NEW YORK, March 31, 2021 /PRNewswire/ --
The alcoholic beverages market in US is expected to grow by USD 64.01 billion during 2020-2024, expanding at a CAGR of almost 5%. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
Vendors in the market are focusing on introducing new products to increase their revenue flow and expand their customer base. Successful product launches also help vendors in gaining a competitive edge over their counterparts in the market. In June 2018, BOM BOM Brands launched a new alcoholic beverage under the brand name Fully Baked in the US. The product is a blend of chocolate chip cookie and brownie flavors with premium Caribbean rum and hemp milk. Similarly, in June 2018, Quaker City Mercantile, in partnership with Diageo, launched a new line of alcohol drinks under the brand name Quaker City Shrubs. The product is made from apple cider vinegar and contains 4% alcohol and 3 grams of sugar. It is available in grapefruit, blackberry, and apple flavors. Such increasing product launches are expected to drive the growth of the alcohol beverages market in the US during the forecast period.
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In this report, Technavio highlights the increasing demand for craft drinks as one of the key emerging trends in the alcoholic beverages market in US.
Alcoholic Beverages Market in US: Increasing Demand for Craft Drinks
The demand for craft drinks in the US has steadily increased over the years. For instance, in 2017, craft beer accounted for 23.34% of the total beer market in the US. This is because craft or locally brewed beers have a distinctive taste compared with regular beers. They are sometimes made with different ingredients and flavors and are served fresh in bottles, cans, and kegs. To capitalize on this growing interest, many established players in the market are entering the craft drinks segment by acquiring small craft breweries. This trend is expected to have a positive influence on the growth of the market during the forecast period.
"Increasing number of M&As and growing online sales of alcoholic beverages in the US will further boost market growth during the forecast period", says a senior analyst at Technavio.
Alcoholic Beverages Market in US: Segmentation Analysis
This market report segments the alcoholic beverages market in US by product (beer, spirits, and wine), distribution channel (off-trade and on-trade), and packaging (glass bottles, metal beverage cans, and other packaging materials).
The beer segment led the alcoholic beverages market in 2019. The dominance of the segment can be attributed to the introduction of new beer products with various flavors by market vendors.
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Related Reports on Consumer Staples Include:
Global Alcoholic Drinks Market – Global alcoholic drinks market is segmented by type (beer, wine, spirits, RTD pre-mixes, and cider) and geographic landscape (APAC, Europe, MEA, North America, and South America).
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Global Alcoholic Infused Sparkling Water Market – Global alcoholic infused sparkling water market is segmented by distribution channel (off-premise and on-premise) and geography (North America, Europe, APAC, South America, and MEA).
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
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Report: www.technavio.com/report/alcoholic-beverages-market-in-us-industry-analysis
SOURCE Technavio
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