Alcoholic Beverages Market to be dominated by beer Segment at a CAGR of 10.52 percent - Says Maximize Market Research

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Jul 31, 2024, 10:01 ET

PUNE, India, July 31, 2024 /PRNewswire/ -- Maximize Market Research has published a report on the Global Alcoholic Beverages Market. The Alcoholic Beverages Industry size was valued at USD 2324.35 Bn in 2023. The Alcoholic Beverages Market revenue is growing by 9.2% from 2024 to 2030, reaching nearly USD 4303.88 Bn by 2030. The alcoholic beverages market has seen significant growth due to changing social and demographic patterns. The transformation of the alcoholic beverages industry is driven by evolving consumer preferences, shifting lifestyles, and changing cultural norms. Several key factors contribute to this growth. These include the dynamic interplay of consumer choices, an aging population seeking different options, the preferences of younger generations, the global influence of diverse cultures, changes in regulatory frameworks, the growing impact of e-commerce, increased disposable income, and a heightened focus on responsible drinking and moderation.

Market Size in 2023	USD 2324.35 Bn
Market Size in 2030	USD 4303.88 Bn
CAGR	9.2 Percent
Forecast Period	2024-2030
Base Year	2023
Number of Pages	225
No. of Tables	142
No. of Charts and Figures	198
Segment Covered	By Type, Alcoholic Content, and Distribution Channel
Regional Scope	North America, Europe, Asia Pacific, Middle East and Africa, South America
Report Coverage	Market Share, Size, and Forecast by Revenue \| 2024−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players' Market Ranking Analysis.

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Competitive Landscape

United Spirits is expanding its product range by investing in emerging beverage categories. The company has purchased a 15% stake in V9 Beverages, which is known for developing India's first non-alcoholic fermented spirits, such as Sober Gin, Sober Rum, and Sober Whiskey. This investment aligns with United Spirits' commitment to tapping into a growing market for non-alcoholic alternatives. In addition, the company is acquiring 25% of Indie Brews and Spirits, the maker of India's first cold brew coffee, Quaffine, reflecting a broader trend toward niche innovation and expanding United Spirits' presence in the coffee-based spirits segment. By venturing into this new market, United Spirits aims to drive growth through diversification and cater to changing consumer preferences for unique specialty beverage options.

Alcoholic Beverages Market Key Players

Anheuser-Busch InBev
Diageo
Pernod Ricard
China Resources Snow Breweries
Heineken
Constellation Brands
Molson Coors Beverage Company
Kirin Holdings
SABMiller (now a part of AB InBev)
Asahi Group Holdings
Bacardi Limited
Brown-Forman.
Others

Indian liquor market has become the fifth largest globally, holding a 3.1% share, driven by high demand for premium brands and urbanization.

The remarkable growth of the Indian liquor market has positioned it as the fifth largest in the world, accounting for a notable 3.1% of global revenue. The industry accounts for approximately 736 million 9-liter bottles, with whiskeys, rums, and other pale spirits dominating the market. This surge is driven by high volumes and a surging demand for premium wines, fuelled by rapid urbanization, a vibrant young population, and shifting demographics. Notably, Indian single malts have garnered significant attention in the domestic market and are poised for continued ascent. India's stature as a key player in global alcohol consumption has led to a shift from a focus on sheer volumes to high-end offerings. This transformation mirrors a larger trend of consumers favouring sophisticated, distinctive brands, driven by increased spending, market fluctuations, and evolving lifestyle preferences. Against this backdrop, the market is witnessing an emerging emphasis on luxury products, underscoring a broader global trend in the wine industry. This evolution reflects changing consumer preferences, signalling a shift away from standardized quantities toward embracing top-quality, refined products. Ultimately, the burgeoning Indian wine market embodies these global shifts, highlighting the expanding influence of the region and the evolving dynamics of wine consumption.

