Alcohol is a mixture of ethanol and water which is volatile flammable liquid and is produced by natural fermentation of sugars. Alcohol is an intoxicating constituent of wine, beer, spirits, and other drinks. Alcohol is also used as an industrial solvent in many end use industries for manufacture of various products, and also as a fuel in certain end use applications.
Growing consumption of alcohol from consumers in urban areas, coupled with increasing disposable income are key factors driving growth of the global alcohol market. In addition, increasing trend of parties, functions, etc., coupled with rising demand for alcohol from countries where temperatures are considerably low, and continuous innovations in end products such as different flavours of alcoholic drinks offered by manufacturers are major factors expected to fuel growth to the global alcohol market.
However, continuous consumption of alcoholic drinks leads to long-term health problems such as inflammation of liver, increase in blood pressure, damage to heart muscles, kidney related problems, weight gain, etc. which are key factors restraining growth of the global alcohol market. Additionally, stringent regulatory framework, and strict approval process for alcohol drinks in developed countries are major factors expected to hamper growth of the global alcohol market over the forecast period.
The alcohol market has been segmented on the basis of type, ingredients, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America is a dominant player in the global alcohol market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to factors such as rising urbanization, increased disposable incomes in countries in the region. The market in Europe accounts for second-highest revenue share in the global alcohol market followed by markets in Latin America, Asia Pacific, and Middle East & Africa respectively. In addition, the market in Asia Pacific is projected to have fastest growth in terms of revenue, owing to factors such as changing lifestyle, willingness to spend on alcoholic products, and increasing trend of partying, and pubs in this region.
Prominent players in the global market include Carlsberg Group, Heineken Holding N.V., Diageo PLC, Suntory Holdings Ltd., Bacardi Limited, Craft Brew Alliance, Inc., United Breweries Limited, The Boston Beer Company, Inc., Bronco Wine Company, and Molson Coors Brewing Co.
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