PUBLISHER: Renub Research | PRODUCT CODE: 1463207
PUBLISHER: Renub Research | PRODUCT CODE: 1463207
United States alcoholic beverages market was valued at US$ 519.89 Billion in 2023. Renub Research predicts a growth rate of 4.47% from 2024 to 2032. The market is expected to be valued at US$ 770.61 Billion during this period.
Alcoholic beverages contain ethanol from fermentation or distillation. This includes beer, wine, and spirits. They hold significant cultural and economic importance in the US, with a wide variety available from craft breweries, wineries, and distilleries. They are integral to social gatherings and events. The 2022 National Survey on Drug Use and Health (NSDUH) states that 221.3 Million people aged 12 and older, representing 78.5% of this group, have consumed alcohol at some point. Issues like alcohol abuse, however, highlight the challenges associated with their prevalence.
United States Alcoholic Beverages Market Trends
A sturdy economic system spurs higher disposable earnings levels. This propels spending on discretionary items like alcoholic beverages. In December, personal income surged by US$ 60.0 Billion (0.3% monthly), per the Bureau of Economic Analysis. Consumer spending rose by US$ 133.9 Billion, driven by increased services and goods. With more money for non-necessities, people indulge in beer, wine, and spirits. This fuels demand in the United States alcoholic beverages market.
Millennials wield extensive impact and diverge from previous generations in alcoholic beverage choices. They favor exploration and premium alternatives. This trend has notably influenced the United States alcoholic beverage market's boom and diversification. According to Penn State Extension, a higher percentage of millennials consume spirits (47%), beer (45%), wine (45%), hard seltzer (39%), craft beer (37%), and canned cocktails (29%) compared to Gen Xers and Baby Boomers. Their demand for novelty and quality drives producers to adapt, shaping an evolving industry landscape.
The alcoholic beverages market sees rising demand for premium and super-premium beverages as customers increasingly seek higher-premium products with natural and valuable ingredients. This trend fuels marketplace expansion, prompting producers to innovate in reaction to evolving patron choices for healthier and more sophisticated alternatives, propelling a dynamic market. For instance, in January 2024, Absolut(R) and Ocean Spray(R) introduced the Absolut and Ocean Spray(R) Vodka Cranberry cocktail in a convenient RTD layout, reflecting this trend. Crafted from premium elements, such as Absolut Vodka and real Ocean Spray(R) Cranberry Juice, the Vodka Cran(TM) RTD variety gives natural flavors and sparkling water, catering to various consumer preferences.
California Alcoholic Beverages Market
California may command a leading role in the United States alcoholic beverages market. This is mainly attributed to its thriving wine industry. Benefitting from the Mediterranean weather, California is the nation's essential wine-producing area. The Wine Institute states that the state accounts for approximately 80% of the nation's wine production, positioning itself as the world's fourth-biggest wine production area. Moreover, more than 80% of California wine is crafted in Certified Sustainable California Wineries, and over half of the state's about 615,000 vineyard acres are certified to one of California's sustainability packages, including Certified California Sustainable Winegrowing, Fish Friendly Farming, LODI RULES, Napa Green, and SIP Certified. This wealth of production guarantees a wide array of wines tailored to various tastes and budgets.
The prominence of California extends to its position as a hub for craft breweries. This nurtures an inventive craft beer scene that entices clients seeking different and flavorful options. It remains the American craft brewing movement's epicenter, boasting more breweries than any other nation. As of January 2023, California hosts over 1,100 craft breweries, surpassing all other states. The California Craft Brewers Association (CCBA), its brewery members, and craft beer fans are pivotal in bolstering the country's economic vitality. In 2021, craft breweries alone contributed a significant US$ 9.03 Billion to California's economic scheme.
The manufacturing process in California encompasses more than just wine and beer. It also yields an excellent output of distilled spirits and other alcoholic drinks, addressing various client choices. The country's significant and prosperous population and thriving tourism enterprise force enormous demand. This is reinforced by a lifestyle that values outdoor pursuits and social gatherings and is superior through the pleasant weather conducive to outdoor beverage enjoyment.
United States Alcoholic Beverages Company News
Anheuser-Busch, Altria, Boston Beer, Constellation Brands Inc., Diageo, Molson Coors, and Pernod Ricard SA are the leading enterprises in the United States alcoholic beverages market.
Type - United States Alcoholic Beverages Market breakup in 4 viewpoints:
Packaging - United States Alcoholic Beverages Market breakup in 3 viewpoints:
Distribution Channel - United States Alcoholic Beverages Market breakup in 6 viewpoints:
States - United States Alcoholic Beverages Market breakup of 29 States:
All the Key players have been covered from 3 Viewpoints:
Company Analysis: