The GMI Research speculates that the Alcoholic Beverages Market will undergo an escalation in demand over the forecast period. This is because of the accumulating demand for high-quality items, mounting per capita income, and the ongoing expansion by major market players.
Introduction of the Alcoholic Beverages Market
Alcoholic drink is the drink including the turmoil of fruits, grains, and other sugar sources. Beer, spirits, and wine are made using the fermentation process and are an organic result of yeast assimilation of the sugars existing in the raw materials. Amongst which, Beer is the most prominent member of the alcoholic beverages and includes rice, hops, map, and corn.
Key Players of Market:
- Tsingtao Brewery Co Ltd.
- The Wine Group
- Remy Cointreau
- Carlsberg Breweries A/S
- Treasury Wine Estates
- Asahi Group Holding Ltd.
- Thai Beverage Public Co., Ltd.
- China Resources beer (Holdings) Company Limited
- Accolade Wines
Alcoholic Beverages Market Dynamics
The augmenting demand in the global alcoholic beverages market is principal because of their rigorous demand, primarily by millennials, as well as the escalating demand for superior and exceptional quality products by individuals. In addition, the elevated concentration of producers to follow the new and sophisticated products to fulfill the diverse need of consumers further stimulates market growth. Further, the evolution of forgery items such as drinks acquired from honey is further paving the way for market growth.
Furthermore, the intensified focus on the quality of products instead of their prices is stimulating the market growth. However, the sudden spread of the coronavirus has negatively influenced the Alcoholic Beverages Market Size. The rigorous norms and the temporary closure of liquor shops and restaurants curtailed the alcohol supply. Nevertheless, the market is anticipated to recuperate in 2021, with noticing a perceivable growth from 2022.
Type Segment Drivers
Based on the type, the market is bifurcated into wine, distilled spirits, and beer. Among these, the distilled spirits are expected to sustain their supremacy during the coming years. According to the Alcoholic beverages market analysis, this is attributed to the soaring consumption of exclusive whiskey because of the viable shift in consumer’s preference from beer to vodka, rums, and whiskey.
This is because of their strong demand by the young adult population. On the other hand, Asia-Pacific is predicted to encounter a higher CAGR during the forecast period. This is because of their accelerating demand in developing economies, such as China and India. Furthermore, the compounding disposable income is bolstering the alcoholic beverages market share.
Alcoholic Beverages Market Segmentation:
Segmentation by Type
- Distilled Spirits
Segmentation by Distribution Channel
- Liquor Stores
- Grocery Shops
- Internet Retailing
- Convenience Stores
Segmentation by Region:
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- South Africa
- Saudi Arabia
About GMI Research
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