Premium Alcoholic Beverage Market Forecasted to Surge to US$ 1,032.38 billion by 2034, Showing a Steady 9.10% CAGR | Future Market Insights, Inc.
Growing Trend of Experimenting with New and Exotic Flavors and Increasing Popularity of Craft and Artisanal Products are Augmenting the Market Growth of Premium Alcoholic Beverages
NEWARK, Del, April 10, 2024 (GLOBE NEWSWIRE) -- The premium alcoholic beverage market is witnessing significant growth, with a projected valuation of US$ 430.38 billion in 2024. The market is expected to grow at a CAGR of 9.10% through 2034, reaching a high of US$ 1,032.38 billion.Key players focus on expanding their product range and distribution channels to cater to the growing demand for premium products. They are partnering with luxury hotels and restaurants to offer exclusive and high-end experiences to consumers. Some also use social media and influencer marketing to increase brand awareness and engagement.
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The rising middle class in emerging economies such as India, China, and Germany has created a new market for premium liquor players. Consumers in these markets are ready to experiment with novel flavors and brands, creating the scope for various new entrants and existing manufacturers to drive market growth. The increasing popularity of craft beer and artisanal spirits is another factor propelling the beverage sector. Production of unique, authentic, and locally sourced liquor requires a new consumer base willing to have a premium taste.
The use of technology and social media is playing a key role in the growth of the premium alcoholic beverage market. The market is also advancing with augmented reality labels, personalized cocktails, and smart bottles that interact, offering a high degree of convenience and accessibility to consumers.
The market faces challenges, such as increasing awareness and concern about health among consumers, competition from alternative markets, and government regulations and taxes that make it difficult for companies to produce and sell their products.
* “Increasing urbanization, expanding distribution networks, and growing awareness about health benefits of certain alcoholic beverages is a foreseeable trend in the premium liquor market,” *says Nandini Roy Choudhury, Client Partner at Future Market Insights.
*Key Takeaways from the Market Study*
· Whiskey tops the alcohol type with an expected market share of 23.50% for 2024.
· Bottles are the preferred packaging format for premium alcoholic beverages, with an anticipated market share of 38.70% for 2024.
· The premium alcoholic beverage market in Japan is projected to inflate at a CAGR of 7.30% through 2034.
· The premium alcoholic beverage industry in China is anticipated to develop at a CAGR of 6.90% through 2034.
· The premium alcoholic beverage industry in India has the potential to increase by 6.80% CAGR through 2034.
· The premium alcoholic beverage industry in the United States is estimated to rise at 5.20% CAGR through 2034.
· The premium alcoholic beverage market in Germany is predicted to rise by 4.60% CAGR through 2034. *Purchase the Report for Market-Driven Insights! *https://www.futuremarketinsights.com/checkout/15281
*Competitive Landscape*
Premium alcoholic beverage manufacturers and key players are focusing on expanding their product range and distribution channels. Key players are also launching direct-to-consumer sales channels to reach a wider audience. Manufacturers are widening their reach to offer high-end experiences for consumers. Key companies like Bacardi Limited, Diageo Plc, Pernod Ricard SA, Gruppo Campari, The Brown-Forman Corporation, The Edrington Group, Heineken N.V., Anheuser-Busch Companies, LLC, and Carlsberg A/S are widening the visibility of the market.
*Recent Developments:*
· In April 2024, Coca-Cola India entered the alcohol market with Lemon-Dou, a ready-to-drink alcoholic beverage combining shochu and lime, marking the company's first foray into alcoholic beverages in India.
· Radico Khaitan launched its premium Jaisalmer Indian Craft Gin in July 2023, expanding its product line and remaining competitive against brands like Bombay Sapphire despite a 15% decline in fourth-quarter profits due to rising input costs.
*Key Companies in the Market*
· Bacardi Limited
· Diageo Plc
· Pernod Ricard SA
· Gruppo Campari
· The Brown-Forman Corporation
· The Edrington Group
· Heineken N.V.
· Anheuser-Busch Companies, LLC
· Carlsberg A/S
· Miller Coors
· Others*Request Report Methodology!* https://www.futuremarketinsights.com/request-report-methodology/rep-gb-15281
*Market Segmentation*
By Alcohol Type:
· Beer
· Wine
· Whiskey
· Gin
· Vodka
· Rum
· OthersBy Packaging:
· Bottles
· Can
· Jars
· Tins
· OthersBy Distribution Channel:
· Direct Sales
· Indirect Sales
· Modern Trade
· Convenience Stores
· Independent Grocery Retailers
· Specialty Food Stores
· Online Retail
· Other Retail Formats
By Region:
· North America
· Latin America
· Asia Pacific
· Middle East and Africa (MEA)
· Europe
*Author by:*
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
*Explore FMI’s related ongoing Coverage in the Food and Beverage Market Domain*
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