The global alcoholic beverages market was valued at USD 2,313.2 billion in 2023 and is projected to rise from USD 2,527.0 billion in 2024 to USD 5,716.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.74% during the forecast period (2024–2032). In 2023, the Asia Pacific region held the largest market share, contributing 40.44% to global revenue. Furthermore, the U.S. market for alcoholic beverages is anticipated to grow considerably, reaching an estimated USD 702.96 billion by 2032, largely driven by the increasing consumption among urban populations.
Alcoholic beverages are created by fermenting grains, fruits, sugars, and other sources such as tubers, plant saps, honey, and dairy. In many cases, these products undergo distillation to enhance their alcohol content. Broadly, alcoholic drinks fall into three main categories: beers, wines, and spirits. According to the U.S. National Center for Biotechnology Information (NCBI), different types of alcohol require distinct manufacturing processes.
Information Source: https://www.fortunebusinessinsights.com/alcoholic-beverages-market-107439
Segments:
Distilled Spirits Dominate Market Share Amid Growth in Distillery Numbers
By product type, distilled spirits command the largest share of the market. This trend is primarily supported by the rising number of distilleries. Social media has played a significant role in consumer education, exposing audiences to emerging spirit varieties and helping them discover local distilleries.
Beer follows closely behind in terms of market share. The beer sector is highly competitive, with both global and regional players striving for market leadership. The U.S. remains one of the top beer exporters worldwide. The spread of Western culture has influenced younger generations, especially in South Asia, to favor beer, making it a top choice among young adults.
Food Service Segment Leads Distribution Channels Post-Pandemic
When classified by distribution channel, the food service segment holds the largest share. Social activities rebounded after the pandemic, significantly boosting alcohol sales in this segment. Among young adults, there’s also a noticeable shift from beer to dark liquors such as whisky, rum, scotch, and brandy.
Report Coverage:
The report includes:
- An overview of key market drivers, restraints, opportunities, and challenges
- Comprehensive regional analysis
- Profiles of major players in the industry
- Strategic initiatives by key companies
- Recent developments including product launches, collaborations, mergers, and acquisitions
Drivers and Restraints:
Expansion of Breweries and Wineries Fuels Industry Growth
The market is witnessing robust growth due to the increasing presence of microbreweries and boutique wineries. According to the U.S. Bureau of Labor Statistics, the number of wineries in the country grew from over 4,000 in 2016 to 5,024 by 2020—four times the count recorded in 2001. In the same year, the U.S. had 13,478 beverage manufacturing establishments, with breweries and wineries representing 38% and 37% of the total, respectively.
On the other hand, growing health awareness among consumers has led to reduced alcohol intake, which could slow down overall market expansion.
Regional Insights:
Asia Pacific Maintains Leadership with Increased Consumption Among Professionals
Asia Pacific continues to lead the alcoholic beverage industry, propelled by evolving social lifestyles among working professionals. Rising disposable incomes, urbanization, and stronger purchasing power have contributed to growing demand for premium and super-premium alcoholic products. The middle-class population is increasingly turning to high-end spirits, bolstering regional market growth. Key players such as Suntory Holdings Limited and Asahi Group are focused on expanding their footprints through product launches, mergers, acquisitions, and other strategic moves.
Competitive Landscape:
Innovation and Expansion Strategies Enhance Market Competitiveness
Market leaders are aiming to grow their presence by introducing innovative offerings tailored to specific segments. Strategic collaborations, regional expansions, and acquisitions are core to their approach. Companies are focusing heavily on product innovation and branding to cater to shifting consumer tastes. The rising scale of global trade in alcoholic products is also expected to open up new opportunities for players in the market.
List of Key Players Featured in the Report:
- Anheuser-Busch InBev (Belgium)
- Asahi Group (Japan)
- Bacardi (Bermuda)
- Brown-Forman (U.S.)
- Carlsberg (Denmark)
- Constellation Brands (U.S.)
- Diageo (U.K.)
- Heineken (Netherlands)
- Pernod Ricard (France)
- Suntory (Japan)
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Key Industry Development:
November 2022: Diageo completed the acquisition of Balcones Distilling, a Texas-based premium and craft whisky producer. This move aims to enhance Diageo’s portfolio in the high-growth premium whisky segment.
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