Craft Beer Is Fastest Growing Segment Fueling The Growth Of Alcoholic Beverages Market

 

Alcoholic beverages provide stimulation and relaxation to consumers and are one of the most consumed beverages globally. Beer, wine, and spirits are popular alcoholic beverages consumed for its taste, flavor, aroma, and its effect.

The global Alcoholic Beverages Market is estimated to be valued at US$ 1,769.41 Bn or Bn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: Craft beer represents one of the fastest growing segments within the global alcoholic beverages market, due largely to increasing preferences among consumers for locally-produced and specialty beers. Increasing experimentation among craft brewers and the introduction of new flavors is also fueling demand. Furthermore, craft brewers are increasing focus on marketing and storytelling to appeal to interested consumers and build deeper connections.
Segment Analysis
The alcoholic beverages market is dominated by beer segment owing to its mass appeal and association with social gatherings. Beer enjoys over half of the market share on the back of strong preference among young consumers. Within beer, lager is the dominant sub-segment accounting for majority consumption globally. Low-alcohol beer is gradually gaining traction among health-conscious consumers.

Key Takeaways
The global alcoholic beverages market is expected to witness high growth, exhibiting a CAGR of 2.5% over the forecast period, due to increasing disposable income and rising socializing trends globally.

Regional analysis: North America represents the largest market for alcoholic beverages globally, owing to rising culture of alcohol consumption. Asia Pacific is expected to experience the fastest growth aided by growing young population and rising living standards in the region.

Key players: Key players operating in the alcoholic beverages market are Anheuser-Busch Inbev (BUD) (Belgium), Asahi Group (Japan), Bacardi (Bermuda), Brown Forman (U.S.), Carlsberg (Denmark), Constellation Brands (U.S.), Diageo (U.K.), Heineken (Netherlands), Pernod Ricard (France), Suntory (Japan).

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it

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