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

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 ...