Market Size of South America Alcoholic Beverages Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.23 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Alcoholic Beverage Market Analysis
The South American Alcoholic Beverage Market is projected to register a CAGR of 3.23% over the next five years.
Consumers in the South American region have shown a rising preference for whiskey and vodka, which is expected to regulate the corresponding markets in this region. Further, demand for ethnic premium, super-premium spirits, and flavoured spirits increased among the Millennials in the market. The young generation opts for low-calorie and low-alcohol beverages due to health concerns. Market players have been launching innovative products by considering consumer preferences. For instance, in October 2022, Diageo plc launched Johnnie Walker Blonde, following its introduction via the launch program in 2021 across cities in Brazil, Mexico, and a few other countries.
The changes in taste and the growing demand for small-batch, handmade beverages with unique flavour profiles contribute to the growth of the South American craft spirits market. The ever-increasing number of younger demographics encourages these beverages' market. The economy's growth is driving greater flexibility and giving consumers the luxury to demand handcrafted alcoholic drinks. Demand for premium beverages also increases as consumption of alcoholic beverages on casual occasions increases. The market players are expanding their business in other countries to strengthen their portfolios.
