The global alcoholic beverages market size was valued at USD 1428.5 billion in 2021. The market is projected to grow from USD 1428.5 billion in 2021 to USD 2544.5 billion by 2028, exhibiting a CAGR of 10.10% during the forecast period.
 
The increasung number of young adults is likely to be a major factor driving the growth of the alcoholic beverages market during the forecast period. The increased demand for premium / super-premium products will move the alcoholic beverages industry forward. Moreover, the increased awareness of the negative effects of low alcohol intake is expected to cushion the expansion of the alcoholic beverages industry. However, the rising cost of premium / super premium goods is expected to hamper the expansion of the alcoholic drinks market throughout the forecast period. Furthermore, the outline of robust breweries and spirits will create additional potential prospects for the alcoholic drinks market to flourish in the next years.

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COVID-19 IMPACT

The global lockdowns imposed by governments due to the coronavirus disease outbreak (COVID-19) have severely restricted the global market for alcoholic beverages in 2020. This has disrupted supply chains and reduced consumption. A viral illness called COVID-19 causes flu-like symptoms like fever, coughing, and breathing difficulties. The availability of raw materials from domestic and foreign vendors is a necessity for food and beverage producers. Manufacturers were forced to suspend production due to a shortage of raw materials as several governments imposed restrictions on international and domestic trade in goods. The drop was also influenced by trade restrictions on non-essential items and concerns about contamination from manufacturing sites.
 
DRIVING FACTORS

Rising Interest in Craft Alcoholic Beverages to Boost Market

Customers are becoming more accustomed to the craft alcoholic beverage market. The market offers a wide range of craft beer flavors. Well-known breweries will likely devise plans to introduce their craft beer line or buy out rivals' labels or brands. They will now have access to various marketing strategies and small brewers' distribution networks. Similarly, the craft spirits, craft liquor, craft cocktail, and craft cider markets are also growing. The young female consumer group is where craft ciders are most popular. Craft spirits are becoming increasingly popular as consumers, particularly Gen-X and Millennial age groups, demand newer flavors and varieties. The market is growing as a result of such factors.
 
RESTRAINING FACTORS

Prevalence of Fake Goods Could Limit Market Expansion

The booming market for fake alcoholic beverages poses a continuing threat to the alcoholic beverage sector. Such products significantly negatively impact consumer health and cause significant financial losses for producers worldwide. These products have packaging and labels that resemble the originals. One of the most frequently imitated spirits is vodka. Numerous homebrewed rice wines sold illegally in China have slowed the expansion of the organized wine sector. To prevent the emergence of fake alcoholic beverages, which could slow the market's expansion throughout the projection period, it is crucial to take action.

LIST OF KEY COMPANIES PROFILED:

ANHEUSER-BUSCH INBEV
BACARDI LIMITED
CARLSBERG GROUP
CONSTELLATION BRANDS, INC
DIAGEO PLC
HEINEKEN HOLDING NV. (HEINEKEN N.V.)
MOLSON COORS BREWING COMPANY
PERNOD RICARD SA
SUNTORY HOLDINGS LTD. (BEAM SUNTORY INC.)
UNITED SPIRITS LIMITED

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