July 16, 2024

Global Alcoholic Beverages Market Is Estimated To Witness High Growth Owing To Changing Consumer Preferences & Increasing Disposable Income

The global alcoholic beverages market is estimated to be valued at USD 516.3 billion in 2022 and is expected to exhibit a CAGR of 8.4% over the forecast period (2023-2029), as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

The alcoholic beverages market offers a wide range of products including beer, wine, and spirits. These products are consumed for recreational purposes and are often associated with social gatherings and celebrations. With changing consumer preferences and increasing disposable income, the demand for alcoholic beverages is on the rise. Moreover, the popularity of craft beers and premium spirits is driving the market growth. Consumers are willing to spend more on unique and premium alcoholic beverages, leading to increased sales and revenue for the market players.

B) Market Dynamics:

Two major drivers influencing the growth of the global alcoholic beverages market are changing consumer preferences and increasing disposable income.

Changing consumer preferences: Consumers are becoming more adventurous in trying new and unique alcoholic beverages. Craft beers, flavored spirits, and premium wines are gaining popularity among millennials and young adults. The market players are focusing on product innovation and introducing new flavors and variants to cater to the evolving consumer preferences.

Increasing disposable income: As disposable income increases, consumers are more willing to spend on premium alcoholic beverages. The growing middle-class population in developing countries is fueling the demand for high-quality and luxury alcoholic beverages. Additionally, the rising trend of dining out and socializing has contributed to the growth of the market.

C) SWOT Analysis:

Strengths:

  1. Increasing popularity of craft beers
  2. Growing demand for premium spirits

Weaknesses:

  1. High taxation and regulations on alcoholic beverages
  2. Health concerns related to excessive alcohol consumption

Opportunities:

  1. Untapped markets in emerging economies
  2. Rising trend of e-commerce for alcohol sales

Threats:

  1. Stringent regulations on advertising and marketing
  2. Competition from non-alcoholic beverages

D) Key Takeaways:

  1. The global alcoholic beverages market is expected to witness high growth, exhibiting a CAGR of 8.4% over the forecast period. The demand for unique and premium alcoholic beverages is driving the market.
  2. In terms of regional analysis, North America is the fastest-growing market for alcoholic beverages. The region is dominated by the presence of key players and the rising popularity of craft beers.
  3. The key players operating in the global alcoholic beverages market are Anheuser-Busch InBev SA/NV, Bacardi Limited, Beam Suntory Inc., Constellation Brands Inc., Diageo Plc, Heineken Holding NV, Molson Coors Brewing Co., Pernod Ricard SA, SABMiller Ltd., and Carlsberg Group.

In conclusion, the global alcoholic beverages market is witnessing high growth due to changing consumer preferences and increasing disposable income. Key market players are focusing on product innovation and catering to the evolving tastes of consumers. With the rising popularity of craft beers and premium spirits, the market is expected to continue its growth trajectory in the forecast period.