Share this article NEW YORK, March 31, 2021 /PRNewswire/ -- The alcoholic beverages market in US is expected to grow by USD 64.01 billion during 2020-2024, expanding at a CAGR of almost 5%. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. Technavio has announced its latest market research report titled Alcoholic Beverages Market in US by Product, Distribution Channel, and Packaging - Forecast and Analysis 2020-2024 Vendors in the market are focusing on introducing new products to increase their revenue flow and expand their customer base. Successful product launches also help vendors in gaining a competitive edge over their counterparts in the market. In June 2018, BOM BOM Brands launched a new alcoholic beverage under the brand name Fully Baked in the US. The product is a blend of chocolate chip cookie and brownie flavors with premium Caribbean rum and hemp milk. Similarly, in June 2018, Quaker City Mercantile, in partnership with Diageo, launched a new line of alcohol drinks under the brand name Quaker City Shrubs. The product is made from apple cider vinegar and contains 4% alcohol and 3 grams of sugar. It is available in grapefruit, blackberry, and apple flavors. Such increasing product launches are expected to drive the growth of the alcohol beverages market in the US during the forecast period.