Alcoholic Beverages Market: Rise in Alcohol Consumption to Propel Market Demand

The global alcoholic beverages market is anticipated to witness a notable growth in forthcoming years. The industry seems to be consolidated, with a few leading players. Key companies are indulging in various strategies to expand. Those include product launch, and mergers and acquisitions. These firms are working hard to expand their reach and increase their consumer base all over the globe. Some of the major players in the market are Bacardi Limited, Anheuser-Busch InBev SA/NV, Beam Suntory Inc., Diageo Plc, Heineken Holding NV, Constellation Brands Inc., Molson Coors Brewing Co., SABMiller Ltd., Pernod Ricard SA, and United Spirits Ltd. Carlsberg Group sold firm’s key brand, Carlsberg Beer, and started brewing other brands for example, Tuborg, Kronenbourg, Belgian Grimbergen abbey beers, Russian beer Baltika, and over 500 more local beers.

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According to Transparency Market Research, the global alcoholic beverages market is expand at a steady CAGR of 6.4% within the forecast period from 2017 to 2025. The market was valued to be US$1,205,359.1 mn in 2017. This figure is expected to soar to about US$1,977,942.7 mn by the end of forecast period, 2025.

On the basis of product type, the market is divided into spirits, beer, wine and so forth. Among these, the beer segment is expected to flourish. It dominated the market with 42.7% share, as valued in 2017. Geographically, Asia Pacific region dominated the global alcoholic beverages market with major share in the entire market space. This is majorly owing to rapid urbanization and rise in middle-class population, with increased disposable incomes in the region.

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One of the key drivers propelling the growth of this industry is the growing trend of alcohol consumption on various occasions. This has emerged as a culture among the masses in developing nations. Moreover, the improved distribution networks of various keen players is also boosting sales. Another factor fueling the growth of the market is rise in purchasing power of the consumers in developing countries for example India and Brazil. The rise in disposable income has encouraged individuals to try out new way of entertainment such as get-together, night parties, hanging out at lounges, bars and pubs.

On the flipside, availability of healthy alternatives such as energy drinks and non-alcoholic drinks are expected to hamper the market growth of alcohol to a large extent. Rising awareness about wellness and healthcare has encouraged the masses to reduce the consumption of alcoholic drinks. Too much of alcohol consumption can cause liver damage, cancer, or heart problems. And these are reasons why most people abstain from it.

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