ID: MRFR/F-B & N/9058-HCR | April 2021 | Region: Global | 90 pages
The global low alcohol beverages market was valued at USD 889.7 million in 2020 and is expected to exhibit a CAGR of 4.3% from 2021 to 2028.
Low alcohol beverages are becoming popular in the present times. These beverages are becoming mainstream product owing to the cultural shift toward wellness. Strong shift in consumer awareness, especially among the millennial population owing to the health risk associated with the consumption of high alcohol content beverages have resulted in growing popularity of low alcohol beverages. A major section of the global population is quitting excessive alcohol consumption and are opting for low ABV beverages. This is evident from continuous decline of alcohol consumption in many European countries and in the US. Additionally, advent of many low ABV beverages such as hard seltzers has resulted in growing popularity of low alcohol content beverages. Rising popularity of many e-commerce channels have also augmented the growth of the market.
Post the Covid-19 outbreak, sales of low alcohol beverage has increased substantially across the globe. Panic buying due to closure of retail outlets has been a major factor behind this sudden surge in demand. Additionally, consumers consider low ABV beverages to be healthier option during the Covid-19 pandemic. Many e-commerce channels have proved to be a boon during the pandemic. End consumers have well accepted the move as it reduces the chances of getting infected by the virus. This is evident from steep increase in online sales of alcohol. Drizly, an online alcohol delivery service provider in the US, reported over 300% increase in sales during initial lockdown phase.
The global low alcohol beverages market has witnessed exponential growth over the last couple of years. The outbreak of the Covid-19pandemic has created lucrative growth opportunities for low alcohol beverage manufacturers across the globe. Growing consumer preference toward healthier drinks instead of high alcohol content beverages is anticipated to create a lasting impact on alcohol consumption trends in coming years.
Increasing demand for lighter, low carbs and alcohol content beverages
By Distribution Channel
|Market Size||USD 889.7 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Distribution Channel , Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Anheuser Busch InBev. Carlsberg Group Beam-Suntory Constellation Brands Diageo Plc Heineken Holding Nv Accolade Wines United Breweries Group The Brown–Forman Corporation Bacardi Limited|
|Key Market Opportunities||Increasing demand for lighter, low carbs and alcohol content beverages|
|Key Market Drivers||Growth of the organized retail sector in developing countries|