Italy Alcoholic Beverages Market Outlook (2018 to 2032)
Synopsis
The above chart is Italy Alcoholic Beverages Market Outlook (2018 to 2032)
Market Dynamics
The italy alcoholic beverages market is expected to grow at a cagr of 3.5% during the forecast period of 2018 to 2032. this growth rate is attributed to increase in tourism, implementation of changes in liquor tax structures, rising per capita disposable income and changing consumer preferences. italy is a major player in the global wine industry and is the second-largest wine-producing nation after france. wine accounts for a significant share of the italy alcoholic beverages market, and its production has increased steadily in recent years. in 2017, wine accounted for over 65% of the overall beverage alcohol market in italy. of the global wine production, italy produces around 20%, making it the world’s largest producer of wine. italy is the largest consumer of wine in the world with per capita consumption estimated at 30 liters per year. in terms of revenue, the italy beer market accounted for around 21.0% share in 2017, and the forecast predicts a consistent growth until 2032. beer sales in the country have been steadily declining since 2013, due to changing consumer tastes and improved taxation regulations. the spirits industry in italy is also witnessing a consistent growth, rising at a cagr of more than 5.5%. the growth is primarily driven by rising popularity of niche spirits, changes in taxation regulations, diversifying consumer preferences, and investments made by both foreign and domestic producers. the italian government recently launched a tax reduction policy to support the growth of the sector. the policy entailed a 50% reduction in taxes for the production of spirits, wines, and beers. the italy alcoholic beverages market is also witnessing rapid growth in terms of product innovation and development. the country's producers are focusing on developing products that are safe, cost-effective, and healthier as compared to traditional products. premiumization is also driving growth in the market, in a bid to keep up with changing consumer tastes. overall, the outlook for the italy alcoholic drinks market is positive, as it continues to benefit from changing consumer tastes and preferences, improved taxation regulations, and product innovation. the implementation of effective marketing and promotional strategies and increased investment in research and development will further boost market growth during the forecast period.
