Alcoholic Beverages Market Size, Share, Growth Analysis, By Product Type( Beer, Distilled Spirits, Wine, others), By Packaging(Plastic Bottles, Glass Bottles, Tins), By Distribution Channel(Modern Trade, Convenience Stores, Specialty Stores, Online Retailers), By Region - Industry Forecast 2024-2031

Global Alcoholic Beverages Market size was valued at USD 1624 billion in 2019 and is poised to grow from USD 1659.73 billion in 2023 to USD 2018.81 billion by 2031, growing at a CAGR of 2.2% in the forecast period (2024-2031).

Alcoholic beverages are a broad category of beverages that contain varying amounts of alcohol. Global alcoholic beverages market is expanding owing to growing young population, rising middle-class income, and strong economy. Furthermore, technological advancements in the production of vodka, flavoured wine, beer, and cocktails, as well as changing consumer lifestyles, beverage tastes, and increase in the number of breweries and wineries worldwide, are major drivers of the market expansion. Although most civilizations have historically consumed a variety of alcoholic beverages, the vast majority of consumption now is of regional speciality alcoholic beverages. Few have progressed sufficiently to be mass-produced as commodities. Worldwide, distilled drinks including wine created from grapes, beer made from barley, and other alcoholic beverages are traded as commodities. These beverages' costs of manufacture and the tariffs imposed on those costs have an impact on their cost. According to price elasticities, prices have varied effects in various countries and throughout various time periods. The rise in young adults is one of the key factors anticipated to fuel the market for alcoholic beverages over the forecast period. The demand for premium and super-premium products is also expected to expand, which will fuel the market for alcoholic beverages. Further predicted to temper the growth of the alcoholic beverages market is the rise in awareness of the negative effects of low alcohol intake. On the other hand, it is anticipated that the market for alcoholic beverages will experience slower growth during the timeframe due to the rising cost of premium and ultra-premium products.

US Alcoholic Beverages Market is poised to grow at a sustainable CAGR for the next forecast year.