Beer Market Size, Share, Global Overview and Forecast to 2023
Over the past couple of years, the consumption of beer has increased with the growth in disposable income and the rise in consumer preferences for beer over other alcoholic beverages. Moreover, the boost in female drinkers coupled with the unprecedented rise in youth population adds to the market’s strength. The United Nations (2013) World Population Prospect says that the worldwide youth population is expected to touch the valuation of 1.3 billion by 2030. These numbers will bear good news for the market, with great impact on beer sales in the near future.
Consolidation of on-premises distribution channels has favored the Beer Market Size in a big way. Apart from this, cultural changes combined with the adoption of western culture has changed the perception of consumers towards beer. This factor is deemed to present countless opportunities to the industry players in the subsequent years.
On the downside, the market could take a hit in the form of taxations and higher excise duties on imported as well as local beer. Yet, the market is poised to have a profitable run during the evaluation period with the introduction of naturally sweetened and non-alcoholic beers.
Rising Preference for Low Alcohol by Volume (ABV)
A steady surge in preference for low alcohol by volume beverages has been noted over the years. The sale of low-alcohol and no-alcohol beers has risen significantly because of the increasing interest of health-conscious consumers. Of course, a more extensive range of new beers with improved taste also serves to benefit the market. Another factor elevating the market’s demand is the availability of cheaper-priced low-alcohol beers. This cost reduction will aid in the market growth of low-alcohol alcohols like craft beer. The scenario is much more favorable in regions like Europe, where countries like Sweden is home to brewers striving to bring changes to the craft beer market.
Laurelwood Public House and Brewery (U.S.), Hopworks Urban Brewery (U.S.), Pisgah Brewing Co. (U.S.), Eel River Brewing Co. (U.S.), Butte Creek Brewing Co. (U.S.), Asher Brewing Co. (U.S.), Bison Brewing Co. (U.S.) are some of the prominent vendors competing in the Beer Market Size.
May 2019 Tuborg will be partnering with Northern Europe’s largest festival Roskilde Festival to increase the focus on community building along with sustainable solutions. The festival will be premiering new organic lager and beer bars that will run on green electricity along with an alcohol-free area.
Global Beer Market has been segmented based on type, ingredients, and packaging.
Type-wise segments in the market are ale, lager, stouts & porters, and others. Among these, lager beer is the largest market, but the market for ale beer will surge at a higher CAGR owing to the increasing demand for innovative beer.
Depending on ingredients, the market can be broken down into malt, yeast, enzymes, hops, and others. Here, the hops segment leads the market, trailed by the malt segment as the use of these ingredients to manufacture beer is high.
The market, with respect to packaging, is considered for can, bottle, and draught. Between these, the can segment is at the top position as metal cans are easy to transport and store. But the growth of the draught segment is projected to be high due to the growing consumer preference for draught beer.
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Global Beer Market is regionally segmented into Asia Pacific, Europe, North America, and the Rest of the World (RoW).
Identified as the leading region, North America is expected to maintain its position throughout the review period. Beer is one of the most enjoyed alcoholic drinks in the region, particularly among the youth. Evolving lifestyles and immense popularity of beer among the youth are important factors responsible for the market’s stupendous growth in recent years.
The Europe beer market has noted a consistent growth in the past couple of years. Flavor innovations along with new target consumers drive the beer market in the region. With the addition of new beer flavors, manufacturers strive to lure new drinkers, which benefits the regional market. Apart from this, the beer manufacturers in the region are offering varieties in beer for female drinkers. This can be a game changer for the regional market in the following years.
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