Global Alcoholic Drinks Market Size to Reach USD 5,373.09 Billion in 2032 | Emergen Research
Revival of the art of crafting cocktails and the practice of mixology is a key factor driving alcoholic drinks market revenue growth
Vancouver, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The global Alcoholic drinks market size reached USD 2,136.23 Billion in 2022 and is expected to register a revenue CAGR of 9.6% during the forecast period, according to latest analysis by Emergen Research. With the increasing focus on experiential consumption, mixologists and beverage companies are broadening their creative boundaries to curate unique and immersive cocktail experiences. This entails incorporating inventive ingredients, combining a range of flavor characteristics, and embracing distinctive presentation techniques, resulting in a complete transformation of traditional cocktail culture.
The ongoing trend to customize drinks is prominently observed in the realm of cocktails, where mixologists and beverage companies are enthusiastically adopting the notion of "personalized cocktails." An illustrative example of this is the rise of do-it-yourself cocktail kits. These kits provide aficionados with precisely measured ingredients, recipes, and even specialized tools to create their desired cocktails at their leisure.
The shift towards experiential consumption has transformed individual’s engage with their drinking encounters. Party shots align with this trend by providing a chance for novelty and discovery.The compact dimensions and pre-measured design of party shots suitably match the rapid tempo of contemporary social interactions, enabling individuals to effortlessly transition between various beverages and explore a range of flavor profiles without the obligation of consuming full-sized drinks. Companies are also working on various product launches by introducing new R&D activities. For instance, on 1 December 2022, CaSa de Spirits Pvt. Ltd. introduces its inaugural selection of alcoholic beverages under the 'Fentiro' label in Goa. The initial release in Goa unveiled two versions of party shots – "Fentiro Dusk" and "Fentiro Dawn." These offerings mark the latest and most stylish addition to the party shots genre.
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Pre-prepared beverages with tropical notes or those influenced by global culinary traditions have gained substantial popularity worldwide. The idea of combining flavors, often referred to as "culinary globalization" by expert Hanni Rützler, is making its way into the realm of alcoholic drinks. Traditional tastes from different cultures are merging, leading to the creation of innovative and intriguing concoctions. Companies are formulating unique and daring products to capture the interest of consumers, particularly Generation Z and millennials. Fruit-infused sparkling wines and cocktails, characterized by refreshing tastes and inventive blends, whether they contain alcohol or not, represent excellent options to achieve this objective.
The concept of premiumization, recognized by the Distilled Spirits Council of the U.S. (DISCUS), has been in motion for a considerable period. Millennials have emerged as a significant group of alcohol consumers, and indications suggest that this trend will continue in the foreseeable time ahead. Consumers are now willing to invest more for products that offer superior quality, driven by their heightened awareness of responsible drinking habits. Furthermore, the rising inclination among younger generations to visit bars and pubs is anticipated to contribute to the further growth of the market.
The International Wine and Spirits Commission has recently introduced a set of guidelines that brands are required to follow to attain sustainability. A prominent environmentally-aware technology gaining traction in the alcoholic beverage manufacturing industry is the implementation of hygienic product recovery (pigging) technology. This innovation demonstrates remarkable effectiveness in reducing waste, conserving water, optimizing energy usage, and elevating operational sustainability.
Moreover, cocktails imbued with the essence of aromatic woods or herbs through smoking bring an olfactory element that enhances the entire drinking experience. In alignment with the ongoing focus on health consciousness, functional cocktails have arisen, incorporating elements such as adaptogens, superfoods, and botanicals that claim to offer health benefits. This appeals to consumers who desire both indulgence and nutritional value. The rising demand for alcoholic beverages infused with cannabis can be attributed to a blend of influences, including changing consumer preferences, evolving regulations, and a desire for novel and engaging offerings. This surge in popularity also contributes significantly to revenue expansion. Many consumers are captivated by the potential health benefits offered by compounds such as CBD, renowned for its relaxing properties without the psychoactive effects associated with THC. Companies are responding to this trend by unveiling new ranges of cannabis-infused drinks, catering to both alcoholic and non-alcoholic markets.
