Alcoholic drinks Market is any drink that contains ethanol, that is one produced by fermenting sugar, grains, fruits, or other foodstuffs. The consumption of alcohol plays a critical social role in several cultures around the world and thus, countries have strict laws regulating its production, sale, and consumption. While some nations ban it outright due to various reasons, alcoholic drinks are legal in most nations.
Customers Want Low-Calorie But High-Quality Alcoholic Drinks
A key driver for growth in the Alcholic Drinks market is the premiumization of alcohol. Manufacturers have undertaken efforts to strengthen their distribution and extend their purchase channels. The rise in eCommerce and proliferation of convenience stores in particular, has boosted the prospects of the global alcoholic drinks market. Millennials with their rising affluence and discerning taste buds, are spearheading the demand for premium alcoholic drinks. This compels brewers to focus on innovation, thereby continually unveiling newer alcoholic drinks into the market. There is a noted shift towards low-calorie and high-quality alcoholic drinks and companies would do well to take this into consideration.
Raise A Toast To Spirit Consumption In The Alcoholic Drinks Market
In 2020, the distilled alcoholic drink segment accounted for the bulk of the alcoholic drinks market, primarily due to an exponential growth in the consumption of super premium vodka, and the move from beer towards whiskey, rum, and other spirits. The distilled alcoholic drink segment is on track to maintain a high degree of stability coupled with a robust return on investment in the alcoholic drinks market.
European Beers And Wines Have Global Appeal And Brand Recall
In terms of regions, Europe holds considerable sway in the global alcoholic drinks market. Beer consumption is an intrinsic part of the culture in almost every European country with each having its own local, regional, or nationally favored variant. Beer alone comprises nearly a tenth of the entire alcoholic drink consumption, highlighting its criticality in the alcoholic drink market. Brewers could additionally look at targeting prosperous North American customers. Craft beer has had a significant impact on customers there, especially millennials keen, willing, and able to try something new. When it comes to wines, Europeans consume the most, especially the sparkling, rose, and red blend types.
Supermarkets Keep The Cash Registers Ringing For Brewers
The number of supermarkets has grown by leaps and bounds across both developed and emerging economies in recent times. The easy accessibility of alcoholic drinks and their relatively low cost in supermarkets helps catapult demand in the alcoholic drinks market. In addition, an attractive assortment and high visibility of alcoholic drinks, and rising disposable per capita income coupled with changing tastes should help in no small part.
Continuous Innovation The Name Of The Game In The Market
The global alcoholic drinks market is intensively competitive and highly fragmented as each company strives to outdo its rivals to retain customer mindshare. The top 15 companies have been profiled in this exhaustive report. They are Diageo, Pernod Ricard, Anheuser-Busch, Beam Suntory, SABMiller, Bacardi, Carlsberg, Brown-Forman, Asahi Breweries, Heineken, Constellation, Gruppo Campari, Tilak Nagar Industries, Wuliangye, Illva Saronno, John Distilleries, William Grant & Sons, Jose Cuervo, Patron Spirits, Molson Coors, Moutai, The Wine Group, and The Distell Group.
Spike In Binge Drinking During COVID-19 – Is This Truly Good For Companies?
A new report published by the Global Drug Survey, the world’s largest assessing use of psychoactive substances, has compared the intake of alcohol before and during the COVID-19 pandemic. It stated that approximately half of UK nationals have increased the days they drink alcohol. While 35% said they increased it a little, 20% had increased it a lot. Worryingly, the UK also had the most respondents who drank earlier in the day and they had even increased their proportion of binge drinking. Similar statistics have been released in Australia and Ireland. Although this is beneficial for key stakeholders involved in the alcoholic drinks market, this poses numerous ethical and healthcare challenges that governments during this crisis can ill-afford.
Key Questions Answered In The Report
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?
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