The demand for distilled spirits in the alcohol industry is relatively high, owing to the shift towards high-grade spirit variants. Higher consumption of hybrid, mixed, and flavored spirits is expected in the near future, due to the downward trend of beer market.
Alcoholic Beverages Market Report, published by Allied Market Research, states that the market was valued at $1,344 billion in 2015, and is projected to reach $1,594 billion by 2022, growing at a CAGR of 2.1% from 2016 to 2022. Asia-Pacific is the leader in alcoholic beverages market in both volume and value terms, and is expected to continue leading the market through 2022.
An alcoholic beverage is a drink containing ethanol, commonly known as alcohol. Alcoholic beverages are divided into three general classes beers, wines, and spirits. Alcoholic beverages are consumed universally. The demand for these beverages has changed in the last few years, considering the on/off premises consumption trends.
Increase in global young adult demographic coupled with high disposable income fuel the global alcoholic beverages market. However, high cost of premium/super premium products, and growing demand for non-alcoholic beverages owing to health concerns is expected to restrict the market growth in future. Introduction of healthier varieties of beer and spirits is expected to offer lucrative opportunities for market players.
Beer is expected to maintain its dominance in the global alcoholic beverages market during the forecast period. This segment held over one-third of the market share in 2015, in value terms, owing to high consumption globally. However, distilled spirits are expected to grow with a faster rate due high demand for premium/super premium brands of this segment during the forecast period.
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In 2015, retail distribution channels dominated the global market, with nearly one-third share, in terms of volume. Increase in demand for off premises consumption across all alcohol brands, such as whiskey, beer, vodka, and wine is anticipated to drive the market growth.
Key Findings of the Alcoholic Beverages Market:
• In terms of value, distilled spirits segment is expected to grow at a CAGR of 2.4% during the forecast period.
• In Asia-Pacific, India is estimated to be the fastest growing country, in terms of value, growing at a CAGR of 2.4% during 20162022.
• Supermarket as a distribution channel occupied around one-thirds of the global market share in 2015, in value terms.
• China accounted for half of the Asia-Pacific alcoholic beverages market in 2015, and is expected to grow at a significant CAGR of 2.3%, in terms of value.
• In 2015, Asia-Pacific and Europe collectively accounted for over three-fifths of the global market, though Europe is expected to grow faster during the forecast period. High growth rates in Italy, France, Spain, and UK is estimated to drive this development
The major companies profiled in the report include Anheuser-Busch InBev SA/NV, Bacardi Limited, Beam Suntory Inc., Constellation Brands Inc., Diageo Plc, Heineken Holding NV, Molson Coors Brewing Co., Pernod Ricard SA, SABMiller Ltd., United Spirits Ltd.