Alcohol Market is predicted to witness a massive growth Up to 2024
Date: 2019-01-08   Author: Rahul Sankrityayan  Category: #market

Alcohol Market is predicted to witness a massive growth Up to 2024

The Alcohol Market is driven by increasing awareness for health benefits from dietary consumption of product along with application in pharmaceuticals and food & beverages sector. Growing demand for premium liquor beverage owing to increase in demographic and income trend of consumers is considered to be status symbol and is one of the key factor for alcohol market growth.

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Expansion of personal care industry has led to liquor demand in this area due to its usage in cosmetics, antiseptics, perfumes, shampoos, body wash and eyeliners. Alcohol is an organic compound and formed by the fermentation of sugar. High usage of product in medical wipes, soaps and hand sanitizers in the form of antiseptic, disinfectant and an antidote owing to its superior qualities include kill fungi and bacteria by denaturing process. This in turn, will drive the alcohol market during forecast period.

Growth in medical sector will fuel the alcohol market size owing to its usage for liquid preparation of cold and cough syrups, pain medication and in mouth washes to remove the germs from mouth, as it contains around 20% of ethanol. Increasing demand for automotive will drive product market due to its excessive use in high grade fuel in order to increase the fuel performance. Upsurge in industrial activity is likely to boost the product market demand as it is used in coatings, adhesives and printing inks owing to quick drying property.

Increasing acceptance for the consumption of liquor in the cultural beliefs of consumers in developing regions is likely to propel the product market growth in future. Rising skin and health concerns results that consumers are switching to less calorie liquor drinks which has bound producers to introduce variety of pre-mixed cocktails with low calories level in the market.

Alcohol market is segmented by category include wine, beer and spirits. Among this category, beer dominated the product market due to few health benefits includes as it reduces the risk of cardiovascular diseases, used for the treatment of kidney & gallstones. Increasing demand for beer from youth population is anticipated to drive the alcohol market in future.

The excessive consumption of liquor results the liver problem, brain damage and cancer of mouth and throat are some of the key restraining factors which will hamper the alcohol market demand. Apart from this, soaring prices of raw materials, presence of no liquor products and strict licensing requirement for producers of liquor based beverages are additional factors which restrict the alcohol market growth in upcoming years.

Product manufacturers efforts for expansion of purchase channel and distribution channel which includes hypermarket, wholesalers, convenience and online stores will augment the market in forecasted period. High competition among the key players will restrain the market growth in future.

North America, led by U.S. dominates the alcohol market due to the increasing demand of liquor beverages and shift in trends of consumer habits in this region. Large presence of manufacturers is also a key driving factors for product market growth.

In Europe, maximum consumption of beer by adults, positive income trends and trade of liquor in this region is likely to propel the alcohol market size in future. High excise duties, strict regulations on low quality of drinks and minimum prices of high quality liquor drinks are some of the key factors that will drive the product demand. Asia pacific, led by India and China are the potential market of liquor based beverages owing to product penetration by manufacturers, increasing consumption and changing consumer habits.

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Key players in alcohol market include Anheuser-Busch, Beam Suntory, Accolade Wines, Bacardi, Constellation Brands, Carlsberg and China Resource Enterprise. Some other notable players include Diageo, Heineken, E. & J. Gallo Winery, Vina Concha y Toro, Treasury Wine Estates, Torres, The Wine Group, SABMiller and Pernod Ricard. For an instance, In March 2017, Anheuser-Busch had announced national launch of best brewing flavors due to the high customers demand for the product.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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