Global alcohol market plummets by $830 billion as Gen Z drinking declines
According to NHS England statistics around a third of 16 to 24-year-olds went teetotal in 2024
The global alcohol market has taken a $830 billion hit in the past four years, with experts citing the decline in drinking amongst young people.
According to a study published by Bloomberg last year, which surveyed 50 of the "world’s top listed beer, wine and spirits makers”, the market value of alcohol is now 46% below its “record high” in June 2021.
The study points to shifting habits in younger generations, with many turning to health-focused lifestyle changes. “There is a structural change going on – people are drinking less,” Morgan Stanley analyst Sarah Simon told Bloomberg.
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According to the most recent Health Survey for England (HSE), 70% of non-drinkers in 2024 were aged between 16 and 24, with the lowest proportion of non-drinkers aged between 55 and 64.
HSE statistics also revealed that over a third of 16 to 24-year-olds (35%) went teetotal . A record high 24% of adults abstained from alcohol completely in 2025, up by 19% from 2022.
“We’ve seen four times the impact of the financial crash on alcohol consumption,” says Laurence Whyatt, an analyst at Barclays Plc (via Bloomberg).
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“The market believes there’s been some sort of structural change and that we’re not going back to the growth rates that we had in the past,” he added.
The Night Time Industries Association (NTIA) argues that changing alcohol consumption habits are leaving a “profound impact” on the night time economy in the UK.
They claim that, while Gen Z are “more health-conscious and are increasingly adopting mindful drinking practices”, alcohol-free and low-alcohol options are “gaining popularity” as a result.
Read the full study from Bloomberg here.
Gemma Ross is Mixmag's Associate Digital Editor, follow her on X