Alcoholic Beverages Market Forecast
alcoholic liquids market Size place 2020 can document a boom price of 4.61% from 2019 to 2024 (evaluation period), says Market Research Future (MRFR). MRFR additionally ventures that the marketplace can attain a length of USD 1073.nine billion via way of means of 2024-end. We will offer COVID-19 effect evaluation with the report, in conjunction with all the tremendous key trends withinside the marketplace put up the coronavirus sickness outbreak.
Emergence of promising new markets for alcoholic beverages Market provided new opportunities for the manufacturers, which supported the growth of the global market. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Alcoholic Beverages Market Research Report- Forecast to 2023 that the market will demonstrate a CAGR % while achieving steady growth in the forecast period.
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Increasing legal purchasing age (LPA) of consumers from emerging economies is propelling the demand for alcoholic beverages. Approximately 2.3 billion people fall under LPA from emerging economies, wherein Asia-Pacific region contain 60% of the world’s youth population. In addition, easy accessibility of the product in grocery and major retail stores has also supported the growth of the market. Dedicated space for liquors in grocery stores and other major retailers is a common practice in developed nation such as US, however the trend is picking up in emerging economies. Furthermore, the rise of home-tainment (stay-at-home) trend in both developed and emerging economies has accelerated the demand for easy availability of liquors in retail stores.
Additionally, the growing popularity of digital and social media marketing in recent years also helped in spiking the demand for the product. More than 70% of the companies are set to increase their digital marketing budgets in coming years. In addition, the age targeted marketing offered by major social media platforms made it comparatively less risky for the companies to advertise its products. It has also helped in bridging the gap between the manufacturers and consumers, consequently triggering the demand for customization and personalization of products. However, higher taxes levied by government on alcoholic beverages Market could hinder the growth of the market.
Growing popularity of energy drinks backed by the growth in hectic schedules, health concerns and urbanization also bolster market growth. The expanding worldwide population as well as disposable income and the escalating number of value-oriented consumers have led to market development across the globe. Rise in the number of smart consumers, rising preference for takeaway products considering busy lifestyles and the rising urbanization rate also result in market expansion. E-commerce channels are gaining traction across regions, as smartphones and tablets are being increasingly adopted, leading to higher sales of non-alcoholic beverages. Increase in agreements and partnerships can also bolster the market growth in the coming period.
For instance, in August 2020, BODYARMOR Sports Drink entered an agreement with United States Tennis Association, which entails BODYARMOR LYTE is set to provide sports drinks to players during the US Open matches as well as practices in training facilities and locker rooms.
Top Market Key Vendors
Some of the most eminent market vendors profiled in MRFR study are Keurig Dr Pepper Inc. (US), Danone S.A. (France), Pressed Juicery LLC (US), Parle Agro Private Limited (India), FreshBev LLC (US), Jacobs Douwe Egberts B.V. (Netherland), Suja Life LLC (US), Red Bull GmbH (Austria), Suntory Beverage & Food Limited (Japan), Nestlé S.A. (Switzerland), The Kraft Heinz Company (US), The Coca-Cola Company (US), PepsiCo, Inc. (US), Arizona Beverage Company (US), Unilever (UK), to name a few.
Global Alcoholic Beverages Market – Segments
The global Alcoholic beverages Market has been divided into type, packaging material, distribution channel, and region.
Based on Type: Fermented Drinks (Beer, Wine, and Others), Distilled Drinks (Gin, Rum, Vodka, Brandy, and Others)
Based on Packaging Material: Glass, Plastic, Paper/Carton, Metal Cans, and Others
Based on Distribution Channel: Food Retail (Store Based, Non-Store Based), and Food Service
Based on Region: North America, Europe, Asia Pacific, and ROW.
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Global Alcoholic Beverages Market – Regional Analysis
The global alcoholic beverages Market is segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). Among these, Europe is expected to retain its dominance throughout the forecast period. This is attributed by the increasing per capita disposable income coupled with the favorable demographic conditions. Within Europe, Germany is estimated to account for the largest market share during the forecast period. Asia Pacific is projected to grow at a higher rate as compared to the other regions. Especially China and India are lucrative market opportunity in the Asia Pacific region for the alcoholic beverage manufacturers.
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