The global alcoholic beverages market has witnessed impressive growth over the last couple of years driven by a number of favorable factors. Growing urban population coupled with rising disposable incomes in emerging economies is leading individuals to explore new forms of entertainment such as night parties and spending time at bars, lounges. Further, young adults with high family incomes, high social media influence, and easy access to alcoholic drinks are other prominent factors driving sales of alcoholic drinks. In urban areas, high pressure jobs and the perception that consumption of alcohol is relaxing to the mind is leading to the increased consumption of alcoholic drinks.
According to Transparency Market Research, the global alcoholic beverages market is expand at a steady CAGR of 6.4% within the forecast period from 2017 to 2025. The market was valued to be US$1,205,359.1 mn in 2017. This figure is expected to soar to about US$1,977,942.7 mn by the end of forecast period, 2025.
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Beer Product Type Segment Estimated to Hold Substantial Market Share through Forecast Period
The report studies the global alcoholic beverages market based on product type, packaging type, sales channel, and geography. The key segments of the global alcoholic beverages market based on product type are beer, spirits, wine, and others. The beer segment, amongst all, is estimated to represent 42.7% of the overall market by 2017 end.
Based on packaging type, the global alcoholic beverages market is segmented into glass bottles, plastic bottles, tins, and others. The key segments of the market depending upon sales channel are modern trade, specialty stores, convenience stores, commercial, hotels/restaurants/bars, online retailers, and other retailing formats. Of them, specialty stores segment is estimated to hold 27.4% of the market by the end of 2017.
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Changing Lifestyles and Western Influence Catapult Asia Pacific Alcoholic Beverages Market
In this report, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the segments that divide the alcoholic beverages market based on geography. Of them, Asia Pacific is the prominent region accounting for the leading share in the overall market. This is mainly due to increasing urbanization and a growing middle-class population with disposable incomes.
However, amongst all, Latin America is expected to display the leading 5.4% CAGR between 2017 and 2025. This is mainly because of rising urbanization and increasing per capita income in this region. Furthermore, changing lifestyles, influence of social media, and increasing trend of entertainment at clubs, lounges is driving sales of alcoholic beverages.