According to IWSR Drinks Market Analysis, alcohol beverage will be down by 8% versus 2019 across 19 global markets due to the worldwide pandemic. The U.S. and Canada are bright spots with each expected to show volume growth this year of over 2% total.
“Given the incredibly tough measures the industry has continued to face due to Covid-19, it’s encouraging to see that beverage alcohol in the 19 focus countries is only projected to decline by -8% in 2020, rather than by the double-digit losses originally expected. Excluding national spirits such as baijiu and shochu, total beverage alcohol in the 19 focus countries will recover to 2019 levels by 2024. We may see that recover even faster now, given the recent news on encouraging vaccine trials,” Mark Meek, CEO of IWSR Drinks Market Analysis said in a press release.
Full press release here.