(MENAFN- Ameliorate Digital Consultancy)
According to data released by Fact.MR, a provider of market research and competitive intelligence, the global alcopop market is anticipated to reach a value of US$ 8.1 billion by the end of 2033, increasing at a CAGR of 6% from 2023 to 2033.
Alcopops are Ready to Drink (RTD) beverages that are available in pre-mixed forms containing different flavored spirits and can be consumed directly. Lesser content of alcohol in alcopops as compared to conventional alcoholic beverages is a key factor driving their consumption.
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Increasing per capita disposable income of people around the world is predicted to have a direct impact on the expenditure capacity of individuals. They are spending at a noticeable rate in different lifestyle products, including beverages and food at restaurants & cafés. Increasing inclination for alcoholic and non-alcoholic beverages that impart refreshing and unique flavors are expected to bolster the demand for alcopops around the world.
High concentration on R&D activities has resulted in fortifications and innovations in numerous spirit varieties, which is predicted to support in generating lucrative opportunities for market players. Rising population of young people and their inclination towards a wide variety of premium beverages is projected to stimulate the demand for alcopops over the coming years.
Key Takeaways from Market Study
Worldwide demand for alcopops is estimated at US$ 4.5 billion in 2023. The global alcopop market is predicted to advance at a CAGR of 6% from 2023 to 2033. The global industry is expected to reach US$ 8.1 billion by the end of 2033. Europe held more than 35% share of global market revenue in 2022. Sales of vodka-based alcopops are anticipated to rise at a CAGR of 4.7% from 2023 to 2033.
“ Rising popularity of alcopops is attributed to the glo bal availability and traction for different flavors . Moreover, increasing popularity of some unique flavors in alcoholic beverages is contributing to the rising share of alcopops in the liquor industry , ” says a Fact.MR analyst.
Rising Popularity of Alcopops Among Teenagers
In recent years, there is a noteworthy increase in the population of young people. They are inclined to consume premium alcoholic beverages, which are estimated to open up new opportunities for players. Alcopops are sweetened drinks, which are receiving enormous popularity, especially among teenagers worldwide. Youngsters are consuming alcopops due to two main reasons:
Alcopops do not taste like alcohol but rather have a sugary-sweet and fruity taste. Alcopops are made more palatable to new drinkers due to their ability to conceal the bitter taste of alcohol. Alcopops are available in attractive packaging with colorful and bright labels, which make them appear more attractive to young consumers.
Awareness about Danger Caused D ue to Excessive Consumption of Alcopops and Implementation of Stringent Regulations
Alcopops are not entirely safer compared to other alcoholic beverages. Excessive consumption of alcopops can have fatal results. Even, habitual drinking of alcopops can result in life-changing consequences.
Over the years, excessive consumption of alcopops has increased concerns among healthcare professionals, parents, and government agencies. The attractive advertisement manners in which it seems to be promoted as an underage drink is one of the key factors to stimulate sales of alcopops. Therefore, an increase in the consumption of alcopops is expected which can adversely impact individuals' health.
Respective governing bodies around the world have imposed certain regulations against the consumption of alcoholic beverages. These regulations are predicted to restrict growth opportunities in the target industry.
Recent Development:
Diageo, in April 2021, launched a new ready-to-drink Gordon's can. This drink comes with a 0.0% alcohol-free spirit, which is blended with a tonic and is good for an on-the-go summer occasion. It is accessible in the United Kingdom and came after the introduction of the alcohol-free substitute, Gordon's in December.
Key Industry Players
Key suppliers of alcopops operating around the world include Asahi Group Holdings, Ltd., Halewood International Limited, Suntory Holdings Limited, Mike's Hard Lemonade Co., United Brands Company, Inc., Bass Brewery, Pabst Brewing Company, and Molson Coors Brewing Company.
Segmentation of Alcopop Industry Research Report
By Base Type : Beer Whiskey Rum Vodka Others
By Packaging Type : By Distribution Channel : Store-based Supermarkets/Hypermarkets Specialty Stores Convenience Stores
Non-store-based
By Region : North America Europe Asia Pacific Latin America Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the alcopop market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on base type (beer, whiskey, vodka, rum, others), packaging type (bottles, cans, others), and distribution channel (store-based, non-store-based), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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