Though worldwide beverage alcohol volume increased slightly in 2019, reversing declines from the year prior, it will likely be five years before the global industry rebounds from the ongoing COVID-19 crisis.
Total global alcohol consumption, led by increases in beer and ready-to-drink products, grew by +0.1% in volume and +3.6% in value in 2019. However, losses incurred in the monthslong near complete shutdown of bars and restaurants across the world this year, has not been offset by upticks of beverage alcohol sales in retail and e-commerce channels. IWSR expects this to lead to double-digit declines in 2020, and estimates it will take until 2024 to reach 2019 pre-COVID-19 levels. Global travel retail, severely affected by widespread travel restrictions, will see a particularly harsh decline in 2020 but is expected to reach pre-crisis levels by 2024.
This story is from the June 2020 edition of Ambrosia.
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This story is from the June 2020 edition of Ambrosia.
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