- Open states such as California and New York are leading consumers in this market, which is growing at a CAGR of 3.10 percent through 2018.
TechNavio, an independent tech-focused global research firm, reports 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 TechNavio 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, TechNavio 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.
If you are interested in more information on this topic and our upcoming research on the Alcoholic Beverage Market in the US please send an e-mail to media@TechNavio.com
About TechNavio
TechNavio is a leading technology research and advisory company with a global coverage. We focus on emerging technology trends that can shape the market. We identify and explain these trends to our customers to help them take better decisions.
TechNavio models the trends using a mix of quantitative and qualitative tools in its proprietary research methodologies. We build forecasts across market segments and geographies based on the trends identified. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a changing market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape of the Alcoholic Beverages Market in the US. Our analysts obtain the information using a combination of the bottom-up and top-down approaches, besides using in-house market modeling tools. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
Decision makers and influencers in sales & marketing, strategy, product and R&D teams rely on research from TechNavio. We have a large and growing base of happy customers worldwide. Our customers include technology suppliers, end users, consulting companies, investment firms and research institutes.
Founded in 2003, TechNavio has about 200 analysts globally. We cover more than 500 technologies across 80 countries. Our analysts are closely monitoring the market every day by talking to all the industry participants. We have proprietary databases that provide us with a complete perspective of the market. TechNavio develops over 2000 pieces of research deliverables every year.
Media Contact:
Jes Ellacott/Rituparna Roy
Marketing Executive/ Marketing Manager
+1 416 642 4944; +44 208 123 1770; +91 9591975898
Twitter: @TechNavio
