Market Size of North America Alcoholic Beverages Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2018 - 2022 |
| CAGR | 4.17 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Alcoholic Beverage Market Analysis
The North American Alcoholic Beverage Market is projected to record a CAGR of 4.17% over the forecast period.
The increase in the number of young adults is one of the main reasons anticipated to propel the growth of the alcoholic beverage market in the region. The market for alcoholic beverages such as beer, wine, and spirits is also expected to develop due to the expanding demand for premium and super-premium products. The demand for alcoholic beverages is growing among American consumers due to rising disposable income and changing demographics.
Beer accounts for the prominent market of alcoholic beverages consumed worldwide and predominates in the United States. Due to the increasing popularity of craft beer, the beer market in the region has seen a heightened preference for flavored beers by consumers, especially millennials. The millennial population holds the largest share in the overall population of the United States, with about 22%, thus the breweries are consistently offering new innovative flavors targeted toward the millennial population to penetrate the highly potential segment and gain a competitive edge. For instance, Constellation Brands introduced passionfruit lime, guava lime, and coconut lime under the brand Corona Refresca, especially to target millennials in the United States.
The premium liquor segment in the region is also growing, particularly in darker spirits, like whiskey. However, Mexico is North America's most rapidly growing alcoholic beverage market. Nevertheless, there is an evolving preference for craft beer and a variety of wines among young generations in the region, and the sales of low-alcohol beers and wines have been rising with the growing interest from health-conscious consumers, which is expected to boost the growth of the market.
