The report, led by market research company Straits Research, has illustrated how last year the global alcoholic drinks sector was valued at US$1,603 billion but now looks set to grow at a compound annual growth rate (CAGR) of 2.5% between 2023–2031.
According to the findings, the highest global market share for alcoholic beverages is currently held by Europe, due to “the region’s significant players and the high demand” for alcoholic drinks.
The report has also outlined how “growth in the global population of young adults and the subsequent rise in demand for alcoholic beverages are the two main factors driving the world market” for alcoholic drinks. The company added that “trade volumes will need to rise to support the expanding population” and projected that “players in the alcoholic beverage market are therefore anticipated to profit from the rising demand for alcoholic beverages as the population increases over the course of the forecast period”.
Straits Research additionally pointed out that “the growing popularity of socialising and weekend/midweek get-togethers among young and working professionals has also been advantageous for the sector”. Plus “the consumption of luxury beverages has expanded as a result of its association with sophistication and class as a result of greater urbanisation”.
The new research described how “people in emerging economies are exploring new forms of entertainment like nightclubs and hanging out in bars and lounges due to the growing urban population and increased disposable incomes”. Additionally, “sales of alcoholic beverages are driven by young individuals with wealthy families, substantial social media influence, and easy access to alcohol”.
To read full article, click HERE.