LONDON--(BUSINESS WIRE)--The global alcoholic drinks market is expected to grow at a CAGR of more than 4% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global alcoholic drinks market for 2017-2021. The market is further segmented into four categories, including beer, wine, spirits, RTD pre-mixes, and cider, of which the beer segment accounted for more than 78% of the market share in 2016.
According to Manjunath Reddy, a lead analyst at Technavio for alcoholic beverages research, “The market is expected to grow owing to increasing demand for premium drinks, prominence of craft segment, large-scale mergers and acquisitions, and good marketing procedures. Many market players utilize social media and digital media platforms to promote and sell their product offerings. The increasing demand for craft alcohol is likely to impact the market in a significant manner.”
Technavio’s research analysts segment the global alcoholic drinks market into the following regions:
- EMEA
- APAC
- Americas
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Alcoholic drinks market in EMEA
In 2016, EMEA held the largest share in the global alcoholic drinks market and is expected to continue its leading market position in the coming years. The market is driven by steady growth in the Eastern European region. Breweries are one of the largest businesses in Europe that generate huge opportunities for employment. France, Germany, Russia, the UK, Belgium, Romania, and Poland are some of the key alcohol-consuming countries in the EMEA market.
The consumption of beer has also increased in African and the Middle East countries. Africa is considered as one of the important markets for blended Scotch whiskey. Johnnie Walker, a popular whiskey brand, has been witnessing a strong growth rate in many African countries like South Africa, Angola, and others regularly. Apart from beer, the wine market is also thriving in African countries due to a good grape harvest and favorable weather conditions resulting in a good quality wine production.
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Alcoholic drinks market in APAC
APAC is the fastest-growing geographical segment in the global alcoholic drinks market. The rise in disposable income, westernization and lifestyle changes are some of the factors behind the high demand for alcoholic drinks. The disposable income per capita of consumers in APAC grew around 35.2% during the period: 2013-2016. The market is expected to become the largest market for spirits due to a huge demand from consumers, especially the millennials. Whiskey is the leading segment among all spirit varieties and held a share of more than 50% in the global spirits market.
India is the leading whiskey consumer and secures the largest share of the whiskey market in APAC. Countries like China, Japan, Australia, India, South Korea, Vietnam, Taiwan, and others are the key contributors to the market.
Alcoholic drinks market in the Americas
The market for alcoholic drinks is increasing in most countries of the Americas. Changing lifestyles, the introduction of newer flavors and varieties, increasing number of breweries, and the rising market demand by millennials are some of the key factors driving the sales and revenue of alcoholic drinks.
“The market growth of beer has stagnated due to the shift in consumer preference for wine, spirits, and other premium alcoholic drinks segments. However, the introduction of new varieties and flavors has fueled the demand for craft beers. Some of the leading domestic beer brands are Budweiser, Bud Light, Miller Lite, Coors Lite, and others. The demand for low-calorie and low-alcoholic drinks will help the market to grow steadily,” says Manjunath.
Some of the top vendors in the global alcoholic drinks market as highlighted in this market research analysis are:
- Anheuser-Bush InBev
- Bacardi
- Beam-Suntory
- Carlsberg Group
- Diageo
Browse Related Reports:
- Global Craft Spirits Market 2017-2021
- Global Craft Beer Market 2017-2021
- Global Beer Market 2017-2021
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