Turkey Alcoholic Beverages Market Outlook (2018 to 2032)
Synopsis
The above chart is Turkey Alcoholic Beverages Market Outlook (2018 to 2032)
Market Dynamics
The demand for alcoholic beverages in turkey is expected to continue to grow over the next decade, with the country's alcohol production and consumption among the highest in europe. until recently, domestic beer production has been the mainstay of the industry. however, the emergence of craft breweries, along with increased imports of higher-end liquor brands, has resulted in a shift away from traditional turkish brewers. in 2018, the estimated annual consumption of alcoholic beverages in turkey was about 3.5 liters per capita, making it one of the five largest producers and consumers of alcoholic beverages in europe. over the last decade, the consumption of wine and spirits has grown particularly quickly, as a result of increased consumer demand and changes in lifestyle. the main driving factors include an increased preference for premium brands, wider denominations of alcohol, as well as a general rise in average incomes. over the coming decade, the turkish alcoholic beverage industry is expected to grow significantly due to an improved economic outlook, population growth, and changes in consumer preferences. although beer will remain the most consumed alcoholic beverage in the country, its share of the overall market will gradually reduce as the sales of higher-end wines and spirits accelerate. in addition, there is huge potential to attract new and existing consumers from countries outside of turkey. competitive pricing, as well as unique local production and marketing strategies, are likely to be key differentiators that can attract the attention of foreign consumers. this could be especially effective in areas like the mediterranean and the balkans, where there is a large pool of potential buyers, many of whom may be unfamiliar with the turkish alcohol market. overall, the outlook for the turkish alcoholic beverage market appears positive over the next decade. moderate economic growth, optimistic population growth, rising incomes, and greater disposable income will continue to be attractive conditions to investors and producers. as such, the alcoholic beverage sector will remain an attractive investment option in the coming years. domestic craft brands and the premium segment of the market will be the focal points for growth.
