IWSR additionally released its first-ever 10-year forecast, predicting $34bn in value growth over the next ten years across key markets.
Emily Neill, IWSR chief operating officer, said: “Beverage alcohol growth momentum has decisively shifted towards developing markets, with India likely to be the biggest engine of growth for the next decade, followed by Brazil and Mexico. The 10-year forecasts provided by our new Global Forecast Suite really lay bare the extent of the change that is coming, as the combination of demographic changes, shifting economic growth patterns and the long-run moderation trend in developed markets take full effect.”
The predicted decade of steady growth aligns with IWSR’s 2024 industry data which shows a mixed year in a challenging political and economic landscape. Global beverage alcohol volume was down 1% but value was up 1%.
According to the report, India added 6% in total beverage alcohol (TBA) volume and 9% in TBA value. Growth was evident across all categories, but most notably in beer and whisky.
TBA in Brazil grew just over 1% by volume in 2024 but value surged by 5%, as growing sectors included premium beer, RTDs and brandy.
South Africa saw stronger figures, with 2024 TBA volume up by 3% and value up 10%. This growth was driven largely by beer and RTDs, including wine-based RTDs.
In terms of global trends, no-alcohol beverages continued to display strong growth in 2024, with non-alc beer volume up 9%, which IWSR forecasts will surpass ale to become the second largest overall beer category by volume worldwide this year.
RTDs also saw growth in 2024, up 2% in volume and nearly 5% in value. Hard seltzers continue to decline, however cocktails and long drinks are surging in major markets, with hard tea seeing 31% annual volume growth in the US.
Martin Belchev, IWSR senior economist, added: “Economic growth in developing markets is set to push up average disposable incomes, which in turn will fuel volume opportunities growth in key markets, such as India and broader LATAM.”
