Global premium alcoholic beverages market is expected to register a CAGR of 8.43% during the forecast period, 2020 - 2025.
- There is a growing trend that prefers low-alcohol beers, which is attributed to the growing awareness of alcohol unit consumption and the customer’s willingness to try new beverages. This shift in trend is witnessed in the demand for low alcohol drinks in the United Kingdom, where the sales of off-licenses and supermarkets have soared to a record high.
- In most mature and some emerging markets, consumers are starting to drink ‘less-but-better’ alcohol, generally with higher barley and malt contents. The major players operating in the market are expanding their product portfolios, with strategic acquisitions of breweries, in order to spread their footprints across the world, and tap the premium alcoholic beverage market.
Key Market Trends
Increasing Consumption of Alcoholic Beverages
The demand for alcoholic drinks is growing at a faster rate in emerging countries, like India, China, Indonesia, and Singapore. This is driving the demand for alcoholic beverages. The growing demand for premium alcoholic beverages is considered to be one of the primary drivers for this market. Efforts by alcoholic beverage manufacturers for strengthening distribution channels and extension of purchase channels, such as online stores, and convenience stores, are also contributing substantially to the growth of the alcoholic beverages market. New product launches and innovations in alcoholic drinks are favoring the growth of the industry.
Asia-Pacific to Witness Fastest Growth in Premium Alcoholic Beverages Market
Asia-Pacific is witnessing significant growth market share in premium alcoholic beverages market across the globe. Moreover, Asia-Pacific has large millennial consumer base and this encouraging key players to expand their geographical presence and increase their consumer base in the region which is supporting the premium alcoholic beverages market growth in the region. Furthermore, Europe offers opportunities for exporters of premium wine especially in Poland, Switzerland, UK and Germany as growing consumption of premium wine in these countries. In Europe, UK has accounted for a major share of the world'spremium wine imports for centuries, and wine accounts for more than one-third of UK alcohol consumption.
The market studied is a highly competitive market and comprises of regional and international competitors. The market is dominated by players, like Constellation Brands, Diageo plc Brands Inc., Bacardi Limited.
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