North American alcoholic beverage market is estimated to grow at a CAGR of 2.5% during the forecast period (2024-2031). The market growth is primarily driven by the emerging demand for premium alcoholic beverages. Additionally, the rising purchasing power of consumers and increasing demand for beverages with natural flavors contribute to the market growth during the forecast period. Furthermore, the increasing adoption of spirit among the millennials and the young population is propelling the market. The expansion of the distribution channel, including online and convenience stores, for alcohol sales is presenting a significant opportunity for market growth. North American alcoholic beverage market is segmented by type (beer, distilled spirit, and wine) by packaging type (glass bottles, cans, and others).
The beer segment dominates the market, owing to its widespread popularity and consumption. Additionally, the availability of various flavors, styles, and variations suits the varied tastes of the consumers. The segment primarily targets the millennial population which forms a significant part of the North American folk. According to the World Economic Forum, in 2021, millennials formed the largest adult cohorts globally. Moreover, millennial per capita spending in the US is set to increase by over 10% in 2025. Furthermore, the increasing popularity of craft beer is contributing to the growth of the segment during the forecast period.
The major companies serving the North American alcoholic beverage market include Craft Brew Alliance, Constellation Brands Inc., Molson Coors Brewing Co. Constellation Brands Inc., and others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions contributing significantly to market growth.
Recent Developments
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