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Steady Expansion Forecast for Drinking Places (Alcoholic Beverages) Market, Projected to Reach $187.96 Billion by 2029
Drinking Places (Alcoholic Beverages)
Drinking Places (Alcoholic Beverages) Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for venues serving alcoholic beverages has experienced consistent growth over the recent past. The forecast predicts an increase from $158.92 billion in 2024 to $162.4 billion in 2025, signifying a compound annual growth rate (CAGR) of 2.2%. Factors contributing to the historic growth include societal and cultural influences, the state of the economy and levels of disposable income, expansion in the entertainment and leisure sector, regulations and licensing conditions, as well as trends in tourism and hospitality.
Drinking Places (Alcoholic Beverages) Market Size Forecast: What's the Projected Valuation by 2029?
Growth in the size of the alcoholic beverage establishments' market is anticipated to continue at a consistent pace in the years to come, reaching a projected $187.97 billion by 2029 with a compound annual growth rate (CAGR) of 3.7%. The predicted growth in the forecast period is due to factors such as shifts in consumer lifestyles, beverage innovation, a focus on craft and local produce, culinary and mixology movements, and an emphasis on health and wellness. Looking ahead, the market is expected to be shaped by significant trends such as event and entertainment programming, collaborations with local food suppliers, social media and influencer marketing, responsiveness to evolving consumer behaviors, and a commitment to sustainability and environmentally conscious practices.
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What Are the Drivers Transforming the Drinking Places (Alcoholic Beverages) Market?
The growth of the drinking places (alcoholic beverages) market is being significantly aided by the rise in alcohol consumption. This is referring to the intake of beverages that possess ethyl alcohol. Pubs and bars provide a positive social setting for friends to enjoy alcohol in a safe environment. Therefore, the surge in alcohol consumption is propelling the sales of drinking establishments such as bars and pubs. For example, a report by Statistics Canada, a statistical agency based in Canada, revealed that in February 2023, alcohol sales in retail establishments and liquor authorities reached $26.1 billion in the fiscal year that concluded on March 31, 2022. This is an increment of 2.4% from the previous year. Furthermore, wine sales rose by 2.1% to reach $8.1 billion in the years 2021 and 2022. In 2021-2022, beer constituted 34.9% of all alcohol sales' value, followed by wine at 31.3%, spirits at 25.8%, and ciders and coolers at 8.0%. Therefore, the escalating alcohol consumption is fueling the expansion of the drinking places (alcoholic beverages) market.
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What Long-Term Trends Will Define the Future of the Drinking Places (Alcoholic Beverages) Market?
The rise in the implementation of self-service beer taps in drinking places (alcoholic beverages) market is becoming a prominent trend. To enhance their efficiency and boost their profits, entities in the drinking places (alcoholic beverages) market are opting for self-service beer taps. For instance, in June 2022, Dirty Dog Taphaus, an American pub, made use of a 30-tap self-service beverage setup facilitated by iPourIt Radio Frequency Identification (RFID)-enabled self-pour technology. This system offers a changing variety of craft beers, ciders, and seltzers.
Which Segments in the Drinking Places (Alcoholic Beverages) Market Offer the Most Profit Potential?
The drinking places (alcoholic beverages) market covered in this report is segmented -
1) By Product: Beverages, Foods
2) By Application: Men, Women
Subsegments:
1) By Beverages: Beer, Wine, Spirits (Liquor), Cocktails And Mixed Drinks
2) By Foods: Appetizers, Main Courses, Desserts, Snacks And Tapas
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Which Firms Dominate the Drinking Places (Alcoholic Beverages) Market by Market Share and Revenue in 2025?
Major companies operating in the drinking places (alcoholic beverages) market include 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., 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, 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
Which Regions Offer the Highest Growth Potential in the Drinking Places (Alcoholic Beverages) Market?
Europe was the largest region in the drinking places (alcoholic beverages) market in 2024. The regions covered in the drinking places (alcoholic beverages) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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