Premium alcoholic beverages market slated for impressive growth

According to a report titled Premium Alcoholic Beverages Market Outlook (2022-2032), by 2032, the premium alcohol market is projected to grow to a value of US$1.7 trillion. The report states that by 2032, the category is expected to grow at a compound annual growth rate (CAGR) of 9.3 percent. Rising disposable income and increasing popularity of premium alcoholic beverages among younger drinkers are among the reasons behind this growth.

If the predictions of the report are proved to be true, then good times seem to be ahead for the premium segment of the alcoholic beverages industry. The premium alcohol segment grew at a CAGR of 8.2 percent between 2017 to 2021.

Presently, North America accounts for the largest share of the premium alcohol market, closely followed by Europe.The report also states that the consumers in the US have shifted towards more premium alcoholic beverages during the last two decades than any other country.

What is heartening is that during 2022-2032, premium whiskies are even expected to outpace other premium beverages, which can be  good news for whisky manufacturers in India’s alcobev market that tilts towards whiskies.