LONDON--(BUSINESS WIRE)--The global alcoholic beverages market is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global alcoholic beverages market is the rising demand for superior and premium alcoholic beverages. Millennials focus more on quality of the alcoholic beverages rather than the price. The rising demand for quality product is one of the key factors driving market growth in the forthcoming years. Expensive premium products use natural ingredients while undergoing quite careful and detailed aging and distillation processes. Therefore, varieties including super premium brandy, American Whiskey, and cognac have witnessed considerable growth in sales in recent years. Moreover, consumers awareness of the harmful effects of low-quality alcohol consumption will further boost the demand for superior and quality alcoholic beverages.
As per Technavio, innovations in the alcoholic beverages sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global alcoholic beverages market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global alcoholic beverages market: Innovations in the alcoholic beverages sector
Growing health concerns among consumers are encouraging market vendors to launch innovative products. Consumers are inclined towards modern and innovative packaging as compared to the traditional ones. Therefore, continuous innovations in the market will emerge as one of the most important alcoholic beverages market trends.
“Big brands are launching several innovative products to attract more consumers. Vendors are introducing new flavors which do not contain any artificial flavors or colors. For instance, market players are increasingly focusing on using natural products such as honey to cater to the evolving end-user requirements,” says a senior research analyst at Technavio.
Global alcoholic beverages market: Segmentation analysis
This market research report segments the global alcoholic beverages market by product (beer, spirits, and wine) and geographic regions (Europe, APAC, North America, South America, and MEA).
Europe led the market in 2018, followed by APAC, North America, South America, and MEA respectively. The dominance of Europe can be attributed to the increasing demand for premium spirits in several economies including Germany, Poland, Spain, France, Switzerland, and the UK.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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