IWSR Forecasts 2.9% Growth for Alcohol Category in 2021
Global beverage alcohol is showing positive signs of recovery and is expected to grow 2.9% in volume by the end of 2021, according to the latest forecast from IWSR. The drivers behind the momentum include the acceleration of ecommerce, the growth of the ready-to-drink (RTD) category, and the rise of at-home occasions, among other factors.
IWSR also shares some intriguing category-level insights in the report. For instance, tequila is now the third-largest spirits category in the U.S. after growing 9.6% globally in 2020. RTDs managed to grow 26.4% in 2020 despite the pandemic, and is projected to expand 26.6% in 2021. Whiskey is also forecasted to rebound with 5.5% growth in 2021 after experiencing a 10.7% volume decline in 2020.
At the current rate, IWSR predicts total beverage alcohol consumption will return to pre-COVID levels in 2023 and steadily increase through 2025.
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