The alcohol industry suffered a setback amid the COVID-19 pandemic, which caused a dip in retail alcohol sales, with several stadiums, concert venues, bars, and restaurants closing or operating at limited capacity. However, alcohol consumption has been recovering with the reopening of bars and restaurants.
Moreover, with an increase in the young-adult demographic and the increase in millennials’ spending power, the alcoholic beverage industry is expected to grow markedly. According to a Business Wire report, the global alcoholic beverage market will grow at a CAGR of 2% by 2025.