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From Beer to Wine: Swiggy and Zomato plan to bring alcohol to consumer's doorsteps

According to a recent report by MMR, online alcohol delivery services like Swiggy and Zomato may soon expand their services to offer alcohol deliveries in several Indian states. Some of the states being considered for this expansion include New Delhi, Karnataka, Haryana, Punjab, Tamil Nadu, Goa, and Kerala. The program aims to provide low-alcohol beverages such as beer, wine, and spirits. Officials are currently assessing the benefits and challenges of allowing alcohol deliveries to homes.

During the COVID-19 lockdown in 2020, Swiggy and Zomato initially tested alcohol deliveries in non-metro cities. Subsequently, Swiggy launched in Ranchi and Zomato in seven cities in Jharkhand. Both companies expressed interest in expanding this service to other cities, but it took them a while to do so. Currently, alcohol can be legally delivered to homes in Odisha and West Bengal, where sales have increased by 20-30%. MMR analysts believe that online distribution models will provide end-to-end transaction records, verified age, and compliance with regulatory requirements, thus contributing to consumer convenience and economic growth. The success of these pilot projects could lead to wider implementation across India.

North America region to dominate Alcoholic Beverages Industry during the forecast period

North America is expected to maintain its dominant position in the global market during the forecast period. This is due to strong consumer demand, a well-established distribution network, and ongoing innovations in the industry. Since 2012, over 3,000 new alcohol beverage laws have been enacted, reflecting changes in consumer habits and regulatory adjustments, which continue to shape the market.

In 2023, the U.S. beer industry achieved remarkable success by exporting 192 million barrels of beer and 2.6 billion bottles (approximately 6 billion gallons) of hard cider, perry, and other fermented products. Over 33 million individuals were informed about these high-quality products. Domestically, 79% of beer was expertly brewed in the U.S., with the remaining 21% sourced from over 100 countries. On average, consumers aged 21 and over purchased around 24 gallons of beer, malt beverages, and cider per person, signaling a growing legal drinking age population in the country. Forecasts indicate that by the end of 2024, the industry will reach an estimated $135 billion in retail sales. Notably, 85% of beer is expected to be sold off-campus for home consumption, with the remaining 15% sold on campus. Furthermore, draft beer, favored in on-premise establishments, is set to account for 9% of total sales. When it comes to packaging, aluminum and glass bottles are anticipated to represent 91% of beer sales, indicating the enduring popularity of bottled beverages. This thriving alcoholic beverage market has been adapting to over 3,000 new regulations passed since 2012, with these changes shaped by evolving consumer trends. Consequently, North America is poised to maintain its dominance in the global alcoholic beverage market during the forecast period.

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by Type

Beer
Distilled Spirits
Wine
Others

by Alcoholic Content

High
Medium
Low

by Distribution Channel

Convenience Stores
On Premises
Liquor Stores
Grocery Shops
Internet Retailing
Supermarkets

Key Highlights:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024−2030
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by Segment Covered by Type, Alcoholic Content, Distribution Channel, and Region.
Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

Maximize Market Research is leading research firm, has also published the following reports:

Global Canned Alcoholic Beverages Market size was valued at USD 14.93 Billion in 2023 and is expected to grow at a CAGR of 19.5% from 2024 to 2030, reaching nearly USD 51.98 Billion.

Global Alcoholic Ice Cream Market size was valued at US$ 1.46 Bn. in 2023 and the total Alcoholic Ice Cream revenue is expected to grow at 7.2% through 2024 to 2030, reaching nearly US$ 2.38 Bn.

Non-alcoholic Spirits Market size was valued at USD 561.92 Million in 2023 and the total Non-alcoholic Spirits revenue is expected to grow at a CAGR of 4.35% from 2024 to 2030, reaching nearly USD 757.05 Million.

Functional Beverages Market is projected to grow at a CAGR of 7.47% through 2030 and is currently valued at US$ 151.39 Mn in 2023 and is expected to become $ 250.67 Mn by 2030.

CBD-based Beverages Market is expected to reach USD 21.49 billion by 2030, with a CAGR of 28.9 % between 2024 and 2030.

Non-alcoholic Beverage Market was valued at USD 1415.2 Bn in 2023 and is expected to reach USD 1954.5 Bn by 2030, at a CAGR of 4.72% during a forecast period.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. We provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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