Alcoholic Beverages Market Size was valued at USD 2,292.52 billion in 2023. The Alcoholic Beverages industry is projected to grow from USD 2,319.87 Billion in 2024 to USD 2,798.29 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.37% during the forecast period (2024 - 2032). This is attributable to developed economies like the U.S. and the U.K. consuming more expensive beer. The sales of alcoholic beverages are increasing due to the rising demand for beer, wine, and black spirits. Additionally, it is projected that during the projection period, the popularity of pubs, taverns, and restaurants will further spur market expansion. The main driver of the industry is the rising popularity of beer's distinctive flavors as digestive aids, thus driving the growth of the alcoholic beverages industry. These are just a few of the market drivers that are driving the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market for alcoholic beverages is growing due to the expansion of the young adult population worldwide, a rise in disposable income, and a rise in consumer demand for premium and super-premium brands. However, due to the high price of premium and super-premium products and the expansion of the non-alcoholic beverage industry due to growing health concerns, market growth is anticipated to be constrained soon. Furthermore, current advancements in goods made from honey seem to be a potential choice for developing novel alcoholic beverages for consumers and fueling the market's future expansion. Alcohol demand is rising more quickly in growing markets like Singapore, China, Indonesia, India, and these four. Thus, this factor is driving the market CAGR.
As a result, the demand for alcoholic beverages is rising. The rising demand for premium alcoholic beverages is one of the major forces driving this business. The expansion of purchase channels, like online shops and convenience stores, and attempts by manufacturers to strengthen distribution networks are both making a big impact on the growth of the market for alcoholic beverages. New product launches and improvements in alcoholic beverages help the business grow. The National Survey on Drug Use and Health found that 141.7% of Americans, or 140.6 million people, currently consume alcohol (at least one drink in the previous 30 days). Beer consumption continued to fall, with the majority of the rise in alcohol consumption coming from higher wine and distilled spirits use. Market expansion is being refueled by increasing investment from the leading companies in the United Kingdom to acquire high-quality Scotch whisky products. The main participants are buying rice wine, perry, and cider of the highest caliber. Consumer desire for lower-calorie beer supplements, which is expanding quickly, is another factor boosting market expansion. Moreover, the rising need to purchase value-added hard seltzer goods at an affordable cost is an upcoming opportunity for the industry. Thus, it is anticipated that this aspect will accelerate alcoholic beverages industry revenue.
The Alcoholic Beverages market segmentation, based on type includes beer, distilled spirits, wine, and others. The beer segment held the majority share in 2022 in the market for alcoholic beverages data. The section provides a wide range of ales, including traditional bitter special beer and altbier in the German manner. In the upcoming years, market growth is anticipated to be accelerated by the rising popularity of California common beer. The growing demand for Flanders in the Belgian style to supply B-group vitamins would further boost beer category sales throughout the foreseeable period.
In 2022, the wine segment had the 2nd-highest revenue share with almost 23.0%. Wine delivers antioxidants to improve longevity, which is a key factor driving market growth. Wine also has numerous other health benefits. Wine can also assist prevent dangerous inflammation and heart disease to support good health. These are the elements influencing the growth of the wine segment throughout the projection period, along with the fact that red wine has a greater number of antioxidants to reduce the risk of heart disease and prevent coronary artery disease.
The Alcoholic Beverages market segmentation, based on distribution channel includes, store based, non-stored based. The store-based segment held the majority share in 2022 in the alcoholic beverages industry data. The rising economies' growing urbanization will create a network of connected liquor outlets. The market for alcoholic beverages is predicted to expand due to consumers' growing trend of embracing the western lifestyle. Domestic liquor stores are offering a diverse portfolio of alcoholic beverages at lower prices, which will encourage segmental expansion. The market will develop due to supportive steps implemented by numerous governments worldwide to reduce the complexity of liquor licenses.