However, high taxes imposed on alcoholic beverages and spirits, coupled with stringent governmental regulations aimed at addressing the adverse impacts of alcohol consumption on human health is restraining revenue growth of the market. Based on findings from YouGov surveys, in the three-month period ending in October 2021, 18.1% of adults in England were consuming alcohol at levels categorized as either "rising" or "higher risk." Additionally, there is a growing prevalence of various health issues stemming from excessive alcohol consumption.
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*Scope of Research *
*Report Details* *Outcome*
Market size in 2022 USD 2,136.23 Billion
CAGR (2023–2032) 9.6 %
Revenue forecast to 2032 USD 5,373.09 Billion
Base year for estimation 2022
Historical data 2020-2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trendsSegments covered Type, Price Range, Alcohol Content, Packaging Type, Product Type, Distribution Channel, and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled Bacardi, Pernod Ricard, Heineken N.V., Anheuser-Busch Companies, LLC., Carlsberg Group, Brown‑Forman, Diageo, Halewood Sales, Asahi Group Holdings, Ltd., Rémy Cointreau, Molson Coors Beverage Company, Beam Suntory, Inc., William Grant & Sons, Tsingtao Brewery Co., Ltd., Constellation Brands, Inc., E. & J. Gallo Winery, The Boston Beer Company, Kendall-Jackson, Patrón, and Edrington among others.
Customization scope 10 hours of free customization and expert consultation
*Major Companies and Competitive Landscape*
The global alcoholic drinks market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective spectrum analyzers. Some major players included in the global alcoholic drinks market report are:
· among others
· Edrington
· Patrón
· Kendall-Jackson
· The Boston Beer Company
· E. & J. Gallo Winery
· Constellation Brands, Inc.
· Tsingtao Brewery Co., Ltd.
· William Grant & Sons
· Beam Suntory, Inc.
· Molson Coors Beverage Company
· Rémy Cointreau
· Asahi Group Holdings, Ltd.
· Halewood Sales
· Diageo
· Brown‑Forman
· Carlsberg Group
· Anheuser-Busch Companies, LLC.
· Heineken N.V.
· Pernod Ricard
· Bacardi
* **Strategic Developments*
· Tilray Brands is in the process of purchasing a total of eight beer and beverage labels from Anheuser-Busch. This deal encompasses well-known names such as Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy. The acquisition, valued at USD 85 million, involves not only the brands themselves but also includes the existing staff, breweries, and brewpubs associated with these brands.
· Molson Coors is set to purchase Blue Run Spirits, an American distillery located in Georgetown, Kentucky, known for producing bourbon and rye whiskies. Through this acquisition, Molson Coors' spirits division is poised to expand significantly, with its size growing by over two times
*Some Key Highlights From the Report*
· Undistilled Spirits accounted for a steady revenue growth rate in terms of CAGR in the global alcoholic drinks market in 2022. Factors such as growing demand for health and wellness, rising interest in craft and artisanal products, and availability of wide range of distinctive ingredients and flavors are primarily boosting revenue growth of this segment. Companies are working on various product launches, and making innovations in existing product lines. For instance, 20 May 2022, American Brew Crafts Pvt. Ltd. has introduced the release of BlockBuster beer in a can. The newly unveiled BlockBuster beer can will be available in Lager and Strong variations, providing customers with a revitalizing option. The can will enhance social interactions, parties, travel, and events, providing convenience and effortless consumption for these occasions.
· Mainstream segment is expected to account for largest revenue share over the forecast period. The move towards immersive consumption experiences has heightened the attraction of mid-range alcoholic beverages. People are in search of skillfully crafted, flavorful, and unique beverages that enhance their drinking occasions. Mid-range selections frequently present an array of flavors, blends, and styles that resonate with consumers' eagerness to explore various tastes, offering a tasting voyage without requiring an entry into the domain of premium costs. There is a growing openness among consumers to spend slightly more for an elevated drinking encounter, without necessarily immersing themselves in the realm of luxury prices. This transition is especially captivating for younger generations who prioritize authenticity, excellence, and transparency when making their purchasing choices. Mid-level labels frequently possess the chance to convey their manufacturing methods, components, and the individuals integral to the brand. This openness strikes a chord with consumers who prioritize genuineness and seek to make well-informed decisions.
