Alcoholic Beverages Market: High Family Incomes and Influence of Social Networks Drive Sales among Millennials

The presence of a multitude of small players that operate in regional markets and a multitude of large players that have global presence features the global alcoholic beverages market to be highly fragmented in nature, says Transparency Market Research (TMR) in a new market study. Key companies in the market are engaged to introduce novel products and are vying to expand their outreach to steal a march over competitors.

Some of the leading companies operating in the global alcoholic beverages market to name are Carlsberg A/S, Diageo Plc., Suntory Holdings Ltd., Brown-Foran Corporation, Craft Brew Alliance Inc., Anheuser-Busch InBev SA/NV, United Breweries Limited, Molson Coors Brewing Co., Accolade Wines Holdings Australia Pty Limited, The Wine Group LLC, Heineken Holding N.V., Asahi Group Holdings Ltd., Haelwood International Holdings Plc, Bacardi Limited, Bundaberg Brewed Drinks Pty Ltd., Constellation Brands Inc., The Boston Beer Company Inc., Pernod Ricard SA, DGB Pty Ltd., and Bronco Wine Company.

Owing to a number of positive factors, the global alcoholic beverages market is poised to surge in the upcoming years, says the lead analyst of the study. TMR forecasts the global alcoholic beverages market to surpass US$1,977,342.7 mn by the end of 2025, from its estimated worth of US$1,205,359.1 mn in 2017. If the figures hold true, the global alcoholic beverages market will display a moderate 6.4% CAGR between 2017 and 2025.

Among the various product types, beer is estimated to lead holding 42.7% of the market by 2017 end. Specialty stores amongst the key sales channels is estimated to hold 27.4% of market by the end of 2017. Geography-wise, Asia Pacific is estimated to hold dominance in the global alcoholic beverages market between 2017 and 2025. Considering the rising middle-class population and popularity of online sales channel, Asia Pacific is expected to account for a significant market share by the end of 2025.

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Rising Spending to Explore New Entertainment Options Drives Market in Emerging Economies

Some of the key growth drivers of the global alcoholic beverages market are changing lifestyles, increasing social parties, and the perception that consumption of alcohol is relaxing to the mind. Apart from this, young adults with high social media influence, high family incomes, and easy access to alcoholic drinks account as considerable factors for the driving sales of alcoholic beverages.

Besides this, growing urban population and rising disposable incomes in emerging economies leading to substantial spending on entertainment at clubs and night parties, along with influence of Western culture is immensely benefitting the alcoholic beverages market. Owing to this, areas a large number of clubs, bars, and lounges have cropped up in recent years in emerging economies.

In 2016, urban population was recorded at 4.03 billion up from 3.6 billion in 2006. The urban populace especially the millennial that are increasingly attracted towards new forms of entertainment such as night parties and spending time at lounges are likely to consume more alcohol. The launch of alcoholic drinks with new flavors is attracting millennial to try these drinks and is likely to increase demand for flavored alcoholic drinks over the forecast period.

Restrictions on Advertisements Limiting Consumer Base of New Alcoholic Drinks Impact Growth

On the down side, excessive consumption of alcohol which is related to adverse effects on health especially among young adults might deter the growth of the global alcoholic beverages market. As per a 2014 report of WHO, 3.3 million deaths occur each year worldwide due to excessive consumption of alcohol.

Restrictions on advertisements of alcoholic drinks and restrictions on alcoholic beverage manufacturers for brand publicity is impacting sales. Owing to this, newly launched drinks do not reach consumers.

The review presented here is based on the findings of a report by Transparency Market Research, titled “Alcoholic Beverages Market (Product - Beer, Spirits, and Wine; Packaging - Glass Bottles, Tins, and Plastic Bottles; Sales Channel - Modern Trade, Specialty Stores, Convenience Stores, Commercial, Hotels/Restaurants/Bars, and Online Retailers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”

The global alcoholic beverages market is segmented as follows;

Global Alcoholic beverages market – By Product Type

• Beer
• Spirits
• Wine
• Others

Global Alcoholic beverages market – By Packaging

• Glass Bottles
• Tins
• Plastic Bottles
• Others

Global Alcoholic beverages market – By Sales Channel

•   Modern Trade
• Specialty Stores
• Convenience Stores
• Commercial
• Hotels/Restaurants/Bars
• Online Retailers
• Other Retailing Formats