The global alcoholic beverages market is set to be worth $2.797 trillion (€2.47 trillion) by 2028, according to a new study by Polaris Market Research.
Polaris said that the growth of the alcoholic beverages market will be driven by a number of factors, including an increased number of breweries and wineries, the changing preference of consumers towards more premium and super-premium beverages.
Rapid urbanisation and growing trends towards flavoured alcohol and mixed drinks are other factors that are likely to have an impact.
Changing lifestyle standards are also likely to play a role, the report says – most markets will see a rise in disposable income.
According to a 2018 study, the average American consumes 2.3 gallons of alcohol yearly (8.7 litres).
Increasingly Fragmented Sector
Polaris said that the industry is also becoming increasingly fragmented, although consolidation is likely to accelerate in the coming years as established players form alliances through new product launches, mergers and acquisitions, expansion, and strategic collaboration – often with firms outside their direct frame of reference.
For example, in 2020, Constellation Brands acquired the digitally-native wine brand, Empathy Wines, in a bid to bolster its presence into e-commerce channels. Heineken's move for South Africa's Distel is another high-profile recent move which sees the brewer enter the wine and spirits category for the first time.
More information in the study, entitled Alcoholic Beverages Market Share, Size, Trends, Industry Analysis Report, By Type (Beer, Wine, Distilled Spirits, Other); By Distribution Channel; By Region; Segment Forecasts, 2021 – 2028, can be found here.