Russia Alcoholic Beverages Market Outlook

The demand for alcoholic beverages in russia has seen a steady growth owing to the increasing consumer appetite for its beer and vodka products. this growth is mainly being driven by a combination of factors namely, enhanced consumer disposable incomes, rising youth population, the abolition of state monopolies and tax policies that favor alcoholic product imports. as a result, the outlook for russian alcoholic beverages market is expected to be positive over the 2018 to 2032 period. the growing number of households in urban regions coupled with improving disposable incomes is expected to be among the key drivers for increased demand for alcoholic beverages in russia. in addition, the increasing focus of the russian population on leading a healthier lifestyle is projected to result in a positive shift towards the consumption of premium alcoholic beverages like liqueurs and wines. furthermore, the increasing government support towards product import liberalization is likely to fuel the growth of the alcoholic beverages market further. on the flipside, rising health concerns due to alcohol abuse and the implementation of stringent regulations could hinder the growth of the russian alcoholic beverage industry in the near future. the growing popularity of soft drinks as a healthier alternative to alcoholic beverages could also pose a challenge to industry demand. despite, the presence of such restrictors, opportunities for industry growth would abound. international companies are expected to benefit from the higher consumption of premium quality branded beverages. growing consumer preference for flavored alcoholic beverages such as bubbly drinks are also likely to enable the growth of the market. innovations in packaging are expected to further boost demand for alcoholic beverages and facilitate the growth of the industry. to conclude, the outlook for the russian alcoholic beverages industry is expected to remain favourable over the 2018 to 2032 period. improved disposable incomes, the elimination of monopolies, and the customers’ preference for healthy products are expected to be the main drivers. in addition, an increasing number of international companies entering the russian market, coupled with innovations in packaging are likely to further bolster the growth of the alcoholic beverage market.