The latest report by IMARC Group, titled “Alcoholic Beverages Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global alcoholic beverages market size reached US$ 1,228 Billion in 2018. Alcoholic beverages are drinks that are fermented from sugars found in berries, fruits, grains, plant saps, honey and tubers. The anaerobic fermentation takes place by the utilization of yeast, which converts sugars into ethanol and carbon dioxide. Depending upon the fermentable material used, this process imparts characteristic flavors and aromas to the beverages, which are further categorized as beers, wines and spirits. The alcohol content of the beverage usually depends upon the type of the product and the period it is stored to age. Since alcohol is classified as a depressant, it is widely consumed for its physiological and psychological effects as a recreational drink.
Global Alcoholic Beverages Market Trends:
Increasing alcohol consumption, especially among the early career professionals, coupled with the rising trend of corporate gatherings and mid-week parties, has primarily facilitated the market growth. Rapid urbanization, inflating disposable income and improving lifestyles of the consumers have impelled the demand for premium and super-premium alcohol variants across the globe, thereby bolstering the market growth. In addition to this, several companies are investing significantly in the e-retail sector. The convenience and variety offered by online platforms are currently influencing the sales of alcoholic beverages. Furthermore, several manufacturers are incorporating bio-degradable packaging solutions and sustainable methods in the manufacturing process on account of growing environmental-consciousness among the masses. For instance, Carlsberg, a Denmark-based leading brewery group, aims to attain zero carbon emissions at its breweries by 2030. According to the alcoholic beverages market report, the market value is projected to reach US$ 1,452 Billion by 2024, registering a CAGR of around 3% during 2019-2024.
- On the basis of the category, the market has been divided into beer, wine (still light and sparkling wines) and spirits (baijiu, vodka, whiskey, rum, liqueurs, gin, tequila and others).
- Based on the alcohol content, the market has been categorized into high, medium and low.
- On the basis of the flavor, the market has been bifurcated into unflavored and flavored.
- Based on the packaging type, the market has been classified into glass bottles, tins, plastic bottles and others.
- On the basis of the distribution channel, the market has been segregated into supermarkets and hypermarkets, on-trade, specialist retailers, online, convenience stores, and others.
- On the geographical front, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been studied, with the detailed profiles of the alcoholic beverages market competitors operating in the market, including Anheuser-Busch InBev SA/NV, MillerCoors (Molson Coors Brewing Company), Heineken Holdings N.V., Carlsberg Breweries A/S, Diageo plc, Grupo Modelo, Bacardi & Company Limited , Olvi Oyj, Tsingtao Brewery Company Limited, Beijing Yanjing Brewery Co. Ltd., and Kirin Holdings Company, Limited.
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