(Food-Beverage-News.Com, September 24, 2021 ) The alcoholic beverage is a thriving part of the United States economy, owing to its authenticity, flavor, brand and refreshing properties. It has become an essential commodity and is gaining popularity in the trend of socialization with alcohol among young people under 18-29 who is highly inclined to alcohol consumption. The alcoholic beverages industry is composed of companies that manufacture and sell beverages containing alcohol from different sources. The main segments of the industry are Spirits, Beer, and Wine. As per Renub Research report, it is anticipated that the United States Alcoholic Beverage Market will reach US$ 105.38 Billion by 2027.
Factors Driving United States Alcohol Beverage Industry
The emergence of pubs, bars, and nightclubs is a significant factor in promoting alcohol consumption across the United States. Additionally, the rising demand for premium alcoholic beverages such as whiskies, vodka, Japanese whiskey, wine and beer are growing popular as high-end drinks among the millennial population due to their high quality and taste. According to Statista, the alcohol consumption of all beverages in the United States in 2019 was 83.25 Million gallons.
COVID-19 Impact on United States Alcoholic Beverage Market
The global pandemic caused by COVID-19 has affected the United States alcoholic market negatively. The pandemic has affected the overall production and procurement of raw materials, which has resulted in demand and supply disruptions in the market. The trade pattern has been set to plunge as the pandemic upends the global economy. The downfall of its supply, an extended lockdown period, and the limited purchasing ability of consumers has negatively influenced the market.
Based on Distribution Channels
The US alcoholic beverages are segmented into Convenience, On-Premises, liquor stores, Grocery shops, Internet and Supermarkets. Supermarket holds the largest market share; it is a self-service shop offering a wide variety of alcoholic beverages such as whiskey, rum, vodka, brandy, gin, Wine and Beer. The number of supermarkets are rising in the United States main cities. Availability of materials at low cost and accessibility to various alcoholic beverages are available in supermarkets.
Moreover, (RTD) ready to drink alcoholic beverages are expanding their markets in United States convenience stores. They offer grab-and-go convenience that fits into busy and healthy lifestyles. RTD alcoholic beverages are typically spirits or wine-based mixed alcoholic drinks that have lower alcoholic content. It is anticipated that the United States Alcoholic Beverage Industry will grow with a CAGR of 6.64% from 2020 to 2027.
Based on Packaging
The US reusability and the ability to keep alcohol fresh for a more extended period as compared to other alternative packaging materials such as metal, plastic, paper & board, the glass packaging method significantly demanded alcoholic beverages packaging. Glass is 100% recyclable without the loss of quality and sturdiness. The bulk of utilized glass bottles are used for the production of new glass bottles. The demand for glass containers may likely grow, owing to its increasing importance in beer and wine packaging. As per this research study, The United States Alcohol Beverage Market Size was US$ 75.52 Billion in 2020.
Key Players Performance
The competitive landscape of the Alcoholic beverages industry is moderately fragmented due to several key players such as Anheuser-Busch InBev, Molson Coors, Pernod Ricard, Diageo Plc, Altria Group and Richmond. The manufacturers are focusing on developing new formulations and introducing new products in the market. For Instance, in 2020, Diago announced the world’s first paper bottles for Spirit packaging. Diago collectively works with Pulpex Limited to make it possible paper bottles for Spirit.
Renub Research latest report “United States Alcoholic Beverage Market By type (Spirits, Wine, and Beer) By Distribution Channels (Convenience, On Premises, liquor store, Grocery shop, Internet and Supermarkets) By trade (On-Trade, Off-Trade) By Packaging (Glass, Metal, Plastic, Paper & Paperboard) Company analysis (Anheuser-Busch InBev, Molson Coors, Pernod Ricard, Diageo Plc, Altria Group. Richmond) Provides a detailed analysis of United States Alcoholic Beverage Industry.
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