The global wine and spirits market is projected to grow over $193 billion from 2024 to 2028, with a 3.2% CAGR, according to a report from Technavio. Key trends driving the growth include rising demand for craft drinks, technological innovation, and premiumization.
The report emphasized that consumers are seeking authenticity, transparency, and sustainability in alcoholic beverages. Technological advancements, including AI, will continue to transform the way consumers interact with beverage alcohol through personalized drink-making apps and delivery services.
The industry also faces challenges from campaigns against alcohol consumption, with health organizations raising awareness about alcohol's negative health effects. Suppliers will have to navigate these complex market dynamics, with a focus on unique flavors, cultural significance, and health-conscious offerings.
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