Reportstack has announced that growth in the Alcoholic Beverages Market in the US is being driven primarily by growing demand for premium and craft alcoholic beverages, specifically in open states such as California and New York. The market is growing at a CAGR of 3.10 percent in terms of revenue from 2014-2018.
Open states are those areas where the state does not control the sale and distribution of alcoholic beverages, as opposed to closed states where the government engages in the distribution and sale of alcohol. Alcohol consumption in open states accounts for more than 75 percent of the market, with California, Florida, New York, and Texas ranking as some of the highest consuming.
Demand for craft and locally brewed beer is a huge trend currently impacting the industry, with the craft beer sub-segment of the market growing at a CAGR of 18 percent through 2018. As a result, many large companies are building or purchasing craft beer labels in the market to gain a share of the marketing and distribution networks of small brewers. This is also leading to the introduction of new breweries, to meet the demand for craft brews. In 2012 alone California saw the opening of 56 new breweries.
According to senior analysts, “Premium brands are currently in higher demand than the economically priced brands mainly because of the increased disposable income of consumers after the economic decline recovery, the use of alcohol as a status-symbol, the need for luxury, and the association of the "premium" label with beverage quality and taste. As a result, the trend for premiumization across all product categories will continue to drive the growth of the market during the forecast period.”
To determine the scenario for these vendors in the next 3-4 years, the analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
To view the table of contents and know more details please visit http://www.reportstack.com/product/151960/alcoholic-beverage-market-in-the-us-2014-2018.html
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