Global alcoholic drinks market to reach US$2,001 billion by 2031

Published 2023년 6월 16일

Tridge summary

A market research report by Straits Research predicts that the global alcoholic drinks market will grow to US$2,001 billion by 2031 at a CAGR of 2.5% from the 2023-2031 period. Europe currently holds the largest market share due to high demand and significant players. Factors driving market growth include an increasing global population of young adults, urbanization, and the popularity of socializing. The report also notes that product innovation, especially new flavors, is driving market expansion, with specific growth in the whiskey market. The alcoholic drinks industry is expected to expand in regions such as North America, Asia Pacific, and Africa, driven by factors like cultural influences, changing lifestyles, and increased disposable income. However, alcohol consumption remains low in some Middle Eastern nations due to legal restrictions.

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

Original content

The global alcoholic drinks market size is projected to reach US$2,001 billion by 2031, according to a new research report. The report, led by market research company Straits Research, has illustrated how last year the global alcoholic drinks sector was valued at US$1,603 billion but now looks set to grow at a compound annual growth rate (CAGR) of 2.5% between 2023–2031. According to the findings, the highest global market share for alcoholic beverages is currently held by Europe, due to “the region’s significant players and the high demand” for alcoholic drinks. The report has also outlined how “growth in the global population of young adults and the subsequent rise in demand for alcoholic beverages are the two main factors driving the world market” for alcoholic drinks. The company added that “trade volumes will need to rise to support the expanding population” and projected that “players in the alcoholic beverage market are therefore anticipated to profit from the rising demand ...

Source: Thedrinkbusiness