Alcoholic Beverages

One of the beverages that make up the alcoholic drinks market is liquor. Also known as spirits, liquor is an alcoholic beverage obtained from fermenting and distilling plants, fruits, or grains to produce whiskey, brandy, gin, tequila, and rum. In a year, the world consumes about 23 billion liters of liquor where European countries consume the most amount of alcohol. According to data from Alcohol.org, although the American market is dominated by beer, shares of liquor have increased from 28.7% in 2000, up 37.3% in 2018.

Global Liquor Trends

Although the global alcoholic beverage market was valued at $515 billion in 2019, the pandemic has greatly impacted the industry. After a year of battling COVID-19, the world came up with innovative solutions to help out the industries and businesses that were crushed by the economic effects of the pandemic. On March 11, 2021, President Joe Biden signed the $1.9 trillion American Rescue Plan which includes $28.6 billion in grants for the restaurant industry. Alcoholic beverage facilities, bars, brewpubs, taprooms, and liquor producers are also eligible to apply for a grant according to the National Restaurant Association.

On the other hand, COVID-19 has pronounced the trend of premiumization in the alcoholic beverage sector. With more brand awareness and increasing spending power, consumers prefer to buy premium and more sophisticated drinks when it comes to buying liquor, wine, and spirits. Based on the Global Trends Report from IWSR, by 2024, premium and super-premium alcoholic beverages will account for 13% of the global volume market as customers continue to choose quality over quantity. Read more.