Alcohol E-Commerce Market Growth Projection
The Alcohol E-Commerce Market was valued at an impressive $42.3 billion in 2021, and is projected to soar to $173.8 billion by 2031. This remarkable expansion translates to a compound annual growth rate (CAGR) of 15.2% from 2022 to 2031.
Though online alcohol delivery remains in its initial stages within emerging economies, businesses are leveraging digital platforms to sell liquor, beer, wine, and various alcoholic beverages in pursuit of broader consumer engagement.
To legally manage and sell these products, companies must secure a personal license that designates specific premises for packaging and dispatching alcohol.
Additionally, a robust online presence, along with an adept payment service provider, is crucial for facilitating seamless transactions.
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The surge in online alcohol sales has become particularly pronounced during the pandemic. Notably, China has emerged as the global leader in alcohol e-commerce sales.
The proliferation of smartphones and the growing popularity of mobile shopping applications have significantly benefited online alcohol delivery services.
Moreover, the extensive adoption of online payment applications underscores current trends within the Alcohol E-Commerce Market.
Major players are strategically focusing on broadening their reach to capture new demographics, presenting substantial opportunities in the Alcohol E-Commerce landscape.
For instance, in December 2019, Instacart initiated its online alcohol delivery service in the U.S. and has since expanded operations across all 50 states. This expansion was bolstered by partnerships with over 300 local, regional, and national retailers.
The COVID-19 pandemic has catalyzed increased demand for alcohol e-commerce, particularly among Millennials, who are notably tech-savvy. Shifts in lifestyle and rapid urbanization foster a growing inclination amongst younger consumers to opt for online purchasing of alcoholic beverages, thus propelling the sector’s expansion.
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The Alcohol E-Commerce Market is categorized by alcohol type, price point, and distribution channel. Segmentation by alcohol type reveals that wines and champagnes led the market, with the beer segment capturing significant market share due to increased purchasing power among working-class individuals and rising disposable incomes globally.
In terms of price point, the economy segment dominated the global market in 2021, accounting for over half of the total share, and is expected to maintain its lead throughout the forecast period. As alcohol products gain favor in culinary applications and a diverse array of cocktails within the food service sector, growth in the Alcohol E-Commerce Market is anticipated.
Regionally, North America is poised to maintain significant traction in terms of market share, with expectations to lead throughout the forecast period. Key industry players in this region are optimizing supply chains to ensure rapid and efficient delivery of alcoholic products ordered through online channels.
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The analysis of the global alcohol e-commerce industry identifies major players such as Bright Cellars, Costco Wholesale Corporation, Drizly, Evino, Flaviar, Naked Wines, RserveBar, Total Wines & More, Uber Technologies Inc., Vivino, and Vintage Wine Estates.
Key Findings from the Alcohol E-Commerce Market Study
- The wines/champagnes segment dominated the market in 2021, with an expected CAGR of 15.5% during the forecast period.
- The economy segment is anticipated to grow at a CAGR of 14.8% in terms of value throughout the projected timeline.
- The Online Grocery sales channel is expected to achieve a CAGR of 14.8% during the forecast period.
- Regionally, North America held a dominant position in 2021, comprising 35.6% of the Alcohol E-Commerce Market share.
Source link: Newstrail.com.
