The premium alcoholic Beverages market is surging at a 9.3% CAGR, heading towards a valuation of $1.7 trillion by 2032. Increased demand stems from quality, new brands, rising incomes, health awareness about wine, and a growing global wine-drinking population.
The global premium alcoholic beverage market is predicted to expand at a compound annual growth rate of 9.3% and be valued at US$ 1.7 trillion by 2032. The introduction of new premium alcoholic beverage brands on a global scale and the growing demand for premium alcoholic beverages because of their superior quality are some of the factors propelling the market’s rise.
Growing disposable income, growing knowledge of the health benefits of wine consumption, and a noticeable rise in the global wine drinker population are some of the factors that have contributed to the premium alcoholic beverage market’s healthy growth over the years and are expected to continue doing so during the projection period.
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Similar to this, during the projected period, producers of these beverages will have a wide range of opportunities due to millennials’ growing need for a variety of luxury alcoholic beverages such beer, rum, and wine.
Additionally, the convenience with which these premium alcoholic beverages may be purchased online will lead to an increase in sales of these products during the assessment period.
Key Takeaways from Market Study
- The premium alcoholic beverages market size reached US$ 11.4 Bn in 2022.
- By alcohol type, whiskey is likely to be the most remunerative segment in the global premium alcoholic beverages during the forecast period.
- Based on sales channel, B2C to witness highest premium alcoholic beverages sales through 2032.]
- The U.S. will continue to remain the most dominant premium alcoholic beverages market during the forecast period.
- Demand for premium alcoholic beverages to rise at a robust pace in Japan over the assessment period.
“Growing consumer preference for nutritional beverages with optimum quality will create lucrative growth opportunities for the premium alcoholic beverages manufacturers during the forthcoming years,” says a Future Market Insights analyst.
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Competitive Landscape
Key premium alcoholic beverages are constantly focusing adopting various strategies such as new product launches, advertisements, price reduction, partnerships to gain a competitive edge in the global market. For instance,
- In 2021, Dos Equis, a Heineken USA brand, launched a Hard Seltzer named as Dos Equis Ranch Water, which is inspired by the sparkling mineral water, classic West Texas tequila, and lime. The Dos Equis brand has become the largest import brand in Texas with 16.1% growth in the past year.
Key Companies Profiled in Premium Alcoholic Beverages industry are Bacardi Limited, Diageo Plc, Pernod Ricard SA, Gruppo Campari, The Brown-Forman Corporation, The Edrington Group, Heineken N.V., Anheuser-Busch Companies, LLC, Carlsberg A/S, Miller Coors, Others
Premium Alcoholic Beverages Market by Category
By Alcohol Type:
- Beer
- Wine
- Whiskey
- Gin
- Vodka
- Rum
- Others
By Packaging:
- Bottles
- Can
- Jars
- Tins
- Others
By Sales Channel:
- B2B/Direct
- B2C/Indirect
By Application:
- Household Segment
- Hospitality Industry
- Others
Frequently Asked Questions
- What is the current size of premium alcoholic beverages industry?
- At what CAGR is the market expected to expand through 2032?
- How was the performance of premium alcoholic beverages over the past half-decade?
- What is the projected valuation for premium alcoholic beverages by 2032?
- Who are the key players operating in the market?
- Which are the top countries driving the premium alcoholic beverages industry demand?
- What are the key factors affecting the premium alcoholic beverages industry growth?
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About Future Market Insights (FMI)
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