Market Size of Europe Alcoholic Beverage Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Alcoholic Beverage Market Analysis
The European alcoholic beverage market is projected to register a CAGR of 3.5% during the forecast period.
- Consumers across the region have been developing more sophisticated palates than before. They are constantly in search of unique as well as a high-quality alcoholic beverage. This has increased the demand for premium-quality alcoholic beverages in the market. Product innovation and economic growth make consumers opt for expensive alcoholic beverages. New product launches and innovations in alcoholic drinks are leading to the development of the industry.
- Companies are launching innovative products due to changing consumer preferences. This rise in health awareness has resulted in the creation of functional premium alcoholic beverages. The inclusion of different natural and exotic ingredients in alcohol tends to improve its functional properties, thereby gaining attention from a more extensive set of customers.
- For instance, in March 2022, Whitley Neill, a premium gin brand in the United Kingdom, launched a new gin variant, Oriental Spiced Gin. This gin consists of different botanicals and spices like coriander, ginger, chili, cumin, saffron, star anise, and grains of paradise.
- Furthermore, specialty beer has been gaining popularity among consumers in the Europe alcoholic beverage market, specifically younger consumers. The demand for light and fruity flavors in alcoholic beverages is driving the demand for craft beer, thereby escalating the demand for alcoholic beverages in the market.
- However, the prominence of health adversities associated with excessive alcoholic beverage consumption is prominent across Europe. The number of deaths related to alcohol consumption is rising, restraining the growth of the market studied.
- According to World Health Organization (WHO), as of 2022, the number of death caused by harmful use of alcohol catered to 3 million worldwide, representing around 5.3% of the total deaths across the globe. Therefore, the numerous health effects associated with alcohol might restrain the market's growth.
