The global alcoholic beverages market features consolidation at present, according to a report by Transparency Market Research (TMR). A few vendors are vying for the top position in the alcoholic beverages market, and are leveraging popular growth strategies for the same. Mergers and acquisitions is one of the most popular schemes adopted by established players in the global alcoholic beverages market.
Alcoholic beverages producers have made a significant contribution to the development of the worldwide market of alcoholic beverage in order to strengthen distribution channels and the expansion of purchasing channels such as online shops and convenience stores. Consumers for thousands of years run premium alcoholic beverages in particular. Costly alcoholic beverages are used to draw customers on product innovation and economic growth. The development of alcoholic beverages is favored by new product launches and innovations. Because of altering customer preferences, companies are launching innovative products. These are some of the key trends being leveraged by vendors in the global alcoholic beverages market in order to gain traction in the industry.
Prominent names operating in the global alcoholic beverages market are Constellation Brands Inc., Pernod Ricard SA, Anheuser-Busch InBev SA/NV, Bacardi Limited, Molson Coors Brewing Co., Heineken Holding NV, and Anheuser-Busch InBev SA/NV.
The global alcoholic beverages industry has been expanding at a constant CAGR of 6.4% in the projected era between 2017 and 2025, according to Transparency Market Research. In 2017, the market was estimated at US$ 1,205,359.1 mn. At the end of this forecast period, 2025 this figure will increase to approximately US$ 1,977,942.7 million.
The market is broken up into spirits, beer, wine and so on on on the grounds of a product type. The beer sector is anticipated to thrive among these. As it was estimated in 2017, it dominated the market with a 42.7% share. The region of Asia Pacific dominated geographically the worldwide alcoholic industry with a significant share of the entire market area. This is mainly due to the fast urbanization and increase of the population in the middle class, which in the region is increasingly available.
Rising Urbanization to Bolster Alcoholic Beverages Market
Most cultures around the globe have traditionally consumed multiple kinds of alcoholic beverages; however, the majority share is local specialty alcoholic beverages. Only a tiny amount has developed into large-scale commercially generated commodities. Increasing worldwide demographics of young people, increasing disposable income and increasing customer demand for premium and super premium products are driving the development of the worldwide alcoholic beverages market.
High-pressure employment in urban regions and the perception that alcohol consumption can relax lead to an increase in alcohol consumption. In almost all major cités the amount of supermarkets is growing and in different emerging economies rapidly urbanizing. In addition, low cost availability of goods and accessibility of a broad range of alcoholic beverages in supermarkets fuel this segment’s development. In addition, a high visibility and appealing range of alcoholic beverages boost the growth of this distribution sector, increasing consumers ‘ disposable income and changing their preferences towards premium products.
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Health Concerns to Crimp Market Growth
On the other side, volatile commodity prices, increased taxes and heavy excise duties on imports and local alcoholic beverages have somewhat reduced development.
Furthermore, excessive alcohol consumption, which affects the health of young adults in particular, may challenge the development of the market for alcoholic beverages. Increasing consciousness of health and wellness has led people to decrease alcohol consumption. An excess of drinks may cause harm to the liver, cancer or heart. And this is why most individuals refrain from doing so. This could be a key factor that could hamper demand in the global alcoholic beverages market to some extent.