Overview of Alcohol Business
Alcohol can be a lucrative business with a worldwide customer base. The industry is attractive to entrepreneurs as it has potential for high profits. Location is a key factor as license costs vary. The alcohol market is expected to grow 2% annually between 2020 and 2026, reaching $1.2 trillion by 2024. Many large alcohol companies are highly profitable.
Business Strategy for Alcohol Sales
Selling alcohol requires understanding the business and overcoming challenges. Offering unique products and branding is important. Upselling alcohol can grow restaurant revenue as markups are typically higher than on food. Creative alcohol-based art or wellness products can serve niche markets. Non-alcoholic beverages are a top trend, with sales up 33% in 2021. The volume of no- and low-alcohol drinks globally is expected to grow 31% by 2024. More consumers are reducing alcohol intake, signaling an ongoing trend. Brands that catch trends early will continue to profit.