SPER Market Research latest alcoholic beverage industry analysis highlights that the industry continues to see the domination of the beer market but is currently being challenged by the wine and spirit segments. The Global Alcoholic Beverages Market is expected to reach a consumption of $ 1,921 billion with a CAGR of 5.8% during the forecast period of 2019-2024. Improvement in economic conditions and westernization in Middle Eastern countries is influencing the demand for premium beer products, which will contribute to the growth of the alcoholic beverages market in this segment. The expansion of global adult population, high disposable income, and demand for premium products is one the market enhancement factor of Alcoholic beverages market. However, high cost of premium/super premium products and growth in demand for non-alcoholic beverages owing to health issues has the potential to restrict the market growth in future. Alcoholic beverages are consumed in all demographics of the world, and are based on the substrates which are locally available. For instance, sparkling and fortified wines are extracted from grapes, while beers from sorghum, maize, and other spirits prepared from various plants. The differences between the prices of alcoholic beverages are largely determined by two factors;-the costs of production and the duties levied on those costs. The production methods also play a crucial role in determining prices of premium/super premium spirits and wines.

  

 

By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The prominent players in the global alcoholic beverages market have strategically focused on product launches as their key strategy to gain significant market share. Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition.