The global alcohol market is expected to witness strong growth during the forecast period between 2021 and 2031.
Alcohol refers to a chemical product that is present in different beverages such as beer and wine. In addition to these products, alcohol has also been found in household products and medicines.
COVID-19 pandemic reduced the growth in global alcohol market. With rising cases globally, key authorities worldwide were forced to impose stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus.
This led to temporary or permanent shutting down of alcohol production facilities, which decreased product manufacturing and sales, lowered the alcohol demand, and affected market growth.
However, with most population sections vaccinated twice and approval given to the use of third precautionary booster dose, it is expected that production facilities will resume operations at close to full capacity soon, leading to increased production and demand and helping market growth.
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Rising consumer demand for premium products is the key growth driver for global alcohol market.
Also, increasing production of different alcohol products such as beer is expected to help create revenue-generating opportunities for leading players in global market, in the coming years.
In addition to this, rising young adult demographic in leading economies globally could stimulate the growth in global alcohol market, in years to come.
Other factors such as rapid urbanization, especially in developing economies, and increasing disposable income could emerge as key contributors to growth in overall alcohol market, in future.
Distilled spirits segment is anticipated to emerge as largest revenue contributor to overall market in the coming years owing to increasing consumer demand for products such as beer, rum, whiskey, and vodka.
Offline distribution channel segment is expected to emerge as largest revenue contributor to overall alcohol market in future because of increasing consumer preference to purchase alcohol from supermarkets and hypermarkets at reduced prices in prominent countries worldwide.
The competitive landscape in global alcohol market is fragmented owing to increased presence of prominent players. Many of these players are anticipated to hold a large share in overall market, in the years ahead.
Launch of novel products could help prominent alcohol market players gain an edge over competitors and help create revenue-generating opportunities, in future.
Other strategies such as collaboration with smaller could assist leading alcohol market players in expanding their market presence and increasing their revenue shares.
Well-established market players could establish manufacturing facilities in countries offering key resources at reduced costs, which could help market growth in the region.
Leading market player Grain Processing Corporation, in February 2021, established a new distillery in Iowa to manufacture alcohol.
Some of the well-established alcohol market players include Carlsberg A/S, Asahi Breweries Ltd., Brown-Forman Corporation, China Resources Beer Company Limited, and Grain Processing Corporation.
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The global alcohol market is classified into four regions, namely, North America, Asia Pacific, Europe, and rest of the world.
North America is expected to be the leader in global alcohol market in future because of increasing demand for alcoholic beverages from youthful population residing in countries such as the U.S and Canada.
Europe is anticipated to witness significant growth in global alcohol market in the coming years owing to rising per capita income, which could fuel the alcohol demand, in countries such as the U.K. and Germany.
Asia Pacific is projected to witness strong growth in overall alcohol market due to increasing urbanized population in both developed and developing economies in countries such as China and India.
The rest of the world is projected to witness moderate growth in global alcohol market, in the coming years.
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