The global Alcoholic Beverages Market Growth Accelerated by Expanding Middle-Class Population

 

Alcoholic beverages play an important social role. Products in this market such as beer, wine, and spirits are consumed during celebrations, social gatherings, and as a recreational activity. The global alcoholic beverages industry offers a variety of options to choose from and caters to the differing tastes of consumers.

The global Alcoholic Beverages Market is estimated to be valued at US$ 1,769.41 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:
Expanding middle-class population with higher disposable income in developing countries is one of the key factors driving the growth of the global Alcoholic Beverages Market. This segment can afford to spend more on premium and super-premium brands. According to the World Bank, the global middle class population is expected to reach 5.3 billion people by 2030 from 1.8 billion people in 2009. Rising income levels in regions such as Asia Pacific and Latin America are leading to premiumization in the Alcoholic Beverages Market. Consumers in these regions are shifting from low-priced to expensive brands owing to their improved financial condition. This trend is encouraging major companies to focus on premiumization by introducing high-end brands and categories to boost sales revenues.


Segment Analysis
The global alcoholic beverages market is mainly segmented into beer, distilled spirits, wine, and others. Beer dominates the market and accounts for over 33% of global alcoholic beverages consumption. Beer consumption is concentrated in Asian countries like China and convenience stores/supermarkets sell the majority of beer globally.

Key Takeaways
 The global alcoholic beverages market is expected to witness high growth in the forecasted period. The global Alcoholic Beverages Market is estimated to be valued at US$ 1,769.41 Bn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023 to 2030.

Regional analysis
The Asia Pacific region currently holds the largest share in the global alcoholic beverages market and is expected to be the fastest growing region during the forecast period. Factors such as the increasing disposable incomes in emerging nations like China and India are propelling market growth in this region.


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).

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