Global Beverages: Global Alcohol Insights: What Really Drives Consumption?

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Global Beverages: Global Alcohol Insights: What Really Drives Consumption?

Equity Research

14 July 2026

Global Beverages

Global Alcohol Insights: What SIGNATURE

Really Drives Consumption?

What really drives alcohol consumption? In this note, we use European Consumer Staples

our proprietary data set from 60+ countries to unpack the key NEUTRAL

macro and demographic drivers of beer, spirits, wine and European Consumer Staples

Laurence Whyatt

total beverage alcohol, separating volume engines from value +44 (0)20 7773 5324

engines and identifying 10 key insights from our analysis. laurence.whyatt@barclays.com

Barclays, UK

Imogen McCurley

+44 (0)20 3555 4999

imogen.mccurley@barclays.com

Ashutosh Jain

+91 (0)22 6175 1452

ashutosh.jain@barclays.com

Stephen Kennealy, CFA

+44 (0)20 3555 7835

At the end of 2024, we published The Future of Global Alcohol, where we examined how stephen.kennealy@barclays.com

demographics and economics shape alcohol consumption. Using some of the ideas initially Barclays, UK

put forward in this note, we go deeper: using data from more than 60 countries, we

Data Science & Applied AI

analyse what drives beer, spirits, wine and total beverage alcohol sales and volumes, and

Vincenzo Pota(iii)

distil the findings into 10 new key insights to shape investment in the alcoholic drinks +44 (0)20 3134 2097

industry. vincenzo.pota@barclays.com

Demographics and economics drive alcohol growth: Working with our Data Science & Applied

AI team, we analyse the macro and demographic variables that best explain why alcohol grows U.S. CHPC & Beverages

in some markets and stalls in others. The conclusion is clear: GDP and population size alone is Lauren R. Lieberman

too blunt a lens. Volumes are driven primarily by the size and shape of the working-age +1 212 526 3112