Alcoholic Drinks Market Analysis

Product (Beer, Spirits, Wine)

Beer segment share in the alcoholic drinks market is projected to cross 40% by the end of 2037. The segment growth can be credited to the growing demand for newer flavors of alcoholic beverages among millennials. The beer market is largely fragmented, with numerous domestic and foreign competitors vying for market share. The increasing demand for creative beer flavors among the younger population has led beer manufacturers to innovate their products. Furthermore, Southeast Asian consumers' perceptions of alcohol–based beverages, particularly beer, have been greatly impacted by the embrace of Western culture and cultural shifts.

The spirits segment is poised to grow majorly with a substantial share during the forecast timeframe. The segment is growing due to the surge in the number of distillers worldwide. The rise of social media has simplified the process for consumers to find local distilleries and hear about new spirits releases. Also, there has been a surge in the program launches for the trading of distilled spirits.

For instance, the 2024 strategy of the Distilled Spirits Council of the United States (DISCUS) highlights impending trade promotion prospects in Canada, Australia, India, the United Kingdom, and Germany for American distillers. Products distilled domestically from at least 51% of American agricultural material are eligible to participate in the USDA–funded initiative.

Retail (Food Service, Retail, Liquor Stores, Grocery Shops, Supermarkets)

Liquor stores segment is predicted to capture alcoholic drinks market share of over 34% by 2037. The segment growth is propelled by the growing number of liquor stores globally. The emerging economies' rapid urbanization will create a network of connected liquor stores. Domestic liquor stores are offering a more affordable and varied selection of alcoholic beverages, which will help drive the growth of the industry.

Market expansion will be fueled by supportive actions adopted by numerous governments worldwide to reduce the complexity of liquor licenses. For instance, in January 2024, Gov. Phil Murphy approved the bill removing food and event restrictions on brewers and allowing towns to regain some expired liquor licenses.

Our in–depth analysis of the global market includes the following segments: