Research and Markets has announced the addition of the “Alcoholic Beverage Market in the US 2016-2020” report to their offering. The alcoholic beverages market in the US to grow at a CAGR of 3.51% by revenue, during the period 2016-2020.
The report covers the present scenario and the growth prospects of the alcoholic beverages market in the US 2016-2020. To calculate the market size, the report considers the revenue from the retail sales of alcoholic beverages in the country. It also includes the market size based on volume, which has been calculated based on the retail consumption of alcoholic beverages. The report also includes a discussion of the key vendors operating in this market.
The market for craft beer is on the rise. The craft beer market in the US was valued at $19.6 billion in 2014 and is expected to reach $45.4 billion by 2019, growing at a CAGR of 18.3% during the forecast period. Craft or locally brewed beers have a distinctive taste compared with regular beers and are sometimes made from different ingredients and flavors. These are brewed and served in bottles, cans, and kegs. Consumer preference for craft beer has grown and evolved in the US and is an important factor that has contributed to the demand.
According to the report, a key market driver is the rising number of wineries, breweries, and distilleries around the US. Younger consumers increasingly seek variety and exclusivity in alcoholic beverages. This is apparent in their demand for locally brewed beverages like craft beer and flavored alcoholic beverages. In an attempt to cater to this rising demand, existing vendors and new entrants alike have invested in new wineries, breweries, and distilleries. California is the largest state in terms of the number of wineries, with over 4,000 wineries.
Further, the report states that a challenge to the market could be the high taxes levied on spirits and alcohol.