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Albany, New York, March 13, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) estimates that the global alcoholic beverages market has a fairly consolidative vendor landscape. Key players such as Bacardi Limited, Beam Suntory Inc., Anheuser-Busch InBev SA/NV, Diageo Plc, and Heineken Holding NV are some of the players operating in the global alcoholic beverages market. These key players are focusing toward widening their global presence and enhancing product portfolio, through the merger and acquisitions.
Additionally, the players are focusing on improving consumer base by offering new beverages with flavors or newer tastes. For instance, one of the leading company Carlsberg A/S is brewing with other beer brands including Tuborg, Belgian Grimbergen abbey beers, and Kronenbourg. These activities are benefiting the company to increase its consumer base globally.
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According to TMR, the global alcoholic beverages market is projected to collect revenue of US$1,977.9427 bn by 2025-end from an initial revenue value at US$1205.3591 bn in 2017. The market is expected to expand with a CAGR of 6.4% over the forecast period from 2017 to 2025.
Based on the product type, the beer segment dominated the global alcoholic beverages market by accounting a 42.7% share in 2017 and is likely to remain dominant over the forecast period. Based on the region, Asia Pacific dominated the global alcoholic beverages market owing to rapid urbanization, large population, and growing income of the moderately earning people in the region. However, Latin America is expected to witness growth with lucrative CAGR of 5.4% in the alcoholic beverages market over the forecast period from 2017 to 2025.
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Growing Alcohol Consumption Culture to Reflect Positively on Market’s Growth
The primary driving factor for growth of the alcoholic beverages market is a growing trend of alcohol consumption on several occasions globally and mainly in developing countries. Additionally, numerous countries have a culture of consuming numerous types of alcoholic beverages on several occasions, which is boosting the alcoholic beverages market.
The other factor such as improved distribution channel is making the alcoholic beverages available across numerous regions, which is boosting sales of alcoholic beverages. Furthermore, the rise in disposable income in the developing countries across Asia Pacific and Latin America has encouraged people to explore new ways of entertainment such as night parties and hang out at lounges. This is leading to an increase in the pubs and bars culture in both the regions, which in turn, is reflecting positively on growth of the global alcoholic beverages market.
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High Cost of Premium Beverages Brands to Limit Market Growth
Despite these factors, growing health concerns among consumers are leading to drive inclination toward the non-alcoholic beverages. Additionally, the high cost of premium brands and products is hampering its consumption to some extent. These factors are posing as a challenge to the growth of the global alcoholic beverages market. Nonetheless, a growing focus on the honey and Aloe Vera-based products, which are less likely to affect human body functions, is likely to offer lucrative opportunities for growth of the global alcoholic beverages market. Additionally, growing new product launches are expected to offer more potential opportunities for growth of the alcoholic beverages market over the forecast period.
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This information is encompassed in the report by TMR, titled, “Alcoholic Beverages Market (Product - Beer, Spirits, and Wine; Packaging - Glass Bottles, Tins, and Plastic Bottles; Sales Channel - Modern Trade, Specialty Stores, Convenience Stores, Commercial, Hotels/Restaurants/Bars, and Online Retailers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
For the study, the alcoholic beverages market has been segmented as follows:
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