Market Size of Asia-Pacific Alcoholic Beverage Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2018 - 2022 |
| CAGR | 5.22 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Alcoholic Beverages Market Analysis
The Asia-Pacific Alcoholic Beverage Market is projected to register a CAGR of 5.22% over the next five years.
The alcoholic beverage market is highly diversified in Asia because of variations in taste and preferences and social and cultural behaviors. Due to the increased demand for premium alcohol, the Asia-Pacific Alcoholic beverage market is growing steadily. Alcoholic beverages mostly appeal to millennials in Asia-Pacific who enjoy communicating over a drink without becoming inebriated. Additionally, compared to other alcoholic beverages, the 22-30 age group exhibits a substantial demand for beverages with lower alcohol concentration. Additionally, Ready drinks are popular among women as an introductory alcoholic beverage. As a result, during the coming years, these factors are expected to be important in boosting the expansion of the Asia-Pacific alcoholic beverage market.
Furthermore, factors like rapid urbanization, growing middle-class income, and higher consumer purchasing power all contribute to the rise in alcoholic beverage demand. In addition, the number of people who drink alcohol and the desire to socialize through partying and social gatherings has increased dramatically. Changing social and cultural factors have also strengthened the potential of the alcoholic beverage market. Expanding pub culture has offered more avenues for people to consume alcohol. As more and more nightclubs, bars, and pubs are prevailing around 1~ and 2-tier cities in countries like China and India, the younger generation groups have more chances to access western alcoholic beverages, thus stimulating the growth of the alcoholic beverages market in Asia-Pacific.
