Emergence of promising new markets for alcoholic beverages provided new opportunities for the manufacturers, which supported the growth of the global market. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Alcoholic Beverages Market Research Report- Forecast to 2023 that the market will demonstrate a CAGR while achieving steady growth in the forecast period.
Increasing legal purchasing age (LPA) of consumers from emerging economies is propelling the demand for alcoholic beverages. Approximately 2.3 billion people fall under LPA from emerging economies, wherein Asia-Pacific region contain 60% of the world’s youth population. In addition, easy accessibility of the product in grocery and major retail stores has also supported the growth of the market. Dedicated space for liquors in grocery stores and other major retailers is a common practice in developed nation such as US, however the trend is picking up in emerging economies. Furthermore, the rise of home-tainment (stay-at-home) trend in both developed and emerging economies has accelerated the demand for easy availability of liquors in retail stores.
Additionally, the growing popularity of digital and social media marketing in recent years also helped in spiking the demand for the product. More than 70% of the companies are set to increase their digital marketing budgets in coming years. In addition, the age targeted marketing offered by major social media platforms made it comparatively less risky for the companies to advertise its products. It has also helped in bridging the gap between the manufacturers and consumers, consequently triggering the demand for customization and personalization of products. However, higher taxes levied by government on alcoholic beverages could hinder the growth of the market.
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Latest Industry Updates:
Dec 2017 Diageo launched Canadian Whisky, namely Entrapment under its Orphan Barrel Whiskey Distilling Co brand. The whisky is a blend of 7% corn and 3% malted barley.
Aug 2017 Diageo acquired super-premium tequila, Casamigos. Through this acquisition, the company aims to strengthen its participation in swiftly growing tequila category.
Feb 2017 Absolut launched a new Vodka flavor, namely Absolut Vodka. The new product launch is in line with the company’s strategy to strengthen its product portfolio.
Jan 2017 Sula Vineyards launched a premium blended whisky called Eclipse which is a blend of 62% grain spirit, 10% malt Scotch, 20% grape spirit and 8% peated malt spirit. The new product launch further enhanced its product portfolio.
Alcoholic beverages industry is highly dominated by few major players and the competition is intense. In order to gain a substantial market share, the companies are focusing on product diversification, strengthening their existing portfolio, as well as also concentrating on geographical expansion. For instance, in order to reap benefits of rapidly growing tequila market, Diageo diversified its product portfolio by acquiring premium tequila brand, Casamigo. Also, companies are increasingly focusing on growing their consumer base using social media. It is estimated that more than 70% of the companies are set to increase their digital marketing budgets in coming years, for instance major brands such as Patron has increased its budgets by double-digit percentages during 2015.
The key players profiled in Alcoholic Beverages are as Anheuser Busch InBev (Belgium), Carlsberg Group (Denmark), Accolade Wines (Australia), Beam-Suntory (U.S.), Constellation Brands (U.S.), Diageo PLC (U.K.), and Heineken Holding NV (The Netherlands) among many others.
The global Alcoholic Beverages market has been divided into type, packaging material, distribution channel, and region.
On The Basis Of Type: Fermented Drinks (Beer, Wine, and Others), Distilled Drinks (Gin, Rum, Vodka, Brandy, and Others)
On The Basis Of Packaging Material: Glass, Plastic, Paper/Carton, Metal Cans, and Others
On The Basis Of Distribution Channel: Food Retail (Store Based, Non-Store Based), and Food Service
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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The global alcoholic beverages market is segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). Among these, Europe is expected to retain its dominance throughout the forecast period. This is attributed by the increasing per capita disposable income coupled with the favorable demographic conditions. Within Europe, Germany is estimated to account for the largest market share during the forecast period. Asia Pacific is projected to grow at a higher rate as compared to the other regions. Especially China and India are lucrative market opportunity in the Asia Pacific region for the alcoholic beverage manufacturers.
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