Low Alcohol Beverages Market Industry Overview’s is expected to grow at a 4.72% CAGR
Low Alcohol Beverages Market
Outlook
Market
Research Future (MRFR) asserts that the Low
Alcohol Beverages Market Size was valued at USD 938.4 million in 2021. The low
alcohol beverages market industry is projected to grow from USD 978.75 million
in 2022 to USD 1314.20 million by 2030, exhibiting a compound annual growth
rate (CAGR) of 4.72% during the forecast period (2022 - 2030). The quick shift
in customer preferences towards high-quality, creative, and nutritious low
alcohol beverages is the key market driver enhancing the low alcohol beverages
market growth.
Market Segmentation
The
low alcohol beverages market
Size
industry has been segmented with respect to two sections, namely distribution
channel and type.
The
major industry distribution channels covered in the study are Wine, Beer, RTD
(ready to drink), and Spirits. The RTD sub-category, at present, heads the worldwide
market. The RTD low alcohol beverages have become extremely popular in recent
years. Consumers are increasingly opting for these beverages since they are
much lighter and contain low carbs as well as alcohol content. Mounting health
consciousness, particularly among millennials has raised the appeal of low
alcohol RTD beverages. In addition, convenient handling, emergence of new
flavors, aesthetic pleasing packaging styles, and aggressive marketing
initiatives further bolster the sales of RTD drinks.
The
segments depending on distribution channel are non-store-based and store-based.
The store-based distribution channel is the top segment in the global market.
However, the growth of the non-based segment should be a higher rate, given the
surging number of online purchases via several e-commerce channels. Booming
sales of a variety of low alcohol beverages worldwide through various popular
e-commerce channels will significantly catapult the market position in the
years ahead.
Primary Drivers and Challenges
Mindful
drinking has become the latest trend among the youth, as the number of road
accidents has risen at an alarming pace worldwide. Also, youngsters are now
more inclined towards healthy beverages that do not add to calories, resulting
in considerable market growth.
Consumers’
soaring awareness regarding the toxic impact of high Low Alcohol Beverages
Market, and the consequent rise in the preference for low alcohol beverages
will add to the market value as well. High burden of obesity and diabetes
across the globe has also reduced the intake of alcoholic drinks among the
consumers. In turn, the demand for hard seltzers with low alcohol content in
different flavors will offer impetus to the global industry.
Furthermore,
the major players are focused on exploring new packaging styles with eye
pleasing aesthetics to attract more customers. They are also trying out other
marketing strategies to bolster the number of buyers, which is likely to raise
the market demand in the approaching period. The flourishing e-commerce
industry, especially in developing economies will have a favorable impacft on
the worldwide market as well.
Regional Study
Europe
will be recording the highest growth in the next few years, offering a host of
attractive opportunities to the firms. Government reforms, and the rising
number of manufacturers investing substantially on modern brewing techniques as
well as product innovation for better variety and taste would encourage
considerable market growth in the future.
North
America is touted to be a highly lucrative market in the following years, given
the rising production rate of a variety of low alcohol beverages and the
surging expenditure on the packaging technology. Heightened focus of the
brewers on creating new drinks, exploring a variety of flavors to gain the
attention of more consumers should further augment the business growth in the
region.
The
low alcohol beverages market
overview
in Asia Pacific will be extremely profitable in the years ahead, thanks to the
massive population base in the emerging countries like China and India.
Escalating preference for Key low alcohol beverages Market Players among sports
enthusiasts and athletes to maintain their fitness will be a notable growth
inducer for the APAC market. The significant rise in organized retail will
further translate into a booming market. Other growth rendering factors include
the mounting obesity and diabetes cases that compel consumers to opt for low
alcohol beverages market research with reduced sugar
content.
Eminent Market Vendors
Anheuser
Busch InBev., Carlsberg Group, Beam-Suntory, Constellation Brands, Diageo Plc,
Heineken Holding Nv, Accolade Wines, United Breweries Group, The Brown–Forman
Corporation, Bacardi Limited are the major low alcohol beverage producers
outlined in the MRFR study.
About
Market Research Future:
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stay updated with the technology and work process of the industry, MRFR often
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for its research analyst members.
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