India, China and US will be key drivers for global alcohol market growth

Published 2024년 6월 18일

Tridge summary

By 2028, India, China, and the US are expected to add $30bn to the global beverage alcohol market, despite a slight volume decline in 2023. The market will recover from 2025, driven by developing economies like India, China, Brazil, and Mexico, with the US also contributing significantly. India saw a 5% volume growth in 2023 due to its young population and premiumization trends, while China remains attractive despite volume declines. The US market experienced a decline for the first time in nearly 30 years, influenced by economic conditions and a shift towards health and wellness. Key growth areas include tequila, whiskey, and RTDs, with tequila playing a major role in the US spirits market's growth. Companies are advised to adapt their strategies to target new growth opportunities and innovate in the global Total Beverage Alcohol marketplace.

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

Original content

India, China and the US will together add $30bn in incremental value to the total beverage alcohol category by 2028, according to IWSR. Global beverage alcohol declined 1% in volume but rose 2% in value in 2023, according to new data and forecasts from market analysts IWSR. Following declines in 2023 and continued challenges in 2024, global beverage alcohol is expected to begin its recovery in 2025. And it’s India, China and the US that will act as the top growth drivers for the category moving forward. Post-pandemic, the global beverage alcohol saw above-trend growth. Now, cost-of-living pressures have been softening demand. IWSR predicts that 2024 will remain challenging, with volumes expected to edge up by just 0.4% as households continue to rebalance after strong inflationary pressures of the past two years. That is expected to be followed by a moderate recovery in 2025: with volume and value set to rise at a CAGR of +1% between 2023 and 2028. Growth is expected to come from ...

Source: Beveragedaily