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Although global alcohol consumption has taken a hit thanks to the worldwide economic impact of COVID-19, one group of beverage analysts has found that it showed “greater resilience” than some expected.
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“Research group IWSR has revised predictions it made on the impact of coronavirus on the global alcohol market earlier this year,” according to the Drinks Business.
In May, the market research company predicted a double-digit drop in alcohol consumption primarily due to the government mandated lockdowns which closed bars and restaurants around the world. IWSR also predicted at the time, that it would take until at least 2024 for the drinks industry to recover to pre-crisis levels.
However, the expected fall has been reduced to 8% globally thanks to economic rebounds seen in markets such as China, where recovery from the virus is advancing. The less-than-expected economic decline has also been aided by many businesses pivoting away from alcohol sales in pubs, bars and restaurants that remain largely limited, to e-commerce alternatives and retail distribution.
IWSR reviewed beverage alcohol consumption in 19 key global markets including Australia, Brazil, Canada, China, Colombia, France, Germany, India, Italy, Japan, Mexico, Poland, Russia, South Africa, Spain, Thailand, Turkey, UK and the US.
Mark Meek, CEO of IWSR Drinks Market Analysis, said the projected figures are “encouraging” for the sector, and suggested that sales could return to pre-COVID levels earlier than 2024.“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.”
Out of all markets studied, only the US and Canada are expected to show volume growth this year, both at over 2%.
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Several markets, including Russia, Australia, Japan and Germany, are expected to see volume sales decline, but even those are expected to be less than 5%.
