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The global alcohol industry is facing a major shift. Over the past four years, beer, wine, and spirits companies have lost an estimated $830 billion in market value as Millennials and Gen Z rethink drinking altogether. Health concerns, wellness trends, weight-loss drugs, cannabis alternatives, and non-alcoholic options are reshaping habits. Major brands are now cutting costs, launching alcohol-free products, and restructuring leadership as analysts warn the era of easy growth may be over.