According to a new report published by Allied Market Research titled, Alcoholic Beverages Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2018 – 2025, the alcoholic beverages market was valued at $1,438 billion in 2017, and is projected to reach $1,684 billion by 2025, growing at a CAGR of 2.0% from 2018 to 2025. In 2017, Asia-Pacific dominates the alcoholic beverages market in both volume and value terms, and is expected to continue leading the market through 2025.
The growth of the global alcoholic beverages market is driven by increase in global young‐adult demographic, surge in disposable income, and rise in consumer demand for premium/super premium products. However, high cost of premium/super premium products and escalation of nonalcoholic beverages market, owing to increase in health concerns are expected to restrict the market growth in the near future. Furthermore, recent developments in honey-derived products appear to be a viable alternative to produce innovative alcoholic drinks for the consumers and to drive the future growth of this market.
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Increase in global young adult demographic coupled with high disposable income significantly contributes towards the growth of the global alcoholic beverages market. However, high cost of premium/super premium products and upsurge in demand for non-alcoholic beverages, owing to health concerns are expected to hamper the market growth during the forecast period. In addition, taxations and higher excise duties on imported as well as local alcoholic beverages also inhibits the market growth. On the contrary, introduction of healthier varieties of beer and spirits is expected to offer lucrative opportunities for alcoholic beverages market players.
The beer segment held over two-fifths of the alcoholic beverages market share in 2017, in value terms, and is expected to maintain its dominance during the forecast period, owing to high consumption globally. Many brands are now experiencing tremendous success due to the rise in the disposable income and changes in consumer lifestyle. Matured market players have turned their focus on low-calorie beer as well. However, the distilled spirits segment is expected to grow with a faster rate, due high demand for premium/superpremium brands of liquor.
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On the basis of the distributionchannel, the market is segmented into convenience stores, on premises, retailers, and supermarkets. Due to the evolution of supermarkets and changes in consumer preferences, alcoholic beverages of all kinds and varieties including all brands and qualities are commercialized in supermarket under the permission of governing bodies. With all such varieties sold in supermarket, people can select from a wide range and also get premium products, which are not always available in the local stores. Thus, the supermarket segment dominated the global alcoholic beverages market, with nearly one-fourth share, in terms of volume. Apart from this, increase in demand for off-premises consumption of alcohol brands, such as whiskey, beer, vodka, and wine, is anticipated to drive the alcoholic beverages market growth. The demand for these beverages has changed in the last few years, considering the on/off premises consumption trends. The increase in number of younger population and change in preference (to visit bars and restaurants) of the consumers makes way for the growth of the distribution channel segment.
Key Findings for the Alcoholic Beverages Market:
- Beer segment dominated the global alcoholic beverages market with approximately 50% of market share and is expected to grow at a CAGR of 1.8% during the forecast period.
- Sparkling wines occupied one-third of global wine market segmented under global alcoholic beverages market and is expected to grow at a CAGR of 1.9%.
- In terms of value, the distilled spirits segment inalcoholic beverages market is expected to grow at a CAGR of 2.3% during the forecast period.
- The Whiskey sub segment dominates the distilled spirits segment under alcoholic beverages market and is expected to retain its dominance throughout the forecast period, with CAGR of 1.8%.
- Europe is expected to grow at a CAGR of 2.3% during the forecast period, owing to increase in alcohol drinking demographics.
- In Asia-Pacific, India is estimated to grow at the highest rate, in terms of value, growing at a CAGR of 2.3%.
- By distribution channel, liquor stores occupied around one-fourth of the global alcoholic beverages market share in 2017, in value terms.
- China accounted for around 40% of the Asia-Pacific alcoholic beverages market in 2017, and is expected to grow at a significant CAGR of 2.1%, in terms of value.
In 2017, Asia-Pacific and Europe collectively accounted for over half of the global alcoholic beverages market share. However, Europe is expected to grow at a faster rate during the forecast period.
The major companies profiled in the report include 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 United Spirits Ltd.
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