Global Alcoholic Beverages Market Report and Forecast 2024-2032

Global Alcoholic Beverages Market Outlook

The global alcoholic beverages market size reached approximately USD 1.75 trillion in 2023. The market is projected to grow at a CAGR of 3.20% between 2024 and 2032, reaching a value of around USD 2.34 trillion by 2032.

Key Takeaways

An alcoholic beverage is prepared from the fermentation of grapes, fruits, and other sugars in mills. It is known to reduce stress and lead to a feeling of euphoria upon consumption. It plays a pivotal role in many social cultures in countries such as such as the USA, UK, Italy, and Russia, among others. The production, consumption, and sales of alcoholic beverages are regulated by governments of multiple countries.

The global alcoholic beverages market is being driven by the widespread accessibility of alcoholic beverages and their crucial role in religions like Christianity. Alcoholic beverages are also consumed along with foods including pizzas and sandwiches. The consumption of alcohol in moderate amounts also has health benefits including improved heart health and circulatory system.

Key Trends and Developments

High demand for premium spirits; growth in demand for RTD alcoholic beverages; the growing trend of sustainability; and increasing launch of unique flavours of alcoholic beverages are the major trends impacting the market growth.

Alcoholic Beverages Market Trends

Canned cocktails are likely to be a significant driver of the demand for RTD alcoholic beverages due to their convenience and portability. This makes them a popular choice among consumers who like to consume fresh and flavourful beverages without compromising on quality. Canned cocktails are also budget-friendly, which makes them accessible for consumers from the lower income group.

Beverage companies are shifting towards the use of sustainable packaging materials like recycled paper, cardboard, and recycled plastic, among others, to reduce carbon emissions and boost their brand image. In 2020, 40 billion glass bottles for spirits packaging, and 30 billion bottles for wine packaging were produced, which adversely affected the practice of waste disposal globally. Hence, increasing launches of sustainable alcoholic beverages are expected to positively impact the alcoholic beverages market expansion in the coming years.

Market Segmentation

“Global Alcoholic Beverages Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Beer is further divided based on type into ale, lager, and hybrid, whereas the various types of spirits considered in the market report are rum, vodka, and whiskey, among others.

On-trade distribution channels are expected to dominate the alcoholic beverages market share in the forecast period

On-trade channels are expected to account for a significant market share in the coming years as public spaces are a preferred choice for drinking and meeting new people in many countries. On-trade consumption of alcoholic beverages provides people with relaxation and enables them to fully enjoy recreational activities.

Off-trade consumption is also expected to increase in the forecast period with the rise of the culture of entertainment at home.  Alcoholic beverages can be used to create an atmosphere of comfort and relaxation within homes and enable customers to safely enjoy their time without any restrictions.

Competitive Landscape

Major players in the global alcoholic beverages market are collaborating to produce innovative tastes and flavours of different alcoholic beverages

Other key players in the global alcoholic beverages market include Bacardi Limited, ANHEUSER-BUSCH INBEV SA/NV, Molson Coors Beverage Company, Tsingtao Brewery Co., Ltd., Asahi Group Holdings, Ltd., and Suntory Holdings Limited, among others.

Alcoholic Beverages Market Analysis by Region

The Asia Pacific region is expected to emerge as a significant market for alcoholic beverages in the coming years. This can be attributed to the rising middle-class population, which is inclined towards the consumption of premium quality and imported alcoholic beverages. China, India, and Japan rank among the biggest beer markets globally with popular brands like Snow, Kingfisher, Asahi, and Kirin competing with many international and domestic companies.

North America and Europe are also expected to witness a steady growth in the demand for alcoholic beverages in the forecast period. The growing popularity of craft beers, which are prepared in microbreweries, and the launch of fruity and carbonated alcoholic beverages are positively impacting the alcoholic beverages market growth in North America and Europe. The prevalence of drinking as a social norm in these regions is also expected to drive the market growth in the coming years.

Key Highlights of the Report