Alcoholic Drinks - North America

The Alcoholic Drinks market in North America is experiencing significant growth and development.

Customer preferences: Consumers in North America have shown a growing interest in premium and craft alcoholic beverages. They are increasingly seeking unique and high-quality products that offer a distinct taste and experience. This trend is driven by a desire for more personalized and authentic drinking experiences. Additionally, health-conscious consumers are opting for low-alcohol or alcohol-free alternatives, such as non-alcoholic beers and mocktails.

Trends in the market: One major trend in the North American Alcoholic Drinks market is the rise of craft breweries and distilleries. These small-scale producers are gaining popularity due to their focus on quality and innovation. Craft beers and spirits offer consumers a wide range of flavors and styles, catering to different tastes and preferences. This trend is supported by the growing demand for local and artisanal products. Another trend in the market is the increasing popularity of ready-to-drink (RTD) beverages. RTDs, such as canned cocktails and pre-mixed drinks, provide convenience and ease of consumption for on-the-go consumers. This trend is driven by changing lifestyles and the desire for hassle-free drinking options. RTDs also appeal to younger consumers who are looking for trendy and Instagrammable drinks.

Local special circumstances: The Alcoholic Drinks market in North America is highly competitive, with a large number of domestic and international players. Local breweries and distilleries face stiff competition from established brands and imports. However, they have an advantage in terms of offering unique and localized products that resonate with consumers. This has led to the growth of regional and microbreweries, which cater to specific tastes and preferences.

Underlying macroeconomic factors: The growing Alcoholic Drinks market in North America can be attributed to several macroeconomic factors. Firstly, the region has a strong economy, which has resulted in higher disposable incomes for consumers. This has led to increased spending on premium and high-end alcoholic beverages. Additionally, changing demographics, such as an aging population and an increase in the legal drinking age, have contributed to the growth of the market. Furthermore, the rise of e-commerce and online platforms has made it easier for consumers to access a wide variety of alcoholic drinks. This has expanded the market reach and allowed smaller producers to compete with larger players. The convenience of online shopping and delivery services has also contributed to the growth of the market. In conclusion, the Alcoholic Drinks market in North America is witnessing significant growth and development. Customer preferences for premium and craft beverages, along with the rise of craft breweries and distilleries, are driving this growth. Local special circumstances, such as competition from established brands and the presence of regional producers, also play a role. The underlying macroeconomic factors, including a strong economy and changing demographics, further contribute to the market's expansion.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.