Market Overview
TheAlcopop Marketis projected to reach a market size of5.6 billionby2027, growing at a significantCAGR of 5.8%during the forecast period from2020 to 2027.
Market Dynamics
The alcopop market is heavily influenced by the developing economy and rising per capita disposable income. The global market for alcopops is also being driven by a rise in demand for alcoholic beverages with unusual and refreshing flavors. Innovations and fortifications in many spirits variations have aided in the growth of the alcopop sector, thanks to a strong focus on research and development. The growing youth population and their high preference for premium alcoholic beverages are helping to propel the alcopop business forward.
The market's expansion can be linked to expanding consumer demand for flavored alcoholic beverages as well as rising disposable income. During the forecast period, the beer segment is likely to dominate the worldwide alcopop market in terms of type. This is due to the rising popularity of craft and flavored beers among consumers across the country. During the forecast period, store-based sales are likely to account for a bigger share of the worldwide alcopop market than non-store-based sales in terms of application.
Due to lockdowns, travel bans, and commercial shutdowns, the COVID-19 has had a negative impact on economies and industries like the food and beverage industry in a number of countries. Due to the lockdown of restaurants, food service providers, liquor shops, hotels, and bars during the COVID epidemic, demand for alcohol was initially affected, which had a detrimental influence on the alcopop market. The closure of local shops and bars has created chances for internet service providers, which has helped to stabilize demand for alcoholic beverages during the pandemic, which has benefited the alcohol market. As a result, COVID 19 first had a detrimental impact on the alcopop business, but as the demand for alcohol climbed, so did the desire for alcopop.
Segmentation
Based on base type, packaging type, distribution channel, and geography, the worldwide alcopop market outlook has been divided.
Beer, whiskey, rum, vodka, and other spirits have been classed as base types in the global market.
The global market has been divided into three categories based on packaging type: bottles, cans, and others.
The global market has been divided into two categories depending on distribution channels: store-based and non-store-based. Supermarkets and hypermarkets, specialty stores, and others are all part of the store-based division.
Region Overview
During the projected period, North America is expected to lead the alcopop market insights. In this region, the United States is the leading contributor to the expansion of the alcopop market. The presence of large operational players in this region, as well as the development of more youth-oriented product varieties, are driving the market's growth.
Europe also has a sizable share of the worldwide alcopop market. The market is expanding due to the increasing popularity of the product among young people.
However, Asia-Pacific is seen as a promising area for the global alcopop industry's expansion. The rise of the alcopop sector in this region is being fueled by the introduction of these products into previously untapped markets.
Competitive Landscape
Diageo PLC (UK), Asahi Group Holdings, Ltd. (Japan), Suntory Holdings Limited (Japan), Halewood International Limited (UK), The Brown-Forman Corporation (US), Bacardi Limited (UK), Mike's Hard Lemonade Co. (US), Pernod Ricard SA (France), Anheuser-Busch InBev SA/NV (Belgium), The Miller Brewing Company (US), United Brands Company, Inc. (US), Phusion Projects, LLC. (US), Bass Brewery (UK), Molson Coors Brewing Company (US), and Pabst Brewing Company (US)are some of the key players in the global alcopop industry.
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