Good news for the global alcohol industry: in their latest study, the analysts of IWSR present an optimistic view of the future. The market for alcoholic beverages is expected to grow by 2.9 percent in volume by the end of 2021. The average annual growth rate is estimated at 1.5 percent. By the end of 2023, global consumption is expected to reach pre-pandemic levels, according to the market research company.
A trend that could already be observed before the pandemic is the increasing product premiumisation. Here, too, IWSR expects a further strengthening of the segment.
According to the study, wine and spirits in the premium and high-end segment will grow by 25.6 percent in total volume between 2020-2025, while brands in the lower price range would only increase by 0.8 percent in volume.
The research is based on data from 160 countries around the world. In 2020, total beverage alcohol volume is expected to decline by 6.2 percent. aw