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Alcoholic beverages Market Size Overview
The emergence of prospective new markets for alcoholic drinks presented manufacturers with new opportunities, which aided the global market's expansion. Market Research Future, a company that specializes in market reports in the Food, Beverage, and Nutrition sector, recently predicted in its report on Global Alcoholic beverages Market Size Research Report- Forecast to 2023 that the market will grow at a CAGR of percent throughout the forecast period.
Increasing legal purchasing age (LPA) of consumers from emerging economies is propelling the demand for alcoholic beverages market Size Outlook. Approximately 2.3 billion people fall under LPA from emerging economies, wherein the Asia-Pacific region contains 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 a developed nation such as the US, however, the trend is picking up in emerging economies. Furthermore, the rise of the home-attainment (stay-at-home) trend in both developed and emerging economies has accelerated the demand for easy availability of liquors in retail stores.
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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 the coming years. In addition, the age-targeted marketing offered by major social media platforms made it comparatively less risky for the companies to advertise their 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 the government on alcoholic beverages could hinder the growth of the market.
Alcoholic beverages market Segments Analysis
The global Alcoholic beverages market Size 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.
Global Alcoholic beverages market Size - Regional Analysis
The global alcoholic beverages market Size is segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Among these, Europe is expected to retain its dominance throughout the forecast period. This is attributed to the increasing per capita disposable income coupled with the favourable demographic conditions. Within Europe, Germany is estimated to account for the largest market share during the forecast period. The Asia Pacific is projected to grow at a higher rate as compared to the other regions. Especially China and India are lucrative market opportunities in the Asia Pacific region for the alcoholic beverage manufacturers.
The alcoholic beverages industry is highly dominated by a few major players and the competition is intense. To gain a substantial market share, the companies are focusing on product diversification, strengthening their existing portfolio, as well as also concentrating on geographical expansion. For instance, to reap the benefits of the rapidly growing tequila market, Diageo diversified its product portfolio by acquiring premium tequila brand, Casamigos. Also, companies are increasingly focusing on growing their consumer base using social media. It is estimated that more than 70% of the companies are set to increase their digital marketing budgets in coming years, for instance, major brands such as Patron have increased their budgets by double-digit percentages during 2015.
The key players profiled in Alcoholic Beverages are Anheuser Busch InBev (Belgium), Carlsberg Group (Denmark), Accolade Wines (Australia), Beam-Suntory (U.S.), Constellation Brands (U.S.), Diageo PLC (U.K.), and Heineken Holding NV (The Netherlands) among many others.
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Dec 2017 Diageo launched Canadian Whisky, namely Entrapment under its Orphan Barrel Whiskey Distilling Co brand. The whisky is a blend of 7% corn and 3% malted barley.
Aug 2017 Diageo acquired super-premium tequila, Casinos. Through this acquisition, the company aims to strengthen its participation in the swiftly growing tequila category.
Feb 2017 Absolut launched a new Vodka flavor, namely Absolut Vodka. The new product launch is in line with the company’s strategy to strengthen its product portfolio.
Jan 2017 Sula Vineyards launched a premium blended whisky called Eclipse which is a blend of 62% grain spirit, 10% malt Scotch, 20% grape spirit, and 8% peated malt spirit. The new product launch further enhanced its product portfolio.
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