The global alcoholic beverages market revenue was valued at USD 2,313.2 billion in 2023 and is expected to grow from USD 2,527.0 billion in 2024 to USD 5,716.2 billion by 2032, at a compound annual growth rate (CAGR) of 10.74% during the period from 2024 to 2032. In 2023, the Asia Pacific region dominated the market with a share of 40.44%. The U.S. alcoholic beverages market is also projected to experience significant growth, reaching an estimated value of USD 702.96 billion by 2032, fueled by the rising number of urban consumers opting for alcoholic drinks.
Alcoholic beverages are made through the fermentation of various ingredients such as grains, berries, fruits, and other substances like tubers, plant saps, honey, and milk. These ingredients undergo fermentation, which converts sugars into alcohol. In some cases, the beverage is then distilled to reduce the original watery liquid and increase the alcoholic content, resulting in a beverage with a higher alcohol concentration.
Information Source: https://www.fortunebusinessinsights.com/alcoholic-beverages-market-107439
List of Key Players Mentioned in the Report:
Segments:
Increasing the Number of Distilleries and Distilled Spirits to Hold the Largest Share and Drive the Market
On the basis of type, the largest share is held by the distilled spirits segment. The factor that is responsible for the market growth is the increasing number of distilleries. Social media exposure has made it convenient for consumers to get to know more about the new spirits category and to identify local distilleries.
Beer holds the second-largest share of the market. The beer industry is divided, with many international and local players challenging each other to mark their position in the market. The U.S. is the major exporter of beer globally. The adoption of western and modern culture has influenced the young generation toward alcoholic beverages, specifically beer. In South Asian nations, beer is the most consumed alcoholic beverage among young adults.