The global alcoholic beverages market size is expected to reach USD 2,797.05 billion by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
The global industry is driven by prime factors such as the increasing number of breweries and wineries outlets, changing preference of consumers towards the drinks, especially for premium and super-premium drinks, rising trend of socializing and organizing parties among youngsters, rapid urbanization, and inclinations towards flavored alcohol and mixed drinks.
Furthermore, there is an increase in the lifestyle standards, young adult demographic, rise in disposable income, and increased consumer demand for premium/super-premium products. According to the study published by the Health Careers, in 2018, the sale of the drinks increased by 5.1%, and the average American consumes 2.3 gallons of alcohol yearly.
North America dominated the industry, owing to the rising trend of alcohol consumption, flourishing beverage industry, well-established food industry, and the presence of significant players in the industry involved in several new strategic initiatives focused on alcoholic beverages.
The industry is fragmented with the presence of numerous players operating in the industry. Industry players are forming alliances through new product launches, mergers & acquisitions, expansion, and strategic collaboration. For instance, in 2020, Constellation Brands company had acquired Digitally-Native Wine Brand, Empathy Wines. Hence, this acquisition will affect the growth of the industry.
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