Alcoholic Beverages Market Expected to Reach CAGR of 4.4% Forecast By 2024 With COVID-19

Posted on 2020-04-10 by tsnewswire in Food & Beverage // 0 Comments

Albany, USA, 2020-Apr-10 — /EPR Network/ —According to a recent report published by Fast.MR, titled, Global Alcoholic Beverages Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, the global alcoholic beverages market accounted for USD 1,474.2 Billion in 2019 and is estimated to reach USD 1,813.3 Billion by 2024. Moreover, it is anticipated to flourish at a CAGR of 4.4% during the forecast period i.e. 2019-2024.

The global alcoholic beverages market has been segmented based on product type and distribution channels. Based on the product type, this market has been segmented into malts, wine, distilled spirits, whiskey, vodka, rum, and others. The distilled spirits segment accounted for the highest market share in 2018 and is anticipated to continue its dominance during the forecast period.

In the distribution channel segment, the on-premise segment captured a significant share of the overall market in 2018. In addition to that, the market value of the global alcoholic beverages market for an on-premise segment is expected to rise at a CAGR of 3.8% over the projected period. Significant growth in a number of retail outlets selling alcohol is believed to propel the growth of the alcoholic beverages market during the forecast period. According to the U.S. Department of Commerce, the number of alcohol selling retail establishments has increased from 531,705 in 2008 to 643,268 in 2018. This represented a growth of 20.9% in 2018 as compared to 2008.

Alcoholic Beverages Industry Trends

Merger & Partnerships

Alcoholic Beverage companies are entering into merger & partnership/joint venture for growth opportunities. For instance, On August 12, 2019, European Diageo subsidiary and Corporación Cuba Ron S.A. This joint venture granted the company exclusive global distribution rights to Santiago de CubaTM, a premium Cuban heritage rum brand.

On 30 March 2018, Anheuser-Busch InBev announced the completion of a 50:50 merger of AB InBev’s and Anadolu Efes’ existing Russia and Ukraine businesses.

Geographical Expansion

Manufactures of alcoholic beverages are expanding their footprints across the globe in order to capture new customer groups and to maximize business sales. On February 27, 2018, Heineken N.V. announced the opening of its new brewery in Meoqui, Chihuahua, Mexico. The opening of the new store has strengthened the presence of the company in Mexico. The brewery has a production capacity of 6 million hectoliters per year and will produce leading brands such as Tecate, Dos Equis and Heineken for the Mexican market as well as for export markets.

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Regional Outlook:

In terms of geography, the alcoholic beverages market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe accounted for the major share of the global alcoholic beverages market. Moreover, Europe’s alcoholic beverages market is expected to showcase lucrative growth in the upcoming years.

Competitive Landscape:

The report also covers detailed competitive analysis of major market players of the global alcoholic beverages market, such as Anheuser-Busch InBev SA/NV, Bacardi Limited, Beam Suntory Inc., Constellation Brands Inc., Diageo Plc, Heineken Holding NV, Molson Coors Brewing Co., Pernod Ricard SA, United Spirits Ltd., Carlsberg Group and other key & niche players. The alcoholic beverages market is witnessing a wide range of industry activities such as product launch, partnership, acquisition, and expansion across the globe.

About Us:

FAST.MR is a global market research and business-consulting organization that aims to provide a deep market insight to our clients, which helps them in better decision making in the dynamic environment. We have a team of highly qualified personnel that studies the market in depth to provide our clients with better strategies to stand out in the market.

Our report covers current market status, opportunities available in the market, growth plans, and emerging trends in order to cater to the evolving needs of the customers. We help businesses around the globe with operational improvements, technologies, emerging market trends which in-depth boost the company’s growth in the future. The reports prepared by us are customized according to the client’s needs. We inculcate high morale and ethics while preparing our report which helps in building long term relationships with our clients.

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