Newark, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The global alcoholic beverages market was valued at approximately USD 2.12 billion in 2023 and is projected to reach USD 3.87 billion by 2033, growing at a CAGR of around 6.20% during the forecast period. This growth is driven by increasing disposable income, urbanization, and evolving consumer preferences towards premium and craft beverages.
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Recent Developments:
Recent market activities include Diageo's acquisition of Balcones Distilling and Bacardi's introduction of Legacy, an Indian-made whiskey. Additionally, Constellation Brands partnered with The Coca-Cola Company to launch FRESCA branded alcoholic beverages.
Drivers:
The main drivers include rising disposable incomes, the growing global youth population, and increased social drinking culture. The demand for premium and craft beverages has also surged as consumers seek higher-quality experiences.
Restraints:
Key restraints involve stringent government regulations and taxes, high costs associated with premium alcoholic beverages, and growing health awareness among consumers, which may limit the consumption of alcoholic products.
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Report Metrics Details
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.20% |
| 2023 Value Projection | USD 2.12 Billion |
| Market Size in 2033 | USD 3.87 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Segments Covered | Type and Distribution Channel |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
Opportunities:
The market presents significant opportunities in the development and expansion of non-alcoholic and low-alcohol beverages, catering to health-conscious consumers. Additionally, emerging markets and e-commerce channels offer growth potential.
Market Advancements:
Technological advancements in production, such as the use of artificial intelligence for personalized product offerings and automation in breweries and distilleries, are driving efficiency and innovation in the market.
Regional Segmentation Analysis:
• North America: Dominates the market due to high consumption rates and the presence of leading market players.
• Europe: Holds a significant market share, especially in the premium segment.
• Asia-Pacific: Expected to witness the highest growth rate, driven by increasing urbanization, rising disposable incomes, and a growing middle-class population.
• Latin America: Experiences steady growth, particularly in beer and spirits.
• Middle East & Africa: Growth is moderate, with a focus on non-alcoholic beverages due to cultural and religious factors.
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