North American Alcoholic Beverage Market is expected to register a CAGR of 4.17% during the forecast period, 2020-2025.
- Beer accounts for prominent market in the alcoholic beverage consumed in the world and predominates in the United States. The premium liquor segment in the region is also growing, particularly in darker spirits, like whiskey.
- Mexico is the most rapidly growing alcoholic beverage market in North America.
- Nevertheless, there is an evolving preference for low alcohol by volume beverages and the sales of no-alcohol and low-alcohol beers have been rising with the growing interest from health-conscious consumers which is expected to hinder the growth of the market.
Key Market Trends
Craft Beers are Backing-up the Beer Market
The United States has more beer styles and brands to choose from than any other market in the world. As of 2020, more than 8,000 breweries are responsible for the beer brands available in the country. The craft beer alone had a retail dollar value of USD 27.6 billion contributing to a 24% share for the craft brewers in the total brewing market, in 2018. Thus, the figures are a clear indication of the continuously inflating demand for craft beverages in the country, as well as the region.
United States is the Largest Consumer of Alcoholic Beverages in North America
The Unites States alcoholic market is a mature market in terms of demand, especially for spirits and beers. According to the National Epidemiologic Survey on Alcohol and Related Conditions, around 24 million American adults consume an average of more than 74 drinks per week. That amounts to a little more than four-and-a-half 750 ml bottles of Jack Daniels, 18 bottles of wine, or three 24-can cases of beer, in one week. The enormous demand for alcoholic beverages is catered by innumerable breweries and distilleries in the country. However, it is surprising to note that 30% of the American population is still of teetotalers.
North America Alcoholic Beverage market is highly fragmented due to the presence of numerous private players, involved in the processing of beer and spirits. The number of consumers is much larger in the United States and consecutively, the manufacturers are adding several products to their portfolios in order to capture the large market in the region. Innovating products in terms of carbohydrate content and the alcoholic content is the need of the market and various manufacturers have been actively working to satiate the corresponding demand through new products. Geographical expansion and mergers and acquisitions are also being practiced by the major players to pump up their revenues.
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