Top alcohol markets stumble in 2024

Beverage alcohol volumes in the world’s top 20 markets declined by 1 percent in 2024, falling short of forecasts due to economic weakness, reduced consumption of super-premium spirits, and the continued decline of wine, according to IWSR’s preliminary data.

Total beverage alcohol (TBA) volumes are now 2 percent below 2019 levels. While RTDs and spirits (excluding national spirits) experienced growth over that period, beer volumes dropped by 2 percent, and wine plummeted by 21 percent. The global market underdelivered by more than 300 million nine-litre cases, with the US, China, India, and Europe all underperforming.

China’s 4 percent volume decline—driven by on-trade closures and low consumer sentiment—significantly impacted global performance. India, which had been expected to offset these losses, posted slower-than-anticipated growth. Emerging markets such as Brazil, South Africa, and Mexico showed resilience, while mature markets struggled.

Premiumisation weakened in 2024 as consumers sought value, leading to a 3 percent drop in super-premium-plus spirits. Beer fared better, with premium segments showing growth. Wine continued its downward trend, although Prosecco showed promise.

RTDs grew by 2 percent, buoyed by innovation and diversification across categories. Agave spirits and Indian single malts remained bright spots. IWSR’s Emily Neill warned that 2025 could face further disruption from trade tensions and shifting consumption trends, keeping the outlook uncertain.