The Global Beer Market is projected to reach USD 918.73 Billion by 2028, growing at a CAGR of 2.1% during the forecast period. In recent years, the availability of innovative flavors and increasing popularity of beer over other alcoholic beverages have led to the growing consumption of beer. Additionally, changing lifestyle and the influence of western culture have altered the choices of consumers towards alcoholic beverages, particularly beer.
The craft beer, which contains fresh ingredients and creative flavors combining fruits, salt, and tart aromas, has witnessed growing popularity among the world's millennial consumers. In addition, a surge in female consumers and exceptional growth of young population will facilitate the growth of the market. According to World Population Prospect of United Nations (2013), by 2030, the global youth population will reach 1.3 billion, which will provide a major boost to the global market.
There has been a steady rise in the consumption of low amount of liquor in beverages. The sale of low or negligible amounts of alcohol in drinks has grown significantly due to the availability of new ranges with improved taste and the growing interest of health-conscious consumers. Further, the low-alcohol beers are more affordable as compared to the other liquor-based beverages. Low or no-alcohol beers have never fared better and the growth of small independent breweries provides a testimony to this trend, which shows no sign of wavering. It means that people, who choose not to drink or limit intake, now have plenty of tasty options.
Breweries have seen an increasing demand for unfilled beer cans during the Covid-19 pandemic, as more buyers have decided to buy beer to drink at home. This is largely due to the success of craft beer in the global beer market. It developed with the beer fans toying with their home brew kits, experimenting with various flavors and ways to renew and spice up with the additives, swapping strains of hops, forte alcohol, and creating their personal brews to innovate traditional beer.
Enthusiastic craft beer makers and home brewers have spurred the growth of the global market. Sophisticated consumers are demanding boutique, unique, and premium products. Increasing number of craft breweries and new entrants are further adding to the growth of the market.
Global Beer Market, By Type
Based on type, the global beer market segmentation includes lager, ale, pilsner, stout, and others. The lager type beer will hold the largest share of the global market, as its popularity among consumers is soaring to new heights. Moreover, most beer manufacturing companies prefer to produce lager, as it offers high profits on investment. However, the malt segment is anticipated to witness high growth during the forecast period.
Global Beer Market, By Category
Based on the category, the global beer market segmentation includes standard, premium, and super Premium. The standard segment is expected to hold the largest market share during the forecast period. This is due to the increasing number of youth drinkers who prefer affordable alcohol, especially during their college days. In addition, a vast number of companies are into the production of standard beer, which is also augmenting the segment’s growth.
Global Beer Market, By Regions
Increasing demand in Africa, Latin America, and Asia Pacific, owing to innovative product launches by foreign leading companies, persuasive marketing, and improvement in product image, will fuel the demand for beer in these regions over the forecast period.
The demand for light beer has grown slightly in Europe and North America due to increasing health concerns and high demand for low or non-alcoholic beverages.
Key Developments in the Global Beer Market
Some Key Findings of the Global Beer Market Report Include:
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