April 23, 2024
Beer Market

Beer Market is Estimated to Witness Steady Growth Owing to Rising Socializing and Lower Alcohol Content

Beer is one of the most popular alcoholic beverages consumed worldwide. It is produced by the brewing and fermentation of yam, grains such as malted barley, wheat, millet and rice. Beer offers various health benefits due to the presence of antioxidants, silicon and traces of minerals and vitamins. It is considered as a relaxing drink to unwind after work and also aid in weight management due to its lower alcohol content as compared to other beverages. The global beer market is expected to witness steady growth owing to rising socializing and gatherings along with shift in consumer preferences towards drinks with lower alcohol percent.

The Global Beer Market Size is estimated to be valued at US$ 946.21 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period between 2024 to 2031.

Key Takeaways
Key players operating in the beer market are B. Braun Melsungen AG, Baxter, BD, Johnson & Johnson Private Limited, Stryker Corp., Integra LifeSciences Corporation, Medtronic plc, Acera Surgical, Inc., Anthrex, Inc., Acelity L.P. Inc., Biorez, Aroa Biosurgery Limited, Misonix, Inc., Ortho Regenerative Technologies Inc., AlloSource, Boston Scientific Corporation, TEIJIN LIMITED, and Smith+Nephew, CONMED Corporation. These players are focusing on new product launches and innovations to gain a competitive edge in the market.

The key opportunities in the beer market include rising disposable incomes in developing economies, increasing social events and outdoor activities, and growing consumption among millennials and women population. Manufacturers are launching premium and craft beer varieties with unique flavors to tap into new customer segments.

Globally, the beer market is expanding significantly with major brewers setting up new production plants and acquiring regional brands. Europeaccounts for the largest share currently owing to high beer consumption in countries like Germany, UK, Ireland, Belgium and Czech Republic. However, the Asia Pacific region is expected to witness fastest growth due to changing lifestyle and rising affordability in countries like China, India and Vietnam.

Market drivers
Rising socializing is a major driver for the global beer market. Post pandemic, people are increasingly venturing out on weekends to pubs, restaurants, sports stadiums and concerts contributing to higher beer sales. Moreover, a majority of consumers now prefer beers with lower alcohol content for health reasons as well as responsible drinking which is benefiting the market growth. Product innovations such as new flavors, variety packs and alcohol-free options are also supporting the market expansion.

PEST Analysis

Political: The beer market is regulated by alcohol laws and regulations set by governments. New policies can influence taxes applied on beer sales and production.

Economic: Factors such as changes in disposable income, GDP growth and unemployment rates impact consumer spending on beer. During economic downturns, sales may decline as people cut back on spending.

Social: Changing social trends can drive or restrict beer consumption. Factors like health awareness, social acceptability of alcohol and lifestyle changes shape demand.

Technological: Advancements in brewing equipment and processes help improve efficiency and consistency of beer production. New technologies for packaging and marketing also influence customer experience.

The geographical regions where the beer market is concentrated in terms of value are North America and Europe. North America accounts for the largest share globally due to high beer consumption in countries like the United States. Europe is also a major regional market led by countries such as Germany, France and the United Kingdom.

The fastest growing regional market for beer is Asia Pacific. With improving economic conditions and rising disposable incomes, beer consumption is increasing rapidly in developing nations of Asia Pacific including China, India and various Southeast Asian countries. Wide product portfolio offerings by global as well as local brewers are also fueling market expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it