Published on : Jan 04, 2016
Owing to the rising global competition, the European wine producers’ market shares including France, Spain, and Italy have declined as newer manufacturers within the countries of New Zealand, the U.S., and Chile have encountered growing demand. The overall industry revenue is has delineated with manufacturers consolidating their operations. On the contrary, the increasing consumption of alcoholic drinks in developing markets is predicted to result in robust international trade in the coming years. The western markets still struggle to match to the appetites of the millennial generation and is attracted to wine over other alcohol categories. The risk factors, threats, and opportunities, and the prime developments within the global alcoholic drinks market are highlighted as under:
- Introduction of Health Alternatives: Packaging has always remained as a key factor on the basis of closures, packaging size, and materials. However, owing to the emergence of an era preferring more sophisticated products, a keen attention to color cues, novelty, and design have become more essential. The consumers and health advocacies are encouraging to choose a healthier option in alcoholic drinks and this is why manufacturers are catering to the demand by providing lighter and moderate alternatives. However, the market positioning of these newly launched products might impose a challenge on the overall alcoholic drinks market.
- Expansion in Occasions: Nowadays drinks are being served on different occasions. Manufacturers can profit from advertising a relevant alcoholic option portraying the same via TVs, radios, and other media alternatives. The presentation of such drinking occasions and customized products to cater their needs will inform the innovations’ future.
- Variations in Local Specialties: Though local specialties in alcoholic drinks are already suffering a loss in a generation having high-end international brands and sophisticated taste buds of consumers, still manufacturers may bring new opportunities by flavoring and premiumization of these local specialties.
Cutting-edge product developments have gained momentum and significance in an era comprising intense competition amongst prime alcoholic drink categories and a swiftly reducing acquisition pool. Thus, the identification of people’s preferences, moving above stereotypes and taboos is extremely significant for manufacturers within the new world of alcoholic drinks market.