The global alcoholic drinks market is projected to generate revenue of $1,451.6 billion by 2020, advancing at a CAGR of 3.2% during the forecast period. The market progress is primarily attributed to the growing urbanization and increasing disposable income, especially across developing countries such as China and India.
Additionally, the middle-class population across the globe is growing affluent, where their affordability level for alcoholic drinks is also rising. In fact, the growing number of high-net-worth individuals is substantiating the demand for premium and super-premium alcohol brands. Moreover, the rising consumption of flavored alcoholic drinks with an increasing influence of the social gathering culture is augmenting the growth of the alcoholic drinks market across the globe.
GLOBAL ALCOHOLIC DRINKS MARKET SHARE BY SEGMENT 2014-AND-2020
In 2014, supermarkets and hypermarkets were the major distribution channel for alcoholic drinks, globally, accounting for 43.0% of the total revenue generated in the alcoholic drinks market. Additionally, Europe led the market with a 42.1% share, in terms of value; however, in terms of volume, the global market was led by Asia-Pacific, with a 41.7% share, in 2014.
Increasing share of craft brewers in the beer market is trending
Craft brewers are small independent beer brewers, who apply innovation in brewing to bring different flavors to consumers. Their influence among consumers, especially in developed countries, is increasing, as they are expanding their reach through philanthropy, volunteerism, product donations, and individual approaches to communicating with them. The rising number of craft brewers in the U.S. has made craft beers readily accessible to consumers, in turn, driving the alcoholic drinks market.
Established alcoholic drink manufacturers, who operate in this segment through small craft beer manufacturers, account for less than 25% share of the craft brewery market. In 2014, the craft beer market in the U.S. witnessed an increase of 18% from 2013, in terms of sales volume. Craft beers are almost double the price of standard beer; however, their distinctiveness makes them saleable, which helps in the alcoholic drinks market growth.
Alcoholic drinks market competitive landscape
The global alcoholic drinks market is moderately fragmented, where the top four players accounted for 36% share in 2014. Anheuser-Busch dominated the alcoholic drinks market in the same year, globally. The major companies are increasingly acquiring the smaller ones. For instance, in 2015, SABMiller acquired Meantime Brewing Company (a U.K.-based craft beer manufacturer).
The overall intensity of rivalry is moderate in the alcoholic drinks market. There is a moderate number of alcoholic drink companies in the market, which makes the intensity of competition fairly moderate. A moderate level of product differentiation also results in the present intensity of rivalry. Additionally, the exit barrier is not too much, as some of the machinery can be utilized in other food processing industries.
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Some of the key players operating in the alcoholic drinks market are Kirin Holdings Company Limited, Tsingtao Brewery Company Limited, Beijing Yanjing Brewery Company Limited, Bacardi Limited, Anheuser Busch-inBev, Heineken Holdings N.V., Diageo PLC, Olvi PLC, Carlsberg A/S, Miller Coors, SABMiller PLC, and Grupo Modelo.
GLOBAL ALCOHOLIC DRINKS MARKET SEGMENTATION
By Distribution Channel