Alcoholic Beverages Market Size Projected to Surge $3.25 Billion Growth by 2032, Exhibit a CAGR of 5%

The global alcoholic beverages market size is anticipated to grow from USD 2 billion to USD 3.25 billion in 10 years. The market will experience rapid growth due to the growing popularity of cocktails during the forecast period. The increasing number of home-grown alcohol brands will also augment the market’s growth.

Newark, Dec. 18, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 2 billion in 2022 global alcoholic beverages market will reach USD 3.25 billion in 2032. Any liquid meant for human consumption is considered a drink. Any beverage that contains ethanol, also referred to as alcohol, is considered alcoholic. There are three main types of alcoholic beverages: wines, spirits, and beers. A distilled beverage is a concentrated concoction of liquors, cordials, liqueurs, whiskies, gin, vodka, rum, and brandy. Although quantities greater or lower are occasionally detected, their typical alcohol concentration ranges from 40% to 50%. It is commonly known that drinking alcohol in moderation lowers the chance of passing away from heart disease. Moreover, it might reduce the chance of an ischemic stroke. It may also reduce the chance of developing diabetes.

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Key Insight of the Global Alcoholic Beverages Market

Asia Pacific will dominate the market during the forecast period.

The regional market’s growth will be fueled by a sizably big young population, increasing working professionals, and fast urbanization. Furthermore, the rise in domestic alcohol brands will support the expansion of the market. Important companies in the industry produce alcoholic drinks for the home market and substantially contribute to exports. The market will benefit from trade agreements, partnerships, and collaborations that lower tariffs and non-tariff obstacles on alcoholic beverages.

In 2022, the distilled spirits segment dominated the market with the largest share of 46% and market revenue of 0.92 billion.

The type segment is divided into beer, wine, distilled spirits and others. In 2022, the distilled spirits segment dominated the market with the largest share of 46% and market revenue of 0.92 billion.

In 2022, the liquor stores segment dominated the market with a market share of 34% and revenue of 0.68 billion.

The distribution channel segment is divided into convenience stores, liquor stores, supermarkets, and internet retailing. In 2022, the liquor stores segment dominated the market with a market share of 34% and revenue of 0.68 billion.

Advancement in market

The alcoholic beverage manufacturer Rock & Storm Distilleries Pvt. Ltd., situated in Delhi, plans to invest ₹100 crore over the next three to four years to increase its national footprint. By 2024, the corporation hopes to expand into new markets like Uttar Pradesh, Karnataka, and Rajasthan with the money it has amassed internally. The company intends to build a new production unit and its 6,000-liter-per-day malt factory to support its expansion. It also intends to establish its first extra-neutral alcohol (ENA) and ethanol factory.

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Market Dynamics

Driver: the population’s rising disposable income.

The population’s growing disposable income and increased urbanization will fuel demand for alcoholic drinks. Because of their hedonistic lifestyle preferences, a sizable portion of younger populations are driving the increased demand for alcoholic beverages. The market’s expansion will also be aided by the growing number of taverns, lodging facilities, bars, and retail establishments that offer alcoholic beverages. The government’s growing inclination to allow the production, export, and commerce of alcoholic beverages to support economic expansion encourages the market’s expansion.

Restraints: The pricey nature of alcoholic drinks.

Because they are not produced everywhere, alcoholic beverages are exchanged across nations. They are subject to the highest tariffs and non-tariff barriers, as well as a high tax rate due to the detrimental effects of regular alcohol drinking on one’s health, society standards, and religious restrictions and beliefs. Cocktails with alcohol are also pricey. Consequently, the industry’s growth will be hampered by the high price of alcoholic beverages.

Opportunities: Growing awareness and popularity of cocktails.

Many taverns, bars, and eateries are gaining popularity for serving housemade recipes and classic drinks. Market opportunities are being created by the rising number of locally produced labels and the introduction of new tastes by well-known brands that complement the local environment.

Challenges: alcohol is banned in several states or countries.

Religion is a big part of an individual, and some religions prohibit the consumption of alcohol. Furthermore, there are social evils that arise due to high levels of alcohol consumption by a significant population of a state or nation. All these factors have prompted authorities to litigate a blanket ban on alcohol, and therefore, this will challenge the market’s growth.

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Some of the major players operating in the global alcoholic beverages market are:

• Anheuser-Busch InBev SA/NV
• Asahi Group Holdings, Ltd.
• Bacardi Limited
• Brown-Forman Corporation
• Budweiser Brewing Company APAC Limited
• Carlsberg Group
• Diageo plc.
• Heineken N.V.
• Pernod Ricard
• Suntory Holdings Limited

Key Segments covered in the market:

By Type

• Beer
• Wine
• Distilled Spirits
• Others

By Distribution Channel

• Convenience Stores
• Liquor Stores
• Supermarkets
• Internet Retailing

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

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