05 November 2020
Visiongain has published a new report on Alcohol Beverage Market Report: Forecasts by Product (Beer, Distilled Spirits and Wine), by Application (Online Channel and Offline Channel (Organised Retail (Supermarkets & Hypermarkets, Convenience Stores, Departmental Stores and Others), Unorganised Retail), PLUS Profiles of Leading Alcohol Beverages Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
The Global alcohol beverage market was valued at US$ xx billion in 2020 and is projected to reach a market value of US$ xx billion by 2031. Rising consumption of alcohol across different countries around the globe is a major factor that is driving the overall market growth. Moreover, strengthening the distribution network among the manufacturers of alcoholic beverages is also triggering the overall market demand. The European region is expected to witness a significant growth rate in the alcohol beverages market in the coming years.
COVID-19 Impact on Sports Nutrition Ingredients Market
There has been a negative impact of COVID-19 on the alcohol industry due to the lockdowns and stringent regulations of the movement of the people. The bars and restaurants managed to have enormous sales from serving alcoholic beverages to the customers. The pandemic has hit these retail chains and it is expected that the overall recovery is going to be slow in the coming two years. Customers are reluctant to visit restaurants and prefer to stay at home to break the chain of the virus. Further corona fees taxed on liquor by the government also hit the alcoholic beverages market thereby making lesser demand among the consumers.
A rising number of the young adult population
The rising number of the young adult population is a major factor driving the demand for alcoholic beverages. For in instance according to a report of Census Bureau projections, in the coming years millennials lying between the age group of 23 to 38 are expected to outnumber the Baby boomers lying between the age group of 55 to 73. Further, there is more number of working women population in the young age group in recent years. Therefore, with the growing number of young adults across different parts of the globe is a major factor driving market growth.
Rising demand for premium alcoholic beverages
Rising demand for premium alcoholic beverage products is also a major factor in driving the market growth. Consumers prefer premium products that are produced by using natural ingredients and also has detailed aging and distillation process. Growing awareness regarding the harmful effects of low-quality alcohols is further resulting in the rise in demand for premium alcoholic beverages.
Rising demand for alcoholic beverages in the developing economies
Rising demand for alcoholic beverages in the developing economies in china India is generating new opportunities for the market during the forecast period. For instance, in China, there has been a rise in the sale of premium alcoholic beverages owing to the rising number of social events, especially at weddings. Further, there is a rise in the demand for high-quality premium alcoholic beverages such as craft beer among the population is also a major factor triggering the market growth.
Some of the major companies operating in the global alcoholic beverages market are Anheuser-Busch InBev, Diageo, Heineken, Carlsberg, Remy Cointreau, Pernod Ricard, SABMiller, and Bacardi among others. Companies such as Heineken are focussing upon geographic expansion and new investments to grab more number of customer attention. For instance, in 2015, the company announced the plan to invest US$ 470 million to develop a new brewery in the northern part of Mexico. This will help the company to enhance its overall production and supply. Further in 2020, Bira Beer is planning to launch 40-50 limited beer options to grab more customer attention.
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