Beer is an alcoholic beverage produced by fermentation of malted cereal grains, usually barley. It has a golden yellow color, and has a slightly bitter, refreshing flavor. It comes in various styles like lagers, ales, stouts and others. Beer is the most widely consumed and oldest alcoholic beverage in the world.
The global Beer Market is estimated to be valued at US$ 821.36 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The popularity of craft beers is rising among global consumers. Consumers are demanding for unique flavors and styles in craft beers. This has led to an increase in number of microbreweries and craft breweries globally. In addition, low or no-alcohol and organic beers are gaining traction. Health-conscious consumers are switching to such beers due to their low-calorie content. Furthermore, there has been increasing demand for season beers or specialty beers that are brewed for specific seasons or occasions. Introduction of new seasonal varieties is expected to drive the growth of beer market over the forecast period.
SWOT Analysis
Strength: Beer has remained one of the most popular alcoholic beverage choices globally. Countries have strong beer drinking cultures and traditions. Weakness: Increased awareness around health and wellness has led to some consumers reducing alcohol intake or switching to low/no alcohol options. Strict regulations in some markets can impact profitability. Opportunity: Emerging markets like Asia Pacific and Latin America offer significant growth potential as consumption increases. Product innovation including specialty, craft and low-calorie beers appeals to new consumers. Threats: Growing popularity of alternative beverages like hard seltzers poses a threat. Economic downturns can negatively impact discretionary spending on beer. Rising production costs and tax increases also impact profitability.
Key Takeaways
The Global Beer Market Sizeis expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing experimentation with craft beers globally. The market was valued at US$ 821.36 Bn in 2023.
Regional analysis: The Asia Pacific region is expected to dominate the global beer market during the forecast period. China, India and other developing Asian countries are witnessing fastest growth due to improving economic conditions, rising incomes and changing tastes. Meanwhile, the US and Western Europe will continue to account for a major share due to established beer cultures and increased focus on specialty varieties.
Key players: Some of the key players operating in the beer market are Anheuser-Busch InBev, Beijing Enterprises Holdings Limited, Carlsberg Group, Diageo PLC, Dogfish Head Craft Brewery, Inc, Heineken Holding NV., Squatters Pubs and Craft Beers, Sierra Nevada Brewing Co., The Boston Beer Company, Inc, and United Breweries Limited. These players are focusing on expanding their specialty and craft beer portfolios as well as venturing into low/no/non-alcohol options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it