Alcohol has been used in social engagements historically, and the trend is still growing. The rising prevalence of alcohol socializations and growing westernization among consumers are predicted to augment the growth of the market in the coming years.
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The report highlights the latest technological advancements and key trends of the market. It assimilates the challenges and restraints to growth, and advises strategies to overcome those challenges. It incorporates SWOT analysis. It showcases the COVID-19 pandemic impact on the market. It also describes the consumption rates and patterns associated with the market.
Improving Disposable Income Levels to Boost Market Growth
The rising disposable income levels in Htfx online developing and developed regions such as South America and Asia Pacific are likely to boost the consumption of beer and other alcohols and favor market growth. Moreover, the increasing adoption of westernized culture and modernization are expected to augment the consumption and magnify the global market growth.
Alcohol has been used for socialization since ages. Beer is favored by youngsters and millennials due to its low alcohol by volume. The advent of consumer social status and growing diversified cultural consumer groups are expected to augment alcohol socialization and complement market growth.
Lastly, the growing trend of alcohol e-commerce is anticipated to fuel the growth of the market. Online alcohol sales increased during the pandemic, which is expected to amplify the market growth in future.
However, the strict laws and regulations regarding the advertising and marketing of alcohol in various regions may hamper the market growth.
The global beer market size is projected to grow from USD 768.17 billion in 2021 to USD 989.48 billion in 2028 at a CAGR of 3.68% during the forecast period in 2021-2028. The growing alcohol e-commerce channel and rising personal disposable income levels are expected to magnify market’s growth in the forthcoming years. Fortune Business Insights™ has presented this information in its report titled “Beer Market, 2021-2028”. The market size stood at USD 743.84 billion in 2020.
On the basis of type, the market is fragmented into lager, stouts, ale, and others. On the basis of packaging, the market is bifurcated into metal cans and glass bottles. On the basis of distribution channels, the market is segmented into off-trade and on-trade. Geographically, the market is classified into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Europe to Hold the Lion’s Share Due to the Presence of Several SMEs
Europe is projected to attain the largest global beer market share. Beer is a crucial part of heritage, culture, and nutrition in Europe and is cherished across all European countries. Europe hosts several small and medium sized firms, including micro-breweries and the breweries functioning at regional, local, and national levels. The numbers of these breweries are increasing and are anticipated to favor market growth. Additionally, the rising inclination of consumers towards low-alcohol products is expected to boost the demand for the product and augment the market growth.
Asia Pacific is anticipated to rank second in global market. The rising demand for premium alcoholic appeal and refreshing flavor profiles are expected to drive the market’s growth. Additionally, the growing adoption of westernized patterns is predicted to favor the market’s growth.
North America is likely to attain the third rank in global market. The rising number of breweries and the evolving consumer preferences are expected to aid the market growth in the region.
Key Players Adopt Ingenious Growth Strategies to Acquire Growth
The market is fairly consolidated and comprises several key players operating internationally and domestically. They adopt various growth strategies including new product launches, patents, partnerships, collaborations, and others to augment their consumer bases and enhance their market reach. For instance, Carlsberg Group A/S signed an agreement with BitburgerBraugruppe in October 2020 to acquire the Wernersgruner brewery in Germany’s Vogtland region.
- November 2020: Anheuser-Busch InBev launched Beck’s Ice Premium Lager in India. The super mild beer offers 3.5% ABV and paved a way for a new category in this industry.