China, the US, and India lead path to recovery for global alcohol market

Published 2024년 6월 6일

Tridge summary

IWSR predicts that the global beverage alcohol market will start recovering in 2025, with a modest growth rate of 1% in both volume and value from 2023 to 2028. The total beverage alcohol volume is expected to slightly increase by 0.4% in 2024, following a 1% decline in 2023. India, China, and the US are anticipated to contribute significantly to the sector's growth, adding US$30 billion in value by 2028. Despite challenges, India's alcohol market experienced growth in 2023, with Scotch and US whiskies seeing particular increases. In contrast, China's alcohol market saw volume declines in several categories in 2023, and the US spirits market also declined for the first time in nearly 30 years in 2023. Tequila is expected to bring the most incremental value to the US spirits market by 2028. IWSR's COO, Emily Neill, emphasizes the need for companies to innovate and diversify their strategies to capitalize on new growth opportunities in developing markets.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Global beverage alcohol is expected to begin its recovery in 2025, according to new data and forecasts from IWSR, with three markets in particular driving growth. Global total beverage alcohol (TBA) declined 1% by volume and rose 2% by value (US$, variable exchange rate) in 2023, IWSR data shows. Excluding national spirits such as baijiu and shochu, global volumes were down 1% and value increased by just 3%. Total beverage alcohol volumes are expected to edge up by only 0.4% this year after the 2023 decline. But a stronger recovery is forecast for 2025. IWSR predicts that both volume and value will rise at a CAGR of 1% between 2023 and 2028. When recovery comes, growth is expected to be relatively modest. Evenso, there are bright spots. India, China and the US are expected to add US$30 billion in incremental value to the sector by 2028. India was responsible for major volume growth in 2023. All major beverage alcohol categories (except rum and wine) increased their volumes here, ...

Source: Thedrinkbusiness