The global Alcoholic Beverages Market size was estimated at USD 1,678 billion in 2023 and is projected to reach USD 2,212 billion in 2030 at a CAGR of 4.12% during the forecast period 2023-2030.
The growth of the global Alcoholic Beverages market is mainly driven by the growing global young adult populace, in conjunction with elevated disposable income and consumer interest in high-end products. The escalating consumer preference for novel variations, particularly in the alcoholic beverage domain, has sparked a revolution in the formulation of craft beer. Numerous breweries have opted to develop fresh product assortments featuring requisite characteristics, thus creating mild-lager beer for consumption. The upswing in market demand has led to a substantial increase in the production of craft beer across diverse global and regional breweries.
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An alcoholic beverage, also referred to as an alcoholic drink, an adult beverage, or a libation, is a potable liquid that contains ethanol. This chemical compound, which is reminiscent of a drug, is derived from the fermentation of grains, fruits, or other sources of sugar, and is categorized as a form of alcoholic beverage. Imbibing, or the act of consuming alcoholic beverages, is a customary social activity that holds considerable cultural significance.
The production, distribution, and consumption of alcoholic beverages are frequently governed by regulatory frameworks. The implementation of warning labels and the specification of the alcohol content percentage may be compulsory under such legal frameworks. While some countries categorically prohibit such conduct, alcoholic beverages are generally lawful elsewhere.
The prominent players in the Alcoholic Beverages market are:
· Accolade Wines
· Anheuser-Busch InBev
· Asahi Group Holdings Ltd
· Bacardi Limited
· Boston Beer Company Inc.
· Brown Forman
· Carlsberg Group
· Castel Frères.
· Constellation Brands Inc.
· Davide Campari-Milano N.V.
· Diageo PLC
· Halewood International Limited
· Heineken Holding NV
· Mike's Hard Lemonade Co.
· Miller Brewing Co.
· Molson Coors Brewing Company
· Pernod Ricard
· Suntory Beverage & Food Limited and More
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Recent Developments
· In November, 2022, Diageo acquired Balcones Distilling (often known as "Balcones"), a Texas craft distiller and one of the leading manufacturers of American Single Malt Whisky in the United States.
· In October, 2022, Bacardi launched an Indian-made whiskey named Legacy. Bacardi intends to create a discount pricing category for its customers through Legacy in order to further strengthen its expansion plan in India.
Key Findings
· The type segment is further fragmented into beer, distilled spirits, wine and others. The Beer segment is expected to account for a larger market size during the forecast period. Beer is a commonly favored beverage among consumers as a preventative measure against heart disease and stroke. It is also utilized for the treatment of diabetes, anxiety, cancer, and a myriad of other ailments, albeit a majority of these applications currently lack substantial scientific evidence.
· The distribution channel segment is further bifurcated into convenience stores, on-premises, liquid stores, grocery stores, internet retailing and supermarkets. The supermarkets is the largest market during the forecast period. The preference of customers is inclined towards the acquisition of alcoholic beverages that are discounted and offer health benefits owing to limited consumption.
· The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period. In Asia Pacific, the market's steady growth can be attributed to the rising demand for premium alcohol and the working population's social lifestyle.
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