Overview and Scope
Drinking places (alcoholic beverages) refer to establishments whose main activity is the retail sales of alcoholic beverages for on-site consumption, such as beer, ale, wine, and spirits. They have a wide selection of alcoholic beverages, which is the main reason so many individuals choose to spend their free time there. They also offer a variety of recipes for sophisticated cocktails and other drinks.
Sizing and Forecast
The drinking places (alcoholic beverages) market size has grown strongly in recent years. It will grow from $64.59 billion in 2023 to $70.78 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to social and cultural trends, economic conditions and disposable income, entertainment and leisure industry growth, licensing and regulatory environment, tourism and hospitality trends.
The drinking places (alcoholic beverages) market size is expected to see strong growth in the next few years. It will grow to $96.04 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to changing consumer lifestyles, innovations in beverage offerings, focus on craft and local products, culinary and mixology trends, health and wellness considerations. Major trends in the forecast period include events and entertainment programming, partnerships with local food providers, social media and influencer marketing, adaptation to changing consumer behavior, sustainability and eco-friendly practices.
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Segmentation & Regional Insights
The drinking places (alcoholic beverages) market covered in this report is segmented –
1) By Product: Beverages, Foods
2) By Application: Men, Women
Europe was the largest region in the drinking places (alcoholic beverages) market in 2023. The regions covered in the drinking places (alcoholic beverages) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing alcohol consumption is significantly contributing to the growth of the drinking places (alcoholic beverages) market going forward. Alcohol consumption refers to the drinking of beverages containing ethyl alcohol. Pubs and bars help create a positive social environment where friends can gather to drink safely. Hence, increasing alcohol consumption is boosting the sales of drinking places such as bars and pubs. For instance, in December 2022, according to the Global Beer Consumption Report for 2021 shared by Kirin Holdings Company Limited, a Japan-based integrated beverages company, about 185.60 million kiloliters of beer were consumed worldwide in 2021, a rise of 4.0% from the previous year. Therefore, increasing alcohol consumption is driving the growth of the drinking places (alcoholic beverages) market.
Key Industry Players
Major companies operating in the drinking places (alcoholic beverages) market are focused on developing technological innovations, such as age verification technology, to gain a competitive edge in the market. Age verification technology is a type of software that is used to verify a person’s age to restrict access to content or services that are not appropriate for minors. For instance, in May 2023, Amazon.com Inc., a US-based online retailer and technology provider, launched Amazon One for age verification for access to drinking places. It is a palm-reading payment system, allowing eligible shoppers to buy alcohol with a wave of the hand, and the new age verification feature is expected to reduce friction for customers who are of legal age to purchase alcohol. To verify, they can simply hover their palm over an Amazon One device when purchasing alcohol, and the device can then verify the customer’s age and display a “”21+”” message along with the customer’s uploaded selfie on the screen
The drinking places (alcoholic beverages) market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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