Global Alcoholic Beverages Market: High Family Incomes and Influence of Social Networks Drive Sales among Millennials

The global alcoholic beverages market has witnessed impressive growth over the last couple of years driven by a number of favorable factors. Growing urban population coupled with rising disposable incomes in emerging economies is leading individuals to explore new forms of entertainment such as night parties and spending time at bars, lounges. Further, young adults with high family incomes, high social media influence, and easy access to alcoholic drinks are other prominent factors driving sales of alcoholic drinks.

In urban areas, high pressure jobs and the perception that consumption of alcohol is relaxing to the mind is leading to the increased consumption of alcoholic drinks.

Manufacturers of alcoholic drinks that are continuously launching new products with added flavors. Curiosity among consumers especially among millennials is attracting them to try these products, which is having a positive bearing on the alcoholic beverages market.

On the down side, excessive consumption of alcohol which is adversely affecting health, especially the health of young adults might challenge the growth of alcoholic beverages market. As per a report released by WHO in 2014, 3.3 million deaths each year across the world are related to excessive consumption of alcohol.

According to a report by Transparency Market Research, the global alcoholic beverages market is likely to expand at a CAGR of 6.4% vis-à-vis revenue between 2017 and 2025, for the market to become worth US$1,977, 342.7 mn by the end of 2025. The global alcoholic beverages market is estimated to be worth US$1,205,359.1 mn by the end of 2017.

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Beer Product Type Segment Estimated to Hold Substantial Market Share through Forecast Period

The report studies the global alcoholic beverages market based on product type, packaging type, sales channel, and geography. The key segments of the global alcoholic beverages market based on product type are beer, spirits, wine, and others. The beer segment, amongst all, is estimated to represent 42.7% of the overall market by 2017 end.

Based on packaging type, the global alcoholic beverages market is segmented into glass bottles, plastic bottles, tins, and others. The key segments of the market depending upon sales channel are modern trade, specialty stores, convenience stores, commercial, hotels/restaurants/bars, online retailers, and other retailing formats. Of them, specialty stores segment is estimated to hold 27.4% of the market by the end of 2017.

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Changing Lifestyles and Western Influence Catapult Asia Pacific Alcoholic Beverages Market

In this report, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the segments that divide the alcoholic beverages market based on geography. Of them, Asia Pacific is the prominent region accounting for the leading share in the overall market. This is mainly due to increasing urbanization and a growing middle-class population with disposable incomes.

However, amongst all, Latin America is expected to display the leading 5.4% CAGR between 2017 and 2025. This is mainly because of rising urbanization and increasing per capita income in this region. Furthermore, changing lifestyles, influence of social media, and increasing trend of entertainment at clubs, lounges is driving sales of alcoholic beverages.

Key players in the global alcoholic beverages market profiled in this report are Carlsberg A/S, Diageo Plc., Suntory Holdings Ltd., Brown-Forman Corporation, Craft Brew Alliance Inc., Anheuser-Busch InBev SA/NV, United Breweries Limited, Molson Coors Brewing Co., Accolade Wines Holdings Australia Pty Limited, The Wine Group LLC, Heineken Holding N.V., Asahi Group Holdings Ltd., Halewood International Holdings Plc, Bacardi Limited, Bundaberg Brewed Drinks Pty Ltd, Constellation Brands Inc., The Boston Beer Company Inc., Pernod Ricard SA, DGB Pty Ltd., and Bronco Wine Company.

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