· Pouches segment is expected to account for a considerable revenue share over the forecast period. Factors such as portability and convenience owing to its lightweight nature, growing focus on adopting sustainable solutions, providing room for incorporating innovative branding designs and graphics are primarily boosting revenue growth. Pouches provide a flexible platform to introduce special editions, seasonal variations, and innovative flavors, catering to consumers with a penchant for distinct and adventurous tastes, allowing them to explore unique experiences. It mainly cuts down costs and space wastage, particularly beneficial for breweries and brewpubs. Various brands have started launching new product lines in this form of packaging. For instance, on 17 August 2021, AstraPouch has introduced their latest flexible beer packaging solution, the 64oz Beer Growler. This new pouch maintains the convenience, strength, and eco-friendliness that characterize all of AstraPouch's offerings. Notably, it is both recyclable and reusable, contributing to a significant 85% reduction in carbon footprint.
· Market in North America accounted for largest revenue share in 2022. Factors such as increasing demand for craft beers and spirits which has led to a shift in emphasis towards incorporating sustainable practices in the production of alcoholic beverages, and introduction of creative cocktails, aligning with the growing trend of socializing in pubs and restaurants are major factors boosting revenue growth in this region. Moreover, the considerable taxes levied on alcoholic beverages, including spirits, and growing number of deaths as a result of excess alcohol consumption is limiting the market growth. For instance, as per the data from the World Health Organization (WHO), it is reported that in the U.S. exclusively, approximately 75,000 instances of cancer and around 19,000 cancer-related fatalities are believed to have a connection to alcohol annually.
· On 29 March 2022, Bacardi is taking the concept of home cocktails to a new level with the introduction of TAILS COCKTAILS. This collection includes five distinct TAILS COCKTAILS: the 'Rum Daiquirí' crafted using BACARDÍ rum, the 'Whisky Sour' featuring DEWAR’S Blended Scotch whisky, the 'Gin Gimlet' showcasing BOMBAY SAPPHIRE gin, and the 'Espresso Martini Cocktail' and 'Passion Fruit Martini Cocktail', both artfully prepared with 42BELOW vodka. They are created by combining the premium brands from the Bacardi portfolio with top-tier ingredients, this pre-mixed cocktail range perfectly caters to the growing trend of home entertainment and the increasing demand for utmost convenience.
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*Emergen Research has segmented **global **Alcoholic drinks market** on the basis type, network type, price range, alcohol content, packaging type, product type, distribution channel, and region:*
· *Type Outlook (Revenue, USD Billion; 2019-2032)*
· Undistilled Spirits
1. Beer
2. Hard Cider
3. Mead
4. Wine
5. Saké
6. Others
· Distilled Spirits
1. Brandy
2. Whiskey
3. Tequila
4. Vodka
5. Gin
6. Absinthe
7. Everclear
8. Others
· *Price Range Outlook (Revenue, USD Billion; 2019-2032)*
· Premium
· Mainstream
· Economy
· *Alcohol Content Outlook (Revenue, USD Billion; 2019-2032)*
· · High
· Medium
· Low
· *Packaging Type Outlook (Revenue, USD Billion; 2019-2032)*
· · Bottles
· Boxes and Cartons
· Miniatures
· Kegs
· Pouches
· Others
· *Product Type Outlook (Revenue, USD Billion; 2019-2032)*
· · Flavored Alcoholic Drinks
1. Fruit Flavored
· Berry Flavors
· Citrus Flavors
· Tropical Fruit Flavors
· Stone Fruit Flavors
· Others
2. Spice and Herb Flavored
3. Dessert and Sweet Flavored
4. Floral and Fragrant Flavored
5. Miscellaneous Flavored
· Savory and Spicy Flavors
· Unconventional Flavors
· Non-Flavored Alcoholic Drinks
1. Traditional Spirits
2. Classic Cocktails
3. Straight and Neat
4. Sake
5. Others
· *Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)*
· · Convenience Stores
· Liquor Stores
· Hypermarkets and Supermarkets
· Pubs, Bars, and Restaurants
· Specialist Stores
· Internet Retailing
· Others
· *Regional Outlook (Revenue, USD Billion; 2019-2032)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA
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