The
global alcoholic beverages market is anticipated to witness a notable
growth in forthcoming years. The industry seems to be consolidated,
with a few leading players. Key companies are indulging in various
strategies to expand. Those include product launch, and mergers and
acquisitions. These firms are working hard to expand their reach and
increase their consumer base all over the globe. Some of the major
players in the market are Bacardi Limited, Anheuser-Busch InBev
SA/NV, Beam Suntory Inc., Diageo Plc, Heineken Holding NV,
Constellation Brands Inc., Molson Coors Brewing Co., SABMiller Ltd.,
Pernod Ricard SA, and United Spirits Ltd. Carlsberg Group sold firm’s
key brand, Carlsberg Beer, and started brewing other brands for
example, Tuborg, Kronenbourg, Belgian Grimbergen abbey beers, Russian
beer Baltika, and over 500 more local beers.
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According
to Transparency Market Research, the global alcoholic beverages
market is expand at a steady CAGR of 6.4% within the forecast period
from 2017 to 2025. The market was valued to be US$1,205,359.1 mn in
2017. This figure is expected to soar to about US$1,977,942.7 mn by
the end of forecast period, 2025.
On
the basis of product type, the market is divided into spirits, beer,
wine and so forth. Among these, the beer segment is expected to
flourish. It dominated the market with 42.7% share, as valued in
2017. Geographically, Asia Pacific region dominated the global
alcoholic market with major share in the entire market space. This is
majorly owing to rapid urbanization and rise in middle-class
population, with increased disposable incomes in the region.
Rise
in Alcohol Consumption to Propel Market Demand
One
of the key drivers propelling the growth of this industry is the
growing trend of alcohol consumption on various occasions. This has
emerged as a culture among the masses in developing nations.
Moreover, the improved distribution networks of various keen players
is also boosting sales. Another factor fueling the growth of the
market is rise in purchasing power of the consumers in developing
countries for example India and Brazil. The rise in disposable income
has encouraged individuals to try out new way of entertainment such
as get-together, night parties, hanging out at lounges, bars and
pubs.
Increase
Consciousness about Health Likely to Hinder Market Growth
On
the flipside, availability of healthy alternatives such as energy
drinks and non-alcoholic drinks are expected to hamper the market
growth of alcohol to a large extent. Rising awareness about wellness
and healthcare has encouraged the masses to reduce the consumption of
alcoholic
drinks. Too much of alcohol consumption can cause liver
damage, cancer, or heart problems. And these are reasons why most
people abstain from it.
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