Global Alcoholic Beverage Market
The increased pool of young-adult population, growing disposable income around the globe, and new product launches are some of the key pivotal factors that are positively impacting the growth of the global alcoholic beverage market. In May 2018, Ketel One launched its new Ketel One Botanical; a first of its kind vodka distilled with real botanicals & infused with natural fruit essences. Ketel One Botanical introduced as a range of three varietals in beautifully illustrated and botanical-inspired bottles. This includes Peach & Orange Blossom, Grapefruit & Rose and Cucumber & Mint. Similarly, in April 2019, Cîroc introduced new coffee-infused Skyy vodka and watermelon-flavored vodka. This wide range of premium alcoholic beverages with innovative natural flavors stimulates the consumers to move towards these beverages, which in turn, is expanding the global alcoholic beverage market size.
COVID-19 pandemic disrupting player’s business model
However, amid the crisis arising due to the COVID-19 outbreak, the global alcoholic beverage industry is getting affected. The epidemic spread has been disrupting the supply chain of companies and forcing companies to renew their business model and go to market strategy. Moreover, the outbreak has also started showing signs of the sales of the companies. For instance, on 24th March 2020, Pernod Ricard revised its outlook for the current fiscal year and expected its profit margins to decline by nearly 20%, mainly due to the spread of COVID-19. Following the spread of the epidemic, many leading companies have suspended their production which is mainly based in China.
As an instance, in late January 2020, Anheuser-Busch InBev suspended production at its brewery based in Wuhan, an epicenter of the deadliest virus outbreak. Moreover, Danish brewer Carlsberg also had to shut down its production in China amidst the ongoing crisis of the COVID-19 pandemic outbreak. Carlsberg owns around 25 breweries in China and markets 20 different brews. The company is expecting that its beer sales in its world’s largest market are likely to be hit by China’s shuttered pubs, clubs, restaurants, and bars. Though the decline in beer sales is expected to be hit over the short-term, the group is not changing its forecast strategy for China as a result of the COVID-19 outbreak.
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The Report Covers
- Comprehensive research methodology of the Global Alcoholic Beverages Market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Global Alcoholic Beverages Market.
- Insights about market determinants that are stimulating the Global Alcoholic Beverages Market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Market Segmentation
- Global Alcoholic Beverages Market by Type
- Global Alcoholic Beverages Market, By Packaging Type
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