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The no/low alcohol drinks market, a category that has seen strong growth for the past several years, will continue to grow in 2024 and beyond, though at a slower rate, according to this alcohol industry trends article by Beverage Daily.
International Wine and Spirits Research (IWSR) latest data showed a 5% increase in 2023. Analyzed data came from 10 world-leading markets, which account for approximately 70% of global volumes for the category. IWSR notes that the now firmly established market is slowing after its peak in 2020/2021. From 2023-2027, the no/low market is forecasted to grow by 6% (Compound Annual Growth Rate), led by no-alcohol beverages. According to IWSR, “No-alcohol beverages now accounts for two-thirds of no/low-alcohol category volumes, with 72% of that made up of beer/cider.”
According to the research, the increase in consumption is being driven by Millennials who are the largest age demographic consuming no/low alcohol beverages. In more developed markets, older generations are leading the surge in popularity of no/low alcohol beverages.
IWSR reports that future growth will be led by countries with less developed no/low alcohol markets, namely Canada, US, Australia and Brazil. The popularity of alcohol-free drinks is having an influence locally, with recent openings of two no-alcohol bars – Mocktail and The Drive Canteen.
For more information about no/low alcohol trends, read “Why Liquor Stores Should Stock & Market Low Alcohol Beer & Wine“.
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