Alcoholic Beverages Market to Hit USD 4303.88 Bn by 2030, Growing at 9.2% CAGR, Led by Europe

Alcoholic Beverages Market Eyeing at USD 4,303.88 Billion By 2030, as Consumers Making Trends Toward Improve Quality and Premiums

The global Alcoholic Beverages Market Size was valued at USD 2,324.35 billion in 2023 and is expected to reach USD 4,303.88 billion by 2030, at a CAGR of 9.2% during the forecast period. The rise is determined by cultural and demographic changes, improved access, and the greater demand for high quality and craft drinks. ​Maximize Market Research

Drivers for market growth and opportunities

Consumer preferences and culture are changing, which indicates that the alcoholic beverages industry is entering a new era. The younger generation is trying out different flavours and premium products, and an older population finds itself looking for beverages that fit more with health-oriented lifestyles. Diversity of cultures around the world, changes in regulatory structures, and the growth of e-commerce have all served to broaden the scope of the market. Furthermore, rise in disposable income, also an increased focus on responsible drinking/moderation contribute to the driving change within the industry. ​

Premiumization has emerged as a lengthy trending topic, with consumers increasingly prepared to pay a premium for high-quality, craft, and artisanal alcoholic beverages. You can see this change through the many craft beers, small-batch spirits, and fine wines that are gaining popularity. Manufacturers are reacting by broadening product lines and rolling out new products to meet connoisseurs' tastes. ​

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Segmentation Analysis

The market for alcoholic beverages is classified into type, distribution channel, and geographical region. ​

By Type:

Beer: Beer continues to dominate the alcohol beverage sector with numerous styles between mass-produced lagers to craft ales. And it will only evolve from here with new flavors, and brewing techniques introduced throughout the segment. ​

Wine: This includes red, white, rosé and sparkling wine. This has led to an increasing interest in organic and biodynamic wines — wines made with minimal chemical and technological interventions. ​

Spirits: Also known as distilled beverages, this includes vodka, whiskey, rum, gin, and tequila. This trend is even more pronounced among quality-conscious premium and aged spirits consumers. ​

By Distribution Channel:

On-Trade: This channel includes places such as bars, restaurants, and hotels where consumers drink the beverage indoors. On-trade has been impacted by world events that affect social interaction, but its revival with reopening of social events has made a comeback. ​

Off-Trade: Off-trade comprises of retail outlets like supermarket, hypermarket, specialty stores, and online where beverages are bought for off consumption. It's convenient, but it also gives us many options, and this has only caused a huge increase in this channel. ​

Regional Analysis

United States: The U.S. is a huge market with a solid craft beer base and increasing demand for premium spirits. There is a growing thirst for different styles of drinking among consumers that is not just reflected in drinking beer only, but also other low-alcohol and non-alcohol beverages as health and moderation is becoming a focus for more. ​

United Kingdom: Rising gin popularity has created a burst in craft distilleries in the U.K. Coupled with an evolution in attitudes towards alcohol consumption, there is also a significant movement towards low and no-alcohol drinks. ​

China — The Chinese alcoholic beverages market is growing, with a burgeoning middle class that is interested in fine wines and imported spirits. But recently, that growth seems to be flagging in some areas (in beer, for example, in the premium segment), as the economy shows more signs of contraction. ​The Times

India: Whiskey, in particular, shows strong growth trends in spirits consumption in India. In urban areas, forward-looking lifestyles are moving more and more to wine and (beer) against beer. ​

Germany: Germany has a solid beer market and a deep brewing tradition. And nobody can ignore the fact that craft beers and alcohol-free variants are in high demand by health-conscious consumers as well as those who like to have more options. ​

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Competitor Analysis

The alcoholic beverages industry is highly fragmented and has key players focusing on innovation, portfolio expansion, and partnerships. Notable companies include:​

Anheuser-Busc InBev (AB InBev, BUD): The global brewer of all brewers announced solid third quarter results, fueled by solid gains at its high-end beers such as Corona and Michelob Ultra. Even as the Chinese market slowed, the company's revenue rose 3.4% to $14.8 billion during the quarter. ​The Times

Diageo Plc: One of the top global spirits companies, Diageo has been having a tough time with the volumes falling by 4% for the Fiscal Year ending June 2024. To build its low and no-alcohol range to accommodate changing consumer preferences, the company continues investing in premiumization. ​Reuters

Carlsberg A/S: Despite slumping sales volumes in core markets, Carlsberg is prioritising premiumisation as well as developing its nonalcoholic portfolio to address changing consumer trends. ​Reuters

Heineken N.V.: Heineken is growing its international presence as well as its range of beverages beyond just beer, including acquisition of non-alcoholic and low-alcohol beverages to meet demands of clean-living consumers. ​

Pernod Ricard: One of the largest spirits producers in the world, Pernod Ricard is expanding beyond its premium offerings by penetrating into other growing markets. ​

To maintain their stronghold at the market and to ensure an upgrade to the evolving consumer landscape these companies are actively involved in mergers, acquisitions, and partnerships. ​

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Conclusion

The global alcoholic beverages market is expected to witness significant growth during the forecast period owing to changing consumer preferences, increasing availability, and premiumization.

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