The global alcoholic beverages market was valued at USD 2,313.2 billion in 2023 and is projected to rise from USD 2,527.0 billion in 2024 to USD 5,716.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.74% during the forecast period (2024–2032). In 2023, the Asia Pacific region held the largest market share, contributing 40.44% to global revenue. Furthermore, the U.S. market for alcoholic beverages is anticipated to grow considerably, reaching an estimated USD 702.96 billion by 2032, largely driven by the increasing consumption among urban populations.
Alcoholic beverages are created by fermenting grains, fruits, sugars, and other sources such as tubers, plant saps, honey, and dairy. In many cases, these products undergo distillation to enhance their alcohol content. Broadly, alcoholic drinks fall into three main categories: beers, wines, and spirits. According to the U.S. National Center for Biotechnology Information (NCBI), different types of alcohol require distinct manufacturing processes.
Information Source: https://www.fortunebusinessinsights.com/alcoholic-beverages-market-107439
Segments:
Distilled Spirits Dominate Market Share Amid Growth in Distillery Numbers
By product type, distilled spirits command the largest share of the market. This trend is primarily supported by the rising number of distilleries. Social media has played a significant role in consumer education, exposing audiences to emerging spirit varieties and helping them discover local distilleries.
Beer follows closely behind in terms of market share. The beer sector is highly competitive, with both global and regional players striving for market leadership. The U.S. remains one of the top beer exporters worldwide. The spread of Western culture has influenced younger generations, especially in South Asia, to favor beer, making it a top choice among young adults.
Food Service Segment Leads Distribution Channels Post-Pandemic
When classified by distribution channel, the food service segment holds the largest share. Social activities rebounded after the pandemic, significantly boosting alcohol sales in this segment. Among young adults, there’s also a noticeable shift from beer to dark liquors such as whisky, rum, scotch, and brandy.
Report Coverage:
The report includes:
Drivers and Restraints:
Expansion of Breweries and Wineries Fuels Industry Growth