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Global Market Forecast on Low-Alcohol Beverages

 

Low-Alcohol Beverages Market: Evolution

In several countries, low-alcohol beverages have over the past few years gained significant steam among health-conscious populations. Gen Y and millennial have increasingly gravitated toward healthy food habits. A key trend is reducing the daily intake of alcohol and abstaining from hard liquor for celebrations. The drive for low-alcohol beverages market stems from this trend and has gathered force on the back of consumers making a conscious choice for low-alcoholic beverages to celebrate.

Beverages manufacturers have responded to the growing proclivity toward healthy drinks by offering low-alcohol beverages to meet range of occasions and moods. Typically, the products in the low-alcohol beverages market contain alcoholic strength by volume (ABV) that lie between 0.05 and 1.2%.

Some of the key product types in the low-alcoholic beverages market are low-alcohol beer, low-alcohol wine, low-alcohol RTD, low-alcohol cider, and low-alcohol spirits.

Low-Alcohol Beverages Market: Drivers, Current Prospects, Lucrative Avenues

The growing sales of glass-bottled cocktail has bolstered the revenue generation in the low-alcohol beverages market. In various key regions, lower alcohol beers have come to occupy a significant shelf space in supermarkets and specialty stores, offering consumers extended options.

Growing number of young adults are showing an affinity toward mocktails. However, the sheen of classic alcoholic beverages hasn’t weaned. The growing penetration of low or non- alcoholic category of beverages has bolstered the prospects of the low-alcohol beverage market. During the COVID-19 pandemic, extended stay-at-home schedules led to a surge in popularity of low-alcohol beverages among adults. The pandemic kickstarted interest in low-alcohol cocktails for many who weaned on only hard liquor before the outbreak.

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In the recent months, as the economies have started opening up, social gatherings, sports and tournaments, and leisure events have also been kicked off. The developments have favored the demand for products in the low-alcohol beverages market. The preference of low-alcoholic beverages has anchored in the need to reduce the impacts of alcohol on health. The growing number of low-alcoholic beverages in ready-to-drink segment is a key trend that is expected to draw in investments.

Low-Alcohol Beverages Market: Competition Landscape and Key Developments

Players in the low-alcohol beverages market are keen on consolidating their supply chain. Top players are leaning on expanding their geographical footprints. In this regard, family-owned vineyards are keen on are supplying products with range of flavors and textures. A few brands with established presence in hard liquor are growing their footprints by launching light variants. Home-grown brands have benefitted from the expanding menu of low-ABV sections in bars in recent months in developing and developed regions.

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Some of the key players in the low-alcohol beverages market are The Boston Beer Co. Inc., Olvi Plc, New Belgium Brewing Co. Inc., Molson Coors Beverage Co., Heineken NV, Constellation Brands Inc., Carlsberg Breweries AS, Asahi Group Holdings Ltd., and Anheuser Busch InBev SA/NV. Top players are keen on strengthening their position by increasing the share of organic and clean label products.

Low-Alcohol Beverages Market: Regional Landscape

Europe is a highly lucrative region in the global low-alcohol beverages market. The growing acceptance of low-alcohol beers has fueled the growth of the Europe low-alcohol beverages market. Further, over the past years, there has been a strong trend to reduce the daily intake of alcohol among young adults. Furthermore, beverages manufacturers in the low-alcohol beverages market have been constantly leaning on expanding the range of flavors and textures of products in wine, beers, and spirits.

Some of the other key regions in the global low-alcohol beverages are Asia Pacific, North America, the Middle East and Africa, and Latin America.

This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

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