Asia-Pacific Alcoholic Beverage Market is expected to register a CAGR of 4.41% during the forecast period (2020-2025).
- The alcoholic beverages market in the APAC region is highly diversified in terms of consumption patterns and products mainly due to differences in tastes and preferences, and in social and cultural behaviors across nations. The market is growing at a healthy pace owing to the increase in the demand for premium alcohol.
- Furthermore, increasing incidences of eating-out and clubbing among youngsters are driving the growth of the alcoholic beverage market in Asia-Pacific.
Key Market Trends
Rising Demand for Alcoholic Beverages
Changing consumption patterns, increasing discretionary spending are propelling the growth of alcoholic beverages in this region. Despite the aging population and limited alcoholic consumption, factors such as higher living standards, increasing health concerns and preference for beverages with low alcohol content are resulting in the optimistic growth for the alcoholic beverage market in Japan. In India, an increase in the purchasing power of the middle-class population and growth of the urban population are the main reasons leading to increased consumption of alcohol. The immense efforts put by the manufacturers for extension of purchase channels and strengthening of distribution channels such as convenience stores and online retailing are contributing significantly to the growth of the alcohol market in the region.
China Holds the Maximum Share in the Market
The rise of global consumer culture in China and consumers’ increased desire for premium liquor has largely driven the growth. Rising disposable income, increased exposure to Western lifestyles, and the growing distrust of domestic liquor are among other factors that have contributed to the changing trend. On-trade channels such as hotels, restaurants, clubs, and bars, and off-trade channels including supermarkets, convenience stores, and grocery shops form key distribution channels for imported alcohol in China. Moreover, the Chinese government is making adequate efforts to improve the world’s largest selling Chinese spirit, baijiu’s prominence in the international market as the product is important for tourism in China.
Asia-Pacific alcoholic beverages industry is considered to be a consolidated market with few companies holding maximum market share. Product launches, followed by new mergers and acquisitions, partnerships and expansion are the most preferred strategies to strengthen the position in the market. Diageo, Bacardi, Heineken Holding NV, and Anheuser-Busch InBev are the key players in the alcoholic beverage market.
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