Press release
Alcoholic Beverages Market to Double by 2031, Reaching USD 4,297.1 Billion at 9.2% CAGR
Alcoholic Beverages Market
The global alcoholic beverages market was valued at USD 2,125.2 billion in 2022 and is projected to reach USD 4,297.1 billion by 2031, expanding at a CAGR of 9.2% during 2024-2031, according to DataM Intelligence. Driven by shifting social lifestyles, growing demand for premium spirits, and rapid urbanization, the market is experiencing strong momentum across beer, wine, and distilled spirits segments, with Asia-Pacific leading growth.
Distilled spirits retained the largest share in 2024, supported by the rising number of distilleries and consumers' enthusiasm for premium brands. Asia-Pacific dominated with USD 981.9 billion market size, fueled by middle-class income growth and higher purchasing power. Leading players such as Asahi Group, Suntory Holdings, and Diageo are adopting mergers, acquisitions, and product launches to capture opportunities in emerging markets.
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Key Highlights from the Report
➤ Global alcoholic beverages market anticipated to double in value, reaching USD 4,297.1 billion by 2031
➤ Asia-Pacific leads with USD 981.9 billion market size in 2024, driven by premiumization and urbanization
➤ Distilled spirits hold largest type share, expected at 37.29% in 2024
➤ Food service dominates distribution, boosted by post-pandemic socializing and hospitality sector expansion
➤ Hybrid alcoholic beverages, such as rum-tequila blends, are shaping new consumer trends
➤ U.S. tariffs on imports affecting pricing and pushing demand for domestic brands
Market Segmentation
By type, distilled spirits lead the market due to rising distillery establishments, premium launches, and consumer experimentation with cocktails. Premixed cocktails record significant growth, with revenues up by 26.8% to USD 2.8 billion in 2023. Beer remains the second-largest segment, strengthened by diverse flavor innovations targeted at millennials and Gen Z.
By distribution channel, food service dominates due to increased social gatherings and hospitality growth post-pandemic. Bars, pubs, and restaurants are important venues for spirit sampling, encouraging consumers to try premium categories. Retail, including liquor stores and online platforms, is expanding rapidly through ease of access and promotional offers.
Regional Insights
Asia-Pacific: Market Leader in Volume and Value
Asia-Pacific maintains leadership with USD 981.9 billion market size in 2024, driven by premium drink adoption and rising disposable incomes. M&A activity is strong, with Suntory Holdings entering India through Suntory India Private Limited in December 2024.
Europe: Beer Culture and Craft Innovation
Europe ranks second in share, with Germany leading beer production and consumption. Millennials are driving craft beer popularity, bolstered by microbrewery and brewpub expansion.
North America: Premium Spirits and RTDs Gain Traction
North America follows, led by growing demand for spirit-based RTDs and high-end liquors. Tourism-driven winery revenues and innovations from Boston Beer, Anheuser-Busch, and Constellation Brands support market progression.
South America: Premiumization in Ethnic Spirits
South America's growing middle class is fueling super-premium spirits demand. Cultural heritage products like pisco and cachaça continue to expand regional appeal.
Middle East & Africa: Rapid Urban Growth Expands Demand
The region's alcoholic beverage sector is evolving quickly due to changing consumer preferences, urbanization, and rising incomes, particularly for gin and whiskey categories.
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Market Dynamics
Market Drivers
Rising disposable incomes in developing economies and higher alcohol consumption among young adults are spurring growth. Expanding breweries and wineries support innovation, quality enhancement, and competitive pricing.
Market Restraints
Growing preference for non-alcoholic and low-alcohol alternatives due to health awareness is restraining demand in some consumer segments.
Market Opportunities
Diversification in product offerings, including premium craft, hybrid, low-alcohol, and non-alcoholic products, presents strong expansion potential.
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Reasons to Buy the Report
✔ Data-backed global and regional market forecasts through 2031
✔ Insights into consumer trends such as premiumization and hybrid drinks
✔ Analysis of regulatory impacts including tariffs and alcohol industry compliance
✔ Competitive profiling of global beverage leaders and emerging brands
✔ Strategic recommendations for diversification in premium and low-alcohol products
Frequently Asked Questions (FAQs)
◆ How big is the global alcoholic beverages market in 2022 and forecast for 2031?
◆ Who are the key players in the alcoholic beverages industry?
◆ Which product type holds the largest market share globally?
◆ Which region dominates the alcoholic beverages market?
◆ What CAGR is projected for the market during 2024-2031?
Company Insights
Anheuser-Busch InBev
Asahi Group
Ambev
Brown-Forman
Carlsberg
Constellation Brands
Diageo
Heineken
Pernod Ricard
Suntory Holdings
Recent Developments:
May 2025 - Carlsberg Group to expand presence in India by adding two to three new breweries in Mysuru, Karnataka, doubling annual capacity.
Jan 2025 - United Breweries launched Kingfisher Flavors beer range with lemon masala and mango berry twist variants.
Conclusion
The global alcoholic beverages market is on track to double in size by 2031, led by Asia-Pacific's premiumization trend and strong distilled spirits demand. Hybrid products, craft innovations, and premium RTDs present lucrative avenues for growth. With evolving consumer preferences, regulatory shifts, and an expanding young adult demographic, leading brands investing in diversification, quality, and regional expansion are poised to sustain competitive advantage in this dynamic market.
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Mr. Sai Kiran
DataM Intelligence 4market Research LLP Ground floor
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Uppal, Hyderabad, Telangana 500039
USA: +1 877-441-4866
Email: Sai.k@datamintelligence.com
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About Us
DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.
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