Drinking Places (Alcoholic Beverages) Global Market Report 2024

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 of drinking places (alcoholic beverages) can be attributed to factors such as evolving social and cultural trends, economic conditions influencing disposable income, growth in the entertainment and leisure industry, the regulatory and licensing environment, and trends in tourism and hospitality.

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 forecasted growth in drinking places (alcoholic beverages) can be attributed to factors such as changing consumer lifestyles, innovations in beverage offerings, a focus on craft and local products, culinary and mixology trends, and considerations for health and wellness. Major trends in the forecast period include events and entertainment programming, partnerships with local food providers, leveraging social media and influencer marketing, adaptation to changing consumer behavior, and an emphasis on sustainability and eco-friendly practices.

The notable surge in alcohol consumption is a significant contributor to the burgeoning growth of the drinking places (alcoholic beverages) market. Alcohol consumption pertains to the intake of beverages containing ethyl alcohol. Pubs and bars play a crucial role in fostering a safe and sociable environment where individuals can gather with friends for drinking activities. This rising trend in alcohol consumption directly correlates with increased sales within drinking places such as bars and pubs. For instance, the Global Beer Consumption Report for 2021, released by Kirin Holdings Company Limited in December 2022, revealed a global consumption of approximately 185.60 million kiloliters of beer in 2021, marking a 4.0% increase from the preceding year. This upward trajectory in alcohol consumption significantly fuels the growth of the drinking places (alcoholic beverages) market.

The escalating trend of socializing stands as a driving force behind the growth of the drinking places (alcoholic beverages) market. Socializing encompasses various activities involving spending time with others to connect and derive enjoyment. Drinking places such as bars, pubs, and taverns have traditionally served as hubs for social gatherings, offering a relaxed and convivial ambiance for individuals to unwind and engage in conversations. For instance, data from a survey conducted by CivicScience in January 2023 indicated that approximately 43% of 3,416 surveyed US adults engage in socializing with friends in person on a daily or weekly basis. This increasing emphasis on social interaction propels the growth of the drinking places (alcoholic beverages) market, underscoring the pivotal role these venues play in fostering social connections.

The adoption of self-service beer taps represents a prominent trend gaining traction within the drinking places (alcoholic beverages) market. Companies operating within this market are increasingly installing self-service beer taps to enhance operational efficiency and overall profitability. An illustrative example involves Dirty Dog Taphaus, a US-based pub, which introduced a self-pour taproom featuring a 30-tap self-service beverage system powered by iPourIt Radio Frequency Identification (RFID)-enabled technology in June 2022. This innovative system offers a rotating selection of craft beers, ciders, and seltzers, catering to consumer preferences and enhancing the overall drinking experience within such establishments. The increasing focus on self-service beer taps reflects a notable trend in modernizing and streamlining operations within the drinking places (alcoholic beverages) market.

Leading companies in the drinking places (alcoholic beverages) market are prioritizing the development of technological innovations, particularly age verification technology, to establish a competitive advantage. Age verification technology comprises software utilized to authenticate an individual's age, limiting access to content or services deemed inappropriate for minors. For instance, in May 2023, Amazon.com Inc., a prominent US-based online retailer and technology provider, introduced Amazon One, a palm-reading payment system designed for age verification in drinking places. This innovative feature permits eligible customers to purchase alcohol effortlessly by waving their hand over an Amazon One device. The technology aims to streamline the process for legal-aged customers, enabling them to hover their palm over the device during alcohol purchases. Upon verification, the device displays a '21+' message along with the customer's uploaded selfie, facilitating a smooth and frictionless experience for alcohol purchases.

In October 2022, Bira 91, an India-based craft beer brand, completed the acquisition of The Beer Cafe for an undisclosed amount. This strategic acquisition aligns with Bira 91's objective of bolstering its presence in bars and taprooms while establishing India's pioneering Direct-to-Consumer (D2C) platform specifically dedicated to beer. The Beer Cafe, an India-based chain of beer-serving pubs, stood as the acquisition target for Bira 91, emphasizing the company's strategic intent to expand its footprint within the beer-centric market. This acquisition not only enhances Bira 91's positioning but also paves the way for a significant D2C platform focusing on beer consumption, solidifying its prominence within the drinking places (alcoholic beverages) market.

Major companies operating in the drinking places (alcoholic beverages) market report are Boadas Cocktails, Kings Head Pub, Attaboy Holdings Ltd., Floreria Atlantico, Four Seasons Hotels Ltd., Hakkasan Group Ltd., J D Wetherspoon plc, Licoreria Limantour, Maybourne Hotel Group, McKs Tavern Co., Mitchells and Butlers plc, EIH Ltd., Oetker Hotel Management Company GmbH, Public Call Office, The Atlas Bar Inc., The Cats Eye Pub, Trailer Happiness, Anheuser-Busch InBev Sa/NV, Diageo plc, Constellation Brands Inc., Pernod Ricard SA, Asahi Group Holdings Ltd., United Breweries Limited, Bundaberg Brewed Drinks Pty Ltd., Halewood International Holdings plc, Bacardi Limited, Brown-Forman Corporation, Carlsberg India Pvt. Ltd., China Resources Beer (Holdings) Company Limited, Compañía Cervecerías Unidas S.A., Craft Brew Alliance Inc., Distell Group Limited, Grupo Modelo S.A. de C.V., Kirin Holdings Company Limited, Molson Coors Beverage Company.

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. The countries covered in the drinking places (alcoholic beverages) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main product categories offered by drinking places include alcoholic beverages and food items. Alcoholic beverages encompass fermented drinks containing ethanol (CH3CH2OH), such as wine, beer, and distilled spirits, and these establishments cater to both male and female clientele.

The drinking places (alcoholic beverages) market research report is one of a series of new reports that provides drinking places (alcoholic beverages) market statistics, including drinking places (alcoholic beverages) industry global market size, regional shares, competitors with a drinking places (alcoholic beverages) market share, detailed drinking places (alcoholic beverages) market segments, market trends and opportunities, and any further data you may need to thrive in the drinking places (alcoholic beverages) industry. This drinking places (alcoholic beverages) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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