Global alcoholic beverage market to grow by 10.01%
By Felicia Nwosu
The volume of the global alcoholic beverage market is expected to grow annually by a 10.01percent Compound Annual Growth Rate (CAGR 2022-2025) which will amount to US$1,484.00bn in 2022, where, 6.6% of total revenue is predicted to be generated through online sales.
In 2021, the global beverage alcohol exhibited a positive outlook accelerated by the recovery from the pandemic which had a negative impact on alcohol consumption in the previous year, and was projected to grow in volume by +2.9% by the end of 2021. With the experience of the pandemic, the globalisation of production and marketing networks has permitted the alcohol industry to increase global integration of production and marketing and to diffuse sophisticated technologies for producing and marketing its products rapidly around the world.
With the estimation that revenue in the alcoholic drinks market will amount to US$1,484.00bn in 2022, the market is therefore expected to grow annually by 10.01% (CAGR 2022-2025), where the beer market leads as the largest segment with a market volume of US$563.90bn in 2022. The average volume per person in the alcoholic drinks market is expected to amount to 35.75L in the same year. This report when compared globally has the largest revenue generated in China (US$319.80bn in 2022).
The market for Alcoholic Drinks market is expected to show a volume growth of 7.5% in 2023.
The forecast has also spanned into the next three years, speculating that by 2025, 44% of spending and 26% of volume consumption will be attributable to out-of-home consumption such as bars and restaurants.
In the same year, the volume is expected to amount to 312,660.8ML.
According to International Wines and Spirits Record, IWSR, it is noted that there will be a steady increase in consumption all through 2025, compared to 2023, whose forecast will witness total beverage alcohol consumption to return to pre-Covid levels.
This recovery will be accelerated and boosted by the industry pivoting rapidly in key markets, the momentum of e-commerce and RTDs, and the increasing sophistication of the at-home occasion in many markets. The two fastest-growing categories, according to IWSR forecasts, are no-alcohol spirits and RTDs.
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