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Alcoholic - Beverages Global Market Analysis, Trends, Growth, Research And Forecast 2033
Alcoholic - Beverages Global Market Analysis
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According to The Business Research Company's, The alcoholic - beverages market size has grown strongly in recent years. It will grow from $516.72 billion in 2023 to $545.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to globalization of beverage brands, marketing and branding strategies, craft and artisanal movement, legal and regulatory changes, innovation in flavors and ingredients.
The alcoholic - beverages market size is expected to see strong growth in the next few years. It will grow to $668.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, health-conscious consumer choices, cannabi*s-infused beverages, regional and craft distilleries, rise of non-traditional ingredients. Major trends in the forecast period include ready-to-drink (rtd) beverages, digital platforms for alcohol delivery, digital marketing and social media influence, cocktail culture and mixology.
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Market Drivers and Trends:
The world's population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for alcoholic beverages. Crop production, farming activities, and trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for alcoholic - beverages products due to the rising population during the forecast period.
Alcoholic beverage manufacturers are now offering ready-to-mix hybrid beverages to cater to changing consumer tastes and preferences. Hybrid beverages are a blend of alcoholic drinks from multiple beverage categories. They are prepared by using unique flavor combinations, ingredients, and production methods from multiple drinks. For example, producing spirits or beers in a wine barrel to give them a distinct taste. Hybrid beverages are particularly evident in the spirit category, with products such as beer mixed with rum and tea mixed with vodka. Some of the popular hybrid beverages on the market include Malibu Red (rum and tequila), Kahlua Midnight (rum and Kahlua), and Absolut Tune (vodka and sparkling wine).
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Major Key Players of the Market:
Pernod Ricard SA, Anheuser-Busch InBev NV/SA, Mark Anthony Group of Companies, Heineken N.V., Asahi Group Holdings Ltd., Diageo plc, Suntory Holdings Limited, kirin holdings co. ltd., The Molson Coors Brewing Company, Constellation Brands Inc., E. & J. Gallo Winery, Brown-Forman Corporation, Davide Campari-Milano N.V., Jose Cuervo, Thai Beverage Public Company Limited, William Grant & Sons Ltd., Distell Group Limited, Treasury Wine Estates Limited, Remy Cointreau SA, United Spirits Ltd., The Edrington Group Limited, Accolade Wines Holdings Australia Pty. Ltd., The Wine Group Inc., Beam Suntory Inc., Bacardi Limited, Halewood Wines & Spirits, Mast-Jägermeister SE, China Resources Snow Breweries Ltd., Tequila Patrón, Carlsberg Breweries Group, Coca-Cola Amatil Limited, Stock Spirits Group PLC, Roust Corporation, Lucas Bols N.V., Central European Distribution Corporation
Alcoholic - Beverages Market 2024 Key Insights:
• The alcoholic - beverages market size is expected to see strong growth in the next few years. It will grow to $668.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Population Growth Driving Demand For Alcoholic Beverages
• Alcoholic Beverage Manufacturers Embrace Hybrid Blends
• The Asia-Pacific was the largest region in the alcoholic - beverages market in 2023
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