The alcohol industry is experiencing rapid growth and analysts predict a 4% global increase in 2020.
Where is the growth in the alcohol industry coming from?
- Premiumization: increasing consumer knowledge around production quality is raising expectations and leading to a “less but better” approach.
- Health: consumers that are health-conscious opt for innovative low-calorie and low-alcohol options, explaining the rise of beverages like hard seltzer.
- Experiences: bars are no longer simply venues where people can get a drink, they have to offer something more. This is also the case with alcoholic products.
- Convenience: new services like monthly subscriptions boxes and delivery are opening up a new revenue stream in the industry, as consumers are increasingly ordering alcohol online.
- Alternative packaging: from premium wines in a can to the explosion of ready-to-drink beverages, younger consumers are driving package innovation geared towards making alcohol accessible for any occasion.
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