By Kori Hale
- The non-alcoholic beverage market is expected to reach $120B this year
- 21% of Americans over 21 and 44% of all American adults will reportedly participate in Dry January
Every New Year, millions of people around the world embark on a month-long journey of self-improvement. One of the most popular initiatives is ‘Dry January’, a trend that encourages participants to abstain from alcohol for the entire month. After all, a significant portion of alcohol companies’ consumer base abstaining from alcohol for an entire month could potentially lead to a significant dip in sales. While Dry January might seem like a sobering time for the alcohol industry, it’s far from a financial dry spell.
Why This Matters:
Dry January is a typical New Year’s resolution, with 21% of Americans over 21 and an astonishing 44% of all American adults reportedly participating. One of the main reasons Dry January doesn’t spell disaster for the alcohol industry is the rise of non-alcoholic alternatives. With more people seeking healthier lifestyles, the demand for these products has skyrocketed, creating a thriving market that’s showing no signs of slowing down.
In fact, Statista reported that the non-alcoholic beverage market is expected to reach $120 billion this year. Globally, the market for low- and non-alcoholic beverages should grow to a staggering $3.8 trillion. The potential of the non-alcoholic market hasn’t gone unnoticed; big brands such as White Claw, Tanqueray, Guinness, and Budweiser have all launched non-alcoholic versions of their products.
Situational Awareness:
Despite the challenges posed by Dry January, the alcohol industry has shown resilience and adaptability. With the younger generation leading the way in mindful drinking, the demand for non-alcoholic alternatives is only set to grow. By embracing the trend and offering non-alcoholic alternatives, businesses are finding new ways to thrive during this traditionally dry period.
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