United States Alcoholic Beverage Market, Impact of COVID-19, By Type, Companies, Forecast By 2027
United States Alcoholic Beverage Market will reach US$ 105.38 Billion by 2027. Forecast, Impact of COVID-19, Industry Trends, by Type, Growth, Opportunity Company Analysis.
By: Renub Research
Factors Driving United States Alcohol Beverage Industry
The emergence of pubs, bars, and nightclubs is a significant factor in promoting alcohol consumption across the United States. Additionally, the rising demand for premium alcoholic beverages such as whiskies, vodka, Japanese whiskey, wine and beer are growing popular as high-end drinks among the millennial population due to their high quality and taste. According to Statista, the alcohol consumption of all beverages in the United States in 2019 was 83.25 Million gallons.
COVID-19 Impact on United States Alcoholic Beverage Market
The global pandemic caused by COVID-19 has affected the United States alcoholic market negatively. The pandemic has affected the overall production and procurement of raw materials, which has resulted in demand and supply disruptions in the market. The trade pattern has been set to plunge as the pandemic upends the global economy. The downfall of its supply, an extended lockdown period, and the limited purchasing ability of consumers has negatively influenced the market.
Moreover, (RTD) ready to drink alcoholic beverages are expanding their markets in United States convenience stores. They offer grab-and-go convenience that fits into busy and healthy lifestyles. RTD alcoholic beverages are typically spirits or wine-based mixed alcoholic drinks that have lower alcoholic content. It is anticipated that the United States Alcoholic Beverage Industry will grow with a CAGR of 6.64% from 2020 to 2027.
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