Alcoholic Beverages Market, by Type (Beer, Distilled Spirits, Wine, Others), by Distribution Channel (Convenience Stores, On Premises, Liquor Stores, Grocery Shops, Internet Retailing, Supermarkets) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
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.
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 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.
On the other hand, major health concerns may hamper the market growth to some extent.
The COVID-19 lockdown enforced a ban on socializing and the closure of all restaurants, nightclubs, and pubs, thereby affecting the purchase and consumption of alcohol by consumers. The alcoholic drinks industry experienced a downturn in business and a decline in global alcohol consumption in the first half of 2020. The sales of alcohol-based drinks in bars, nightclubs, pubs, and restaurants were also impacted by the complete shutdown. COVID-19 significantly altered the drinking tendencies of consumers, who transitioned from consuming alcohol-based drinks at restaurants and pubs to home consumption.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The transformation of the social and demographic landscape is predicted to stimulate the expansion of the Alcoholic Beverages Market. Additionally, the augmented accessibility of alcohol is a contributing factor to the market's growth. An increasing trend towards premiumization of alcohol is evident as manufacturers alter their product portfolios and direct more focus towards premium alcoholic beverages. The introduction of new premium alcohol products has also escalated over time, presenting favorable opportunities for vendors on a global scale. Furthermore, the escalating demand for artisanal spirits in developing economies like China and India is projected to bolster growth in the alcoholic drinks market. The upcoming market opportunity lies in the increasing demand for value-added hard seltzer products at a reasonable cost. These factors have led to the expansion of the market and increased demand for Alcoholic Beverages solutions.
Asia Pacific to Dominate the Market