Increasing demand from emerging markets of Asia-Pacific and Eastern Europe is expected to drive the world market for alcohol beverages. Cultural and religious factors, drinking habits, changing lifestyles, and economic prosperity of the population are major factors influencing the demand for alcoholic beverages across the world.
San Jose, CA (PRWEB) September 1, 2008 -- With traditional markets such as North America, Western Europe and Japan reaching maturity, future growth for alcoholic beverages is expected to stem largely from the developing markets. Growth in this market is governed by factors such as drinking habits, culture and tradition of regional markets, tax regime, and lifestyle changes. Improving economic conditions, rising levels of disposable incomes, and growing affluence of consumers are expected to drive volume and value sales in global alcoholic beverages market, particularly in emerging markets of Asia-Pacific, Latin America and Eastern Europe. In developed markets of North America and Western Europe, growth is expected to come primarily from the rising preference for premium products.
A key noteworthy trend in the global alcoholic beverages market is the rising consumer preference for low-alcoholic drinks, especially wine, beer, and flavored alcoholic beverages (FABs). This trend is particularly prevalent among youngsters in the age group of 18-30 years, a core demographic group for the alcoholic beverages sector. Greater demand for low-alcoholic drinks, coupled with the trend towards premium products, are expected to prop up sales across various regional markets. The growing popularity of vineyards, and brewing facilities as tourist spots is also helping contribute towards rising sales. This is especially so in the wine industry where tourists are encouraged to sample and purchase products.
Alcohol consumption patterns are changing rapidly, with off-trade/at-home sector gaining ground over the on-trade sector. Consumers across United States and Europe are exhibiting a marked preference for consuming alcohol at home, thereby affecting the sales of on-trade market, comprising of bars, hotels and restaurants, among others. Faced with intense competition from the off-trade sector, on-trade establishments are adopting strategies such as discounting to retain customer base. Conventionally, cocktail culture has been a major driving force for the spirits market in the United States.
With the focus shifting towards a younger customer base, the industry has retreated from its traditional image of classic cocktails, to alcoholic beverages that are relevant to the younger population. Premium brands and flavored spirits are gaining acceptance, particularly among younger consumers who seek specially crafted drinks. Consumption of wine is also rising, as increasing number of customers perceive wine as a healthier option. Contraband and parallel trading, ascribed to stringent legal and tax regimes, underage alcohol consumption, and healthcare concerns related to excessive alcohol intake are major challenges facing the global alcohol beverages market. Rising public concerns about health and drunken driving, in concert with stricter regulations for curbing alcohol-influenced road accidents, are expected to challenge consumption patterns across the globe.
The report titled "Alcoholic Beverages: A Global Outlook", published by Global Industry Analysts, Inc., provides a collection of statistical findings, market briefs, and concise summaries of research findings. Amply illustrated with market data, tables, charts, and graphs, the report covers United States, Japan, Europe, Asia-Pacific, Latin America, and Middle East and Africa. European markets briefly discussed include Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Norway, Poland, Russia, Spain, Sweden, Netherlands, Switzerland, United Kingdom, and Ukraine, among others. Asian and Latin American markets covered include Australia, New Zealand, China, Hong Kong, India, Indonesia, Malaysia, Singapore, South Korea, Thailand, Taiwan, and Philippines, Argentina, Brazil, Chile, Colombia, Mexico, and Venezuela, among others. Also included is a directory listing of addresses, and contact details of 1,076 companies worldwide.
For more details about this research report, please visit
http://www.strategyr.com/Alcoholic_Beverages_Industry_Market_Report.asp.
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