Alcohol Beverages Market in the US 2018-2022 | New Product Launches to Boost Demand | Technavio
LONDON--(BUSINESS WIRE)--Nov 29, 2018-- analysts forecast the alcohol beverages market in the US to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the alcohol beverages market in the US for the period 2018-2022. (Graphic: Business Wire)
The introduction of new packaging labels and formats is one of the major trends being witnessed in the . Not only luxury and distinctive packaging helps attract consumers attention, but proper packaging helps to increase the shelf life of a product. The demand for tetra packs, PET bottles, bag-in-box, and metal cans is increasing, especially from the millennial consumer segment. The ease of on-the-go consumption and lightweight nature of these packaging formats drive the demand. In addition, such packages are single-served, can be consumed chilled, and are convenient for outdoor consumption. For instance, Carlsberg has started offering its low-alcohol drink brand Ringnes beer in 330 ml convenient packs, instead of bottles. This has helped the company to differentiate its product from its competitors. This trend is expected to grow during the forecast period.
According to Technavio analysts, one of the key factors contributing to the growth of the alcohol beverages market in the US is the new product launches:
Alcohol beverages market in the US: New product launches
Successful product launches not only help boost the market growth but also help the player launching the product by providing it with a competitive advantage over its counterparts. Such developments increase the revenue flow of the company and expand its consumer base. For instance, in June 2018, BOM BOM Brands launched a new alcohol beverage under the brand name Fully Baked in the US. The new product is a blend of chocolate chip cookie and brownie flavors with premium Caribbean rum and hemp milk. The company claims that it is the first alcohol product made with hemp milk and contains about 14.2% alcohol. Therefore, with such innovative product launches, the market is expected to experience a positive outlook during the forecast period.
According to a senior analyst at Technavio for research on alcoholic beverages, “The increasing number of M&A and the growing investments in small startups by the well-established players will propel the growth of the alcohol beverages market in the US during the forecast period. As larger players acquire smaller players to increase their market presence and to gain access to new technologies at a lower cost, they also involve in M&A to ensure a constant supply of raw materials.”
Alcohol beverages market in the US: Segmentation analysis
The alcohol beverages market in the US research report provides market segmentation by product (beer, spirits, wine). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The beer segment held the largest share of the market in 2017, accounting for close to 48% share, followed by the spirits and wine segment respectively. However, during the forecast period, the spirits segment is expected to register the highest incremental growth followed by the wine segment.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: RETAIL WINE & SPIRITS
SOURCE: Technavio Research
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PUB: 11/29/2018 08:40 AM/DISC: 11/29/2018 08:40 AM