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Drinking Places (Alcoholic Beverages) Market Demand, Analysis, Size And Growth Forecast By 2033
Drinking Places (Alcoholic Beverages) Market
According to The Business Research Company's, The drinking places (alcoholic beverages) market size has grown strongly in recent years. It will grow from $64.59 billion in 2023 to $70.78 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to social and cultural trends, economic conditions and disposable income, entertainment and leisure industry growth, licensing and regulatory environment, tourism and hospitality trends..
The drinking places (alcoholic beverages) market size is expected to see strong growth in the next few years. It will grow to $96.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to changing consumer lifestyles, innovations in beverage offerings, focus on craft and local products, culinary and mixology trends, health and wellness considerations.. Major trends in the forecast period include events and entertainment programming, partnerships with local food providers, social media and influencer marketing, adaptation to changing consumer behavior, sustainability and eco-friendly practices..
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Market Drivers and Trends:
Increasing alcohol consumption is significantly contributing to the growth of the drinking places (alcoholic beverages) market going forward. Alcohol consumption refers to the drinking of beverages containing ethyl alcohol. Pubs and bars help create a positive social environment where friends can gather to drink safely. Hence, increasing alcohol consumption is boosting the sales of drinking places such as bars and pubs. For instance, in December 2022, according to the Global Beer Consumption Report for 2021 shared by Kirin Holdings Company Limited, a Japan-based integrated beverages company, about 185.60 million kiloliters of beer were consumed worldwide in 2021, a rise of 4.0% from the previous year. Therefore, increasing alcohol consumption is driving the growth of the drinking places (alcoholic beverages) market.
Increasing focus on self-service beer taps is a key trend gaining popularity in the drinking places (alcoholic beverages) market. Companies in the drinking places (alcoholic beverages) market are installing self-service beer taps to increase efficiency and profitability. For example, in June 2022, Dirty Dog Taphaus, a US-based pub installed self-pour taproom that features a 30-tap self-service beverage system that is powered by iPourIt Radio Frequency Identification (RFID)-enabled self-pour technology. It features a rotating selection of craft ciders, beers, and seltzers.
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Major Key Players of the Market:
Boadas Cocktails; Kings Head Pub; Attaboy Holdings Ltd.; Floreria Atlantico; Four Seasons Hotels Ltd.; Hakkasan Group Ltd.; J D Wetherspoon plc; Licoreria Limantour; Maybourne Hotel Group; McKs Tavern Co.; Mitchells and Butlers plc; EIH Ltd.; Oetker Hotel Management Company GmbH; Public Call Office; The Atlas Bar Inc.; The Cats Eye Pub; Trailer Happiness; Anheuser-Busch InBev Sa/NV; Diageo plc; Constellation Brands Inc.; Pernod Ricard SA; Asahi Group Holdings Ltd.; United Breweries Limited; Bundaberg Brewed Drinks Pty Ltd.; Halewood International Holdings plc; Bacardi Limited; Brown-Forman Corporation; Carlsberg India Pvt. Ltd.; China Resources Beer (Holdings) Company Limited; Compañía Cervecerías Unidas S.A.; Craft Brew Alliance Inc.; Distell Group Limited; Grupo Modelo S.A. de C.V.; Kirin Holdings Company Limited; Molson Coors Beverage Company
Drinking Places (Alcoholic Beverages) Market 2024 Key Insights:
• The drinking places (alcoholic beverages) market will grow to $96.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Surging Alcohol Consumption Fuels Expansion Of Drinking Places (Alcoholic Beverages) Market
• Self-Service Beer Taps Revolutionize The Drinking Places Market
• Europe was the largest region in the drinking places (alcoholic beverages) market in 2023
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