Global alcohol sales recover from the pandemic
According to the latest IWSR Drinks Market Analysis data, the global alcoholic beverages market is showing "signs of recovery" following the COVID-19 pandemic. The unprecedented epidemiological situation in the world caused a decrease in alcohol sales by 6.2% globally. The IWSR predicts that by the end of 2021, sales volume will increase by 2.9%, and by 2023 total alcohol sales will return to pre-pandemic levels.
Global alcohol sales volume is expected to grow with a compound annual growth rate (CAGR) of 1.5% between 2021 and 2025. Sales of spirits in 2021 are expected to increase by 0.6%, and in 2021-2025 will grow annually by 1,5%.
Regarding the whisky category, sales fell by 10.7% in 2020, but this category is expected to grow by 5.5% in 2021 and the CAGR in 2021-2025 is expected to be 4.2%. Growth for Scotch whisky is projected at 3.8% annually and is expected to be driven mainly by the return of the travel retail sector as well as the potential opening of the India market.
Mark Meek, CEO of IWSR Drinks Market Analysis, said: “In many global markets, Covid-19 accelerated the impact and growth of key industry drivers, such as the development of e-commerce, premiumisation, the rise of the ‘home premise’, moderation, and the need for convenience in product formats. These are the trends that will also underpin the industry’s resilience as it pivots to meet consumers where they are in the years to come.”
Source: www.thespiritsbusiness.com
