Alcoholic Beverages Market to Witness Significant Growth During Forecast Period
According to a new report
published by KD Market Insights titled, Alcoholic Beverages Market by
Type and Distribution Channel: Global Opportunity Analysis and Industry
Forecast, 2018 - 2025, the alcoholic beverages market was valued at $1,438
billion in 2017, and is projected to reach $1,684 billion by 2025, growing at
a CAGR of 2.0% from 2018 to 2025. In 2017, Asia-Pacific
dominates the alcoholic beverages market in both volume and value terms, and is
expected to continue leading the market through 2025.
Alcoholic beverages are
portable drinks, which have quenching, refreshing, and stimulating qualities.
They contain ethanol, yielded from fermentation of grains, fruits, or other
sugar sources. They supply calories but few essential nutrients, though
moderate consumption may have beneficial health effects in some individuals.
They are segmented based on their type, which include beer, wine, and others.
These types have different methods of preparation, and are characterized by
different effects and tastes. They have a prolonged effect on the human brain
on which it exerts a depressant action. On a global level, beer from cereal
grains, wine from grapes, and other distilled beverages are sold as commodities.
The pricing of these beverages is essentially determined by the cost of
production and the duties levied on those costs. The effects of prices as
measured with price elasticities differ both, across countries and different
time periods.
Increase in global young
adult demographic coupled with high disposable income significantly contributes
towards the growth of the global alcoholic beverages market. However, high cost
of premium/super premium products and upsurge in demand for non-alcoholic
beverages, owing to health concerns are expected to hamper the market growth
during the forecast period. In addition, taxations and higher excise duties on
imported as well as local alcoholic beverages also inhibits the market growth.
On the contrary, introduction of healthier varieties of beer and spirits is
expected to offer lucrative opportunities for alcoholic beverages market players.
The beer segment held over
two-fifths of the alcoholic beverages market share in 2017, in value terms, and
is expected to maintain its dominance during the forecast period, owing to high
consumption globally. Many brands are now experiencing tremendous success due
to the rise in the disposable income and changes in consumer lifestyle. Matured
market players have turned their focus on low-calorie beer as well. However,
the distilled spirits segment is expected to grow with a faster rate, due high
demand for premium/superpremium brands of liquor.
On the basis of the
distributionchannel, the market is segmented into convenience stores, on
premises, retailers, and supermarkets. Due to the evolution of supermarkets and
changes in consumer preferences, alcoholic beverages of all kinds and varieties
including all brands and qualities are commercialized in supermarket under the
permission of governing bodies. With all such varieties sold in supermarket,
people can select from a wide range and also get premium products, which are
not always available in the local stores. Thus, the supermarket segment
dominated the global alcoholic beverages market, with nearly one-fourth share,
in terms of volume. Apart from this, increase in demand for off-premises
consumption of alcohol brands, such as whiskey, beer, vodka, and wine, is
anticipated to drive the alcoholic beverages market growth. The demand for
these beverages has changed in the last few years, considering the on/off
premises consumption trends. The increase in number of younger population and
change in preference (to visit bars and restaurants) of the consumers makes way
for the growth of the distribution channel segment.
Key Findings for the
Alcoholic Beverages Market:
- Beer segment dominated
the global alcoholic beverages market with approximately 50% of market share
and is expected to grow at a CAGR of 1.8% during the forecast period.
- Sparkling wines occupied one-third of global wine market segmented under global alcoholic beverages market and is expected to grow at a CAGR of 1.9%.
- In terms of value, the distilled spirits segment inalcoholic beverages market is expected to grow at a CAGR of 2.3% during the forecast period.
- The Whiskey sub segment dominates the distilled spirits segment under alcoholic beverages market and is expected to retain its dominance throughout the forecast period, with CAGR of 1.8%.
- Europe is expected to grow at a CAGR of 2.3% during the forecast period, owing to increase in alcohol drinking demographics.
- In Asia-Pacific, India is estimated to grow at the highest rate, in terms of value, growing at a CAGR of 2.3%.
- By distribution channel, liquor stores occupied around one-fourth of the global alcoholic beverages market share in 2017, in value terms.
- China accounted for around 40% of the Asia-Pacific alcoholic beverages market in 2017, and is expected to grow at a significant CAGR of 2.1%, in terms of value.
- Sparkling wines occupied one-third of global wine market segmented under global alcoholic beverages market and is expected to grow at a CAGR of 1.9%.
- In terms of value, the distilled spirits segment inalcoholic beverages market is expected to grow at a CAGR of 2.3% during the forecast period.
- The Whiskey sub segment dominates the distilled spirits segment under alcoholic beverages market and is expected to retain its dominance throughout the forecast period, with CAGR of 1.8%.
- Europe is expected to grow at a CAGR of 2.3% during the forecast period, owing to increase in alcohol drinking demographics.
- In Asia-Pacific, India is estimated to grow at the highest rate, in terms of value, growing at a CAGR of 2.3%.
- By distribution channel, liquor stores occupied around one-fourth of the global alcoholic beverages market share in 2017, in value terms.
- China accounted for around 40% of the Asia-Pacific alcoholic beverages market in 2017, and is expected to grow at a significant CAGR of 2.1%, in terms of value.
In 2017, Asia-Pacific and
Europe collectively accounted for over half of the global alcoholic beverages
market share. However, Europe is expected to grow at a faster rate during the
forecast period.
The major companies
profiled in the report include 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 United Spirits
Ltd.
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