Alcoholic Beverages Market Size Worth $ 3,109.52 Billion By 2032 | CAGR: 3.1%

The global Alcoholic Beverages market size is expected to reach USD 3,109.52 billion by 2032, according to a new study by Polaris Market Research. The report “Alcoholic Beverages Market Share, Size, Trends, Industry Analysis Report, By Type (Cider, Perry & Rice Wine, Wine, Beer, Spirits, Hard Seltzer, Others); By Distribution Channel; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing incorporation of natural and functional ingredients in the production of premium alcoholic beverages presents a significant opportunity for this segment. Therefore, major alcohol manufacturers are focusing on forming partnerships with key players in the production of premium alcoholic beverages. For instance, in October 2022, Pernod Ricard strengthened its collaboration with Sovereign Brands, intending to significantly increase its minority stake in Sovereign Brands' portfolio of super-premium spirits and wine brands. This strategic investment aims to accelerate Pernod Ricard's efforts to enhance its consumer-centric product portfolio development.

Alcohol beverage manufacturers are responding to changing consumer preferences by introducing ready-to-drink (RTD) hybrid beverages, which are alcoholic cocktails combining elements from various beverage categories. These mixed drinks, produced with enticing flavor ingredients and distinct production processes, often involve aging beers or spirits in wine barrels to impart unique flavors. Hybrid beverages, such as those blending tea with rum or vodka with rum, are gaining popularity. Notable examples include Kahlua Midnight (rum and Kahlua), Malibu Red (rum and tequila), and Absolut Tune. These premium RTD beverages have witnessed a surge in consumer demand. The diverse flavors of beer play a crucial role in market growth, with consumers increasingly open to experimenting and trying different beer varieties. Tasting rooms for alcoholic beverages are gaining popularity, providing consumers with the opportunity to sample new flavors and contribute to beer innovations through crowd-sourcing. As market players focus on producing RTD alcoholic beverages, this trendy category is attracting a growing customer base.

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The onset of the COVID-19 pandemic in early 2020 brought about significant global changes in various aspects of daily life. The imposed lockdowns, socializing bans, and the closure of restaurants, nightclubs, and pubs during the pandemic's peak in 2020-2021 had a profound impact on consumers' alcohol purchase and consumption habits. The alcoholic drinks industry experienced a downturn, with a notable decrease in global alcohol consumption in the first half of 2020.

Sales of alcohol beverages in establishments like bars, nightclubs, pubs, and restaurants were severely affected by the enforced shutdown. The shift in consumer behavior was evident, transitioning from consuming alcohol-based drinks in public places to a significant increase in home consumption. According to the NCBI, the e-commerce sector witnessed steady growth due to COVID-19 restrictions on in-store trade channels. While on-premise sales experienced a decline in various countries such as China, the U.K., Poland, and Italy during the pandemic, e-commerce sales of alcoholic drinks surged in the latter half of 2020.

Alcoholic Beverages Market Report Highlights

• The Beer segment dominated the revenue share in 2023, presenting a diverse range of ales, German-style altbiers, and the traditional special bitter type of beer. Anticipated growth in the popularity of California common beer is expected to drive market expansion in the coming years. Additionally, the rising demand for Belgian-style Flanders, known for providing B-group vitamins, will further enhance the sales of the beer segment throughout the forecast period.
• The Liquor Stores segment held the largest market share throughout the forecast period. The rapid urbanization in emerging economies will facilitate the establishment of a well-connected network of liquor stores. The growing trend among consumers to adopt Western culture is expected to be a driving force for the alcoholic drinks market. Domestic liquor stores, providing a varied portfolio of alcoholic beverages at competitive prices, are anticipated to boost segmental growth. Supportive measures taken by governments worldwide to simplify liquor licensing processes are likely to propel market growth.
• In 2023, North America emerged as the dominant market. The market is projected to expand, driven by the rising demand for polished malt Scotch whiskey in the U.S. and Canada. The increasing inclination in the U.S. towards adopting classic brands of alcoholic beverages like Arnold Palmer Spiked Half & Half, Bergenbier, and Burgasko is expected to be a contributing factor to market growth. Additionally, the financial backing from private firms in Canada to procure premium alcoholic beverages is likely to further boost market growth.
• The global key market players include Anheuser-Busch InBev, Asahi Breweries, Bacardi, Beam Suntory, Carlsberg, Constellation Brands, Diageo, Molson Coors, Pernod Ricard, United Spirits.

Polaris Market Research has segmented the Alcoholic Beverages market report based on type, distribution channel, and region:

Alcoholic Beverages, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Cider, Perry & Rice Wine
• Wine
• Beer
• Spirits
• Hard Seltzer
• Others

Alcoholic Beverages, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Supermarkets
• Liquor Stores
• Grocery Shops
• Internet Retailing
• Pub, Bars & Restaurants
• Others

Alcoholic Beverages, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Alcoholic Beverages Market Report Scope