February 25, 2024
Alcoholic beverages Market

Global Rise of Craft Spirits Offers Lucrative Growth Opportunities in the Alcoholic Beverages Market

The global Alcoholic Beverages Market is estimated to be valued at US$ 1,561.99 billion in 2022 and is expected to exhibit a CAGR of 3.00% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The global alcoholic beverages market includes various types of beverages consumed globally for recreational or social purposes. These beverages include beer, wines and spirits and provide relaxation and enjoyment to consumers. However, overconsumption can lead to health issues.

Market key trends:
One of the key trends observed in the global alcoholic beverages market is the rising demand for premium and craft beers. With rising disposable incomes, millennials are willing to spend more on better quality beers with unique flavors. They prefer beers made from natural ingredients by small batch craft breweries. This has boosted the sales of premium beers globally. Furthermore, growing health-consciousness has led to increased preferences for low- and no- alcohol beers providing similar taste but lower alcohol content.

Segment Analysis
The global alcoholic beverages market is segmented into beer, wine, spirits, and others. The beer segment dominated the market in 2021 and accounted for __% market share. The segment is expected to remain dominant during the forecast period as well due to the rising popularity of craft/specialty beer among millennials. Factors such as innovative flavors, specialized tastes catering to various demographics, and easy availability of craft beer are fueling the growth of this segment.

Key Takeaways
The Global Alcoholic Beverages Market Demand was valued at US$ 1,561.99 billion in 2022 and is expected to witness high growth, exhibiting a CAGR of 3.00% over the forecast period, due to increasing socializing and partying trends especially among millennials and generation Z.

Regional Analysis
North America dominated the global market with a share of over 35% in 2021 owing to rising culture of cocktail parties and celebration. The Asia Pacific region is expected to witness the fastest growth over the forecast period mainly due to changing lifestyles, availability of innovative products, and expansion of western culture in countries like China and India.

Key Players
Key players operating in the alcoholic beverages market are Anheuser-Busch InBev SA/NV, Bacardi Limited, Beam Suntory Inc., Constellation Brands Inc., Diageo Plc, Heineken Holding NV, Molson Coors Brewing Co., Pernod Ricard SA, SABMiller Ltd., and Carlsberg group. These companies are focusing on expanding their product portfolio and leveraging new technologies to provide superior customer experience.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it