Written by Rana Ali• September 16, 2024• 8:12 am• Business

Alcoholic Beverages Market Size and Growth Forecast Report 2024-2032

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Global Alcoholic Beverages Market Outlook

According to Renub Research, the global alcoholic beverages market is projected to reach USD 2,749.11 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.02% from 2024 to 2032. The market, valued at USD 1,769.07 billion in 2023, has seen substantial growth due to its pivotal role in social and cultural settings across the globe. Alcoholic beverages are derived from fermentation and may be concentrated through distillation, with alcohol content varying depending on the production process. These beverages range from wine and beer to spirits, catering to diverse consumer preferences.

Market Trends and Drivers

Alcoholic beverages play a significant role in numerous societies, offering a wide range of choices that reflect local substrates and cultural preferences. However, the consumption of Alcohol is not without risk, as harmful use can lead to significant health concerns. The World Health Organization (WHO) reports that harmful alcohol consumption results in 3 million deaths annually, accounting for 5.3% of all global deaths. It particularly affects young people aged 20-39, among whom 13.5% of all deaths are alcohol-related.

Despite the risks, demand for alcoholic beverages continues to grow, driven by factors like increased disposable incomes, social trends, and a growing middle class. On average, more than 6 out of 10 Americans consume Alcohol, with the habit becoming more prominent among younger demographics. Additionally, many regions, including Europe and parts of Asia, have a long history of alcohol consumption, supporting the market’s expansion.

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Government Regulations and Merger & Acquisition Activity

In some regions, alcohol consumption is restricted or banned, impacting the global demand for alcoholic beverages. For instance, in India, alcohol consumption is prohibited in certain states and regions, which can influence market growth. Despite these regulations, the alcoholic beverages market continues to thrive due to strategic mergers and acquisitions. Companies like Diageo, Constellation Brands, and Bacardi are expanding through partnerships and acquisitions to strengthen their market presence.

Regional Insights

Europe is a significant market for alcoholic beverages, with a diverse range of drinks, including beer, wine, and spirits. According to WHO, Europeans over 15 years old consume an average of 9.5 liters of pure Alcohol annually, equivalent to 190 liters of beer or 80 liters of wine. The European Union has nine countries that are among the world’s top alcohol consumers.

In the United States, market growth is driven by factors such as high alcohol consumption rates and a growing trend toward innovative and craft beverages. In Mexico, the trend is also rising, with 51% of consumers visiting bars for drinks and 70% for food in the last two weeks as of April 2023.

Company Analysis

Leading companies in the global alcoholic beverages industry include Anheuser-Busch InBev SA/NV, Carlsberg Group, Constellation Brands Inc., Heineken N.V., Molson Coors Beverage Company, Pernod Ricard SA, and Suntory Holdings Limited. These industry leaders continuously innovate and diversify their product lines to meet evolving consumer preferences. They are also engaging in strategic partnerships and acquisitions to enhance their market share.

Recent Developments

In November 2022, Diageo acquired Balcones Distilling, a Texas craft distiller and one of the leading American Single Malt Whisky manufacturers in the United States.
In March 2022, Constellation Brands Inc. and The Coca-Cola Company formed an agreement authorizing the use of the FRESCA brand in the alcoholic beverage category in the United States.
In September 2023, Bacardi Limited completed a transaction to become the sole owner of ILEGAL Mezcal.
In February 2023, Dutch brewing giant Heineken received investment from Bill Gates, acquiring a 3.76% stake in the company.
In March 2023, Carlsberg Canada announced the acquisition of Waterloo Brewing.

These developments indicate the ongoing evolution and expansion of the global alcoholic beverages market. Despite government restrictions in certain regions, consumer demand for alcoholic beverages remains strong, driven by social trends, innovations, and a wide range of product offerings.

About the Company:

Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.