Increasing disposable income, coupled with rising standards of living, is expected to boost the sales of alcoholic beverages in the upcoming years. The study circulated by Market Research Future (MRFR) highlights that the Alcoholic Beverages Market Trend is projected to expand at a moderate CAGR over the assessment period 2020 to 2023.
Intake of alcoholic beverages has become a status symbol in the recent years. The rise in the middle-income population is expected to aid the growth of the alcoholic beverages market over the next few years. However, the adverse effects of alcohol addiction and the diseases associated with alcohol consumption are anticipated to check the growth pace of the alcoholic beverages market in the forthcoming years.
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Other key players studied in this MRFR report for providing an informative share analysis of the alcoholic beverages market are Accolade Wines (Australia), Constellation Brands (U.S.), Beam-Suntory (U.S.), and Diageo Plc (U.K.). The market is poised to remain highly attractive as it exhibits large-scale market penetration. An influx of new entrants has intensified investments in research & development for staying ahead of the curve. Also, product development and innovation are anticipated to be introduced by the market participants for gaining an edge over its competitors in the years to come. Case to the point is, in July 2019, Budweiser, an American-style lager produced by Anheuser-Busch, has announced the launch of a limited-edition beer, Harvest Reserve Deep Golden Lager. The product is developed in collaboration with farmers who supplied barley to the company for years.
Carlsberg Group (Denmark) and Heineken Holding NV (Netherland) are few of the top-notch players operating in the Alcoholic Beverages Market Trend. These players have gained considerable shares of the market and are anticipated to contribute substantially to the development of the market over the next couple of years.
In other news, it has been found that the American celebrity, Kylie Jenner, who successfully runs a cosmetic brand has revealed its diversification plan in July 2019. According to the reports, the celebrity is likely to venture into alcoholic beverages market with the launch of its liquor brand.
Different segments of the Global Alcoholic Beverages Market, based on type, include distilled spirits, beer, wine, and others. The distilled spirits segment is further sub-segmented into whiskey, rum, vodka, and others. Sparkling and fortified are the sub-segments of the wine segment. The distilled spirits segment is presently leading the growth of the market and is likely to maintain its forefront position over the next couple of years.
The different distribution channels identified for offering a detailed segmental analysis of the alcoholic beverages market are store-based, and non-store based. The sub-segments of the store-based segment are convenience stores, retailers, supermarkets & hyper markets, and on premises. The store-based segment accounts for a larger share of the distribution network and is poised to earn higher revenues in the years to come. Thus, it is anticipated to contribute substantially to the development of alcoholic beverages market in the foreseeable future.
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The geographical evaluation of the global alcoholic beverages market spans across North America, Europe, Asia Pacific, and Rest of the World (ROW). Europe is likely to dominate the global market over the next couple of years. The region is well known for its wine, and an increase in consumption levels is projected over the next few years. This, in turn, is poised to enable the growth of the regional alcoholic beverages market across the projection period. Asia Pacific is prognosticated to strike the highest CAGR during the review period. Increasing disposable income is expected to support market growth in the region.
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