inventive craft beer scene that entices clients seeking different and flavorful options. It remains the American craft brewing movement's epicenter, boasting more breweries than any other nation. As of January 2023, California hosts over 1,100 craft breweries, surpassing all other states. The California Craft Brewers Association (CCBA), its brewery members, and craft beer fans are pivotal in bolstering the country's economic vitality. In 2021, craft breweries alone contributed a significant US$ 9.03 Billion to California's economic scheme.
The manufacturing process in California encompasses more than just wine and beer. It also yields an excellent output of distilled spirits and other alcoholic drinks, addressing various client choices. The country's significant and prosperous population and thriving tourism enterprise force enormous demand. This is reinforced by a lifestyle that values outdoor pursuits and social gatherings and is superior through the pleasant weather conducive to outdoor beverage enjoyment.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $519.89 Billion |
| Forecasted Market Value (USD) by 2032 | $770.61 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | United States |
United States Alcoholic Beverages Company News
- In March 2024 - Boston Beer introduced Truly Tequila Soda nationwide, the latest addition to the hard seltzer brand's product range. The company states that the beverage is crafted to meet consumer preferences and features premium Blanco tequila, authentic fruit juice, and sparkling water.
- In March 2023 - Diageo finished the acquisition of Don Papa Rum.
- In May 2023 - The American division of Anheuser-Busch InBev divested Appalachian Mountain Brewery back to its original owners, the US craft brewer. Anheuser-Busch acquired the North Carolina-based company in 2020 as part of its complete acquisition of Craft Brew Alliance.
- In July 2023 - The renowned premium tequila brand Tequila CAZADORES unveiled a new addition to its lineup of 100% agave tequilas: CAZADORES Cafe. This flavorful and velvety coffee liqueur, crafted with boldness and smoothness, is now accessible throughout the United States.
- In August 2023, Molson Coors Beverage Company finalized an agreement to purchase Blue Run Spirits ('Blue Run'), a renowned producer of meticulously crafted bourbon and rye whiskies known for its innovation and accolades. This acquisition marks another milestone in Molson Coors' transformation into a comprehensive beverage enterprise, empowering Blue Run with the necessary resources to expand its presence in the market further.
- In December 2023 - Eggo and Doritos introduced alcoholic beverages with food flavors, garring mixed reactions. Kentucky Fried Chicken debuted a rum drink to complement its wings in a somewhat expected yet surprising move. These are just a handful of household brands venturing into boozy beverages.
All the key players have been covered from 3 viewpoints:
Company Analysis: Overview, Recent Developments, Revenue Analysis
- Anheuser-Busch
- Altria
- Boston Beer
- Constellation Brands Inc.
- Diageo
- Molson Coors
- Pernod Ricard SA
Type - United States Alcoholic Beverages Market breakup in 4 viewpoints:
- Beer
- Distilled Spirits
- Wine
- Others
Packaging - United States Alcoholic Beverages Market breakup in 3 viewpoints:
- Glass Bottle
- Tin
- Plastic Bottle
Distribution Channel - United States Alcoholic Beverages Market breakup in 6 viewpoints:
- Convenience Stores
- On Premises
- Liquor Stores
- Grocery Shops
- Internet Retailing
- Supermarkets
States - United States Alcoholic Beverages Market breakup of 29 States:
- California
- Texas
- New York
- Florida
- Illinois
- Pennsylvania
- Ohio
- Georgia
- New Jersey
- Washington
- North Carolina
- Massachusetts
- Virginia
- Michigan
- Maryland
- Colorado
- Tennessee
- Indiana
- Arizona
- Minnesota
- Wisconsin
- Missouri
- Connecticut
- South Carolina
- Oregon
- Louisiana
- Alabama
- Kentucky
- Rest of United States
For more information about this report visit https://www.researchandmarkets.com/r/t2qzdu
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