Alcoholic Beverages Market is anticipated to grow at a CAGR of 2.8% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Alcoholic Beverages Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global alcoholic beverages market is estimated to be over US$ 1.5 Billion in 2019. It is anticipated to grow at a CAGR of 2.8% from 2019 to 2030.
The significant growth of the market can be attributed to, high cost of premium or super-premium products. Moreover, factors such as increasing demand for premium alcoholic beverages and new product launches and innovations as well as a change in consumer preferences are anticipated to boost the growth of the alcoholic beverages market over the forecast period. For instance, canned alcohol is available in variety of range such as pre-mixed cocktails. Several vendors are offering alcoholic beverages in various flavors as well as products containing no artificial flavors and colors. These innovations are identified as a critical alcoholic beverage market trend responsible for the growth of the market.
The increasing demand for premium alcoholic beverages is considered to be one of the drivers for this market. Efforts by alcohol manufacturers for strengthening distribution channels and extension of purchase channels, like online stores, and convenience stores, is additionally contributing to the expansion of the global alcoholic beverages market. Moreover, Wine consumption has its benefits it helps in improving the cholesterol level. Thus, rising awareness about such benefits is expected to result in increased consumption of premium alcoholic drinks. This in turn aids the substantial growth of the alcoholic beverages market.
New product launches and innovations related to alcoholic beverages are favoring the growth of this market. Companies are launching innovative products owing to changing consumer preferences. Consumers are paying an enormous amount for low-calorie and superior ingredients of alcoholic beverages. Moreover, Diageo, a U.K. based company launched a new range of product innovations across its brand portfolio, which includes Guinness, Smirnoff, Pimm’s, Captain Morgan, Gordon’s and CIROC. This is expected to propel growth of the overall alcoholic beverages market.
Browse key industry insights spread across 175 pages with market data tables & figures & charts from the report, Alcoholic Beverages Market by Product (Beer, Wine and Spirits), Distribution Channel (Hotels/Restaurants/Bars, Specialty Stores, Online Retailers and Convenience Stores), Packaging (Glass bottles, Plastic bottles & Metal Cans) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/alcoholic-beverages-market/230
However, health issues due to over consumption of alcohol is a major factor restraining growth of the global alcoholic beverages market. Additionally, increasing government taxes on alcohol and stringent government regulations for manufacturing & distribution of alcoholic beverages are another factors expected to hamper growth of the global alcoholic beverages market over the forecast period.
Asia Pacific is estimated to account for the highest CAGR in the alcoholic beverages market over the forecast period. The growing popularity of craft beer among the consumers, especially the younger generation and disposable income are factors which create a lucrative opportunity for growth of the market in this region. For instance, According to WHO, in 2018 total recorded alcohol consumption in the form of spirit touch 44.8% globally, and spirit is also the most commonly consumed beverage in the South-East Asia region.
The prominent players in the alcoholic beverages market are The Boston Beer Company, BACARDI, Constellation Brands, Inc., Heineken N.V., Anheuser-Busch InBev, Diageo, Kirin Holdings Company, Limited, Carlsberg Breweries A/S, Pernod Ricard and Molson Coors Brewing Company.
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