A key factor driving the growth of the global alcoholic beverages market is the rising demand for superior and premium alcoholic beverages. Millennials focus more on quality of the alcoholic beverages rather than the price. The rising demand for quality product is one of the key factors driving market growth in the forthcoming years. Expensive premium products use natural ingredients while undergoing quite careful and detailed aging and distillation processes. Therefore, varieties including super premium brandy, American Whiskey, and cognac have witnessed considerable growth in sales in recent years. Moreover, consumers awareness of the harmful effects of low-quality alcohol consumption will further boost the demand for superior and quality alcoholic beverages.
As per Technavio, innovations in the alcoholic beverages sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global alcoholic beverages market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global alcoholic beverages market: Innovations in the alcoholic beverages sector
Growing health concerns among consumers are encouraging market vendors to launch innovative products. Consumers are inclined towards modern and innovative packaging as compared to the traditional ones. Therefore, continuous innovations in the market will emerge as one of the most important alcoholic beverages market trends.
“Big brands are launching several innovative products to attract more consumers. Vendors are introducing new flavors which do not contain any artificial flavors or colors. For instance, market players are increasingly focusing on using natural products such as honey to cater to the evolving end-user requirements,” says a senior research analyst at Technavio.
Global alcoholic beverages market: Segmentation analysis
This market research report segments the global alcoholic beverages market by product (beer, spirits, and wine) and geographic regions (Europe, APAC, North America, South America, and MEA).
Europe led the market in 2018, followed by APAC, North America, South America, and MEA respectively. The dominance of Europe can be attributed to the increasing demand for premium spirits in several economies including Germany, Poland, Spain, France, Switzerland, and the UK.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.