The world may be getting warmer, but it is not getting much wetter. It quaffed 249 billion litres of alcoholic drinks in 2014, a modest increase of 1 billion over the preceding year. When measured by intake per head of the drinking-age population, consumption is down a little from a peak of 56.6 litres in 2012 to 55.4 litres in 2014. People in rich countries are the ones imbibing less—a moderation that has not (yet) been matched by a corresponding binge in emerging markets. India, for instance, is the ninth-largest alcohol market, yet consumption per head is low. Small wonder that drinks companies see an enormous market waiting to be tapped.