Figure 2: Alcoholic Beverages Market, by Distribution Channel, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. European Alcoholic Beverages market accounted for USD 1037.599 billion in 2022 with a share of around 45.80% and is expected to exhibit a significant CAGR growth during the study period The world's largest producer and consumer of alcoholic beverages in Europe. To be competitive in the industry, the three primary important competitors, Carlsberg A/S, Diageo Plc, and Anheuser-Busch InBev SA/NV, employ various marketing techniques. This has a significant impact on the expansion of the European alcoholic beverage market. New product development, partnerships, partnerships, expansions, mergers, and acquisitions are the main strategies used by the organisations in the market.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: ALCOHOLIC BEVERAGES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Alcoholic Beverages Market is expected to grow at the fastest CAGR from 2022 to 2030. This can be attributable to the rise in polished malt scotch whisky demand in the United States and Canada. The growing popularity of vintage alcoholic beverage brands in the U.S., such as Burgasko, Bergenbier, and Arnold Palmer Spiked Half & Half, will support market expansion. Furthermore, it is projected that the funds given by private companies in Canada to buy luxury alcoholic beverages will accelerate market expansion. Further, the U.S. Alcoholic Beverage market held the largest market share, and the Canada market for Alcoholic Beverages was the fastest-growing market in the region.
Asia Pacific Alcoholic Beverage Market is expected to grow at the fastest CAGR from 2022 to 2030. This is because of the rising demand for agave-based spirits from developing nations like China and India to meet the need for alcoholic drinks. The consumption of regional alcoholic beverages, including black label, VAT69, and McDowell's whisky, is becoming more popular in India, boosting the market's expansion. The fastest growth rate is anticipated throughout the projected period in China, where beer, gin, and tequila flavors are becoming increasingly popular. Further, the China Alcoholic Beverages industry held the largest market share, and the India Alcoholic Beverages market was the fastest-growing market in the region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Alcoholic Beverages market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the alcoholic beverages industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the alcoholic beverages industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, alcoholic beverages industry has provided medicine with some of the most significant benefits. The Alcoholic Beverages market major player such as Carlsberg Group, Accolade Wines, Diageo Plc., Heineken Holding Nv, Beam-Suntory, Constellation Brands, Anheuser Busch InBev.
Japanese company Asahi Group Holdings, Ltd., headquartered in Sumida, Tokyo, is a leader in the beer, spirits, soft drinks, and food industries. The company brought about JPY 2.1 trillion in sales in 2019. Asahi will take over ownership of Australia's largest brewer, Carlton and United Breweries, in June 2020. With the addition of Australia's most well-known and beloved beer brands, Asahi Beverages can now provide its customers with various delicious drinks thanks to the acquisition of Carlton and United Breweries.
The French business Pernod Ricard is well known for its pastis apéritifs Pernod Anise and Ricard Pastis, which have an anise flavor. The world's second-largest wine and spirits seller, it also makes various types of pastises. Pernod Ricard partnered with the EducateAll platform of the United Nations in May 2020 to offer free sustainable, inexpensive bartending instruction via online platforms. Any adults of legal drinking age can access the online courses through the EdApp mobile learning platform. EducateAll launched this mobile platform with the United Nations Institute for Training and Research (UNITAR). A free course library has been established through the collaborative effort of UNITAR and EdApp, and it currently hosts 50,000 lessons every day.
Alcoholic Beverages Industry Developments
November 2022: One of the country's top producers of American Single Malt Whiskey, Balcones Distillery (often referred to as "Balcones") is a Texas-based craft distillery that Diageo recently acquired.
October 2022: Legacy, a whisky manufactured in India, was introduced by Bacardi. To improve its business strategy in India, Bacardi plans to use Legacy to develop a discount price category for its clients.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 2,292.52 billion |
| Market Size 2024 | USD 2,319.87 billion |
| Market Size 2032 | USD 2,798.29 billion |
| Compound Annual Growth Rate (CAGR) | Â 2.37% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Carlsberg Group, Accolade Wines, Diageo Plc., Heineken Holding Nv, Beam-Suntory, Constellation Brands, Anheuser Busch InBev. |
| Key Market Opportunities | Introduce new flavors and varieties of alcoholic |
| Key Market Dynamics | Rise in urbanization |
Alcoholic Beverages Market Highlights:
Frequently Asked Questions (FAQ) :
The Alcoholic Beverages market size was valued at USD 2,292.52 Billion in 2023.
The market is projected to grow at a CAGR of 2.37% during the forecast period, 2024-2032.
Europe had the largest share in the market.
The key players in the market are Carlsberg Group, Accolade Wines, Diageo Plc., Heineken Holding Nv, Beam-Suntory, Constellation Brands, Anheuser Busch InBev.
The beer category dominated the market in 2023.
The store-based had the largest share in the market.
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