Assessing the Impact of Economic Factors on Beer Consumption Trends
NEW YORK, NY, December 06, 2023 /24-7PressRelease/ — In the latest Technavio report titled “Beer Market,” there is a projected rapid growth in the market in the upcoming years. The market is estimated to expand by USD 141.28 billion, with a CAGR of 3.7% during the forecast period. The APAC region is expected to contribute significantly, accounting for 42% of the overall market growth. You can request a sample report for more details.
The demand for beer is anticipated to rise in emerging economies like India, China, Brazil, Vietnam, and South Africa due to lifestyle shifts, urbanization, increased incomes, and the popularity of beer among millennials. Global beer companies are focusing on expanding their distribution channels and online sales in these regions. Noteworthy beer launches, such as Allagash Brewing Company’s Haunted House, Black Calder Brewing Co.’s innovative beer, and the collaboration between Capital Brewing Co. and ONA Coffee on Imperial Stout, are expected to drive market growth.
The APAC region stands out as one of the fastest-growing areas in the global beer market, driven by countries such as China, Australia, Japan, Vietnam, and India. This growth is attributed to factors such as rising GDP, economic advancement, increasing beer appeal, a growing middle-class population, higher per capita income, and the preference for beer among millennials. You can download the sample report for more insights.
Technavio highlights key trends in the Beer Market:
Introduction of new beer flavors to meet growing global consumer demand.
Increased demand for craft beers due to the introduction of diverse flavors in the beer segment.
Flavors as a key differentiator, particularly appealing to the experimental nature of the millennial consumer base.
Breweries adapting by launching a variety of flavors to cater to millennial preferences.
Example: Diageo’s launch of Guinness Nitro Cold Brew Coffee Beer in April 2021 in the US reflects the industry’s response to the rising demand for diverse beer flavors.
Major players in the beer market include Wild Beer Co., Heineken NV, and BrewDog Plc. For more details on these companies and their offerings, you can download the sample report.
Technavio has segmented the market based on Packaging (bottles and cans), Distribution Channel (on-trade and off-trade), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
The bottle segment is expected to witness substantial growth in market share during the forecast period. Beer has traditionally been packaged in glass bottles, often in brown hues. The popularity of the 600-ml beer bottle, frequently shared among 2-3 individuals, reinforces this trend. Present-day consumers also show a preference for lightweight metal cans, suitable for various social settings. Additionally, alternative packaging materials like wooden containers and polyethylene terephthalate (PET) bottles are available options in the market.
The Beer Market Analysis Report by Technavio predicts positive growth, driven by evolving consumer lifestyles and rising demand in emerging economies. Noteworthy beer releases, such as Haunted House by Allagash Brewing and innovative offerings from Black Calder Brewing Co. and Capital Brewing Co., contribute to market expansion. The emergence of flavored beer, catering to the experimental nature of millennials, is a significant trend, while health concerns regarding prolonged beer consumption drive a shift towards non-alcoholic alternatives. With the bottle segment expected to witness substantial growth due to consumer preferences and sustainable packaging innovations, the beer market presents promising prospects amid evolving consumer dynamics and regional expansions. You can buy the report now for comprehensive insights.
Related Reports:
Ginger Beer Market: The ginger beer market share is expected to increase to USD 4.08 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.68%.
Commercial Beer Kegerators Market: The commercial beer kegerators market size is estimated to grow at a CAGR of 5.07% between 2022 and 2027. The market size is forecast to increase by USD 19.15 million.
TOC
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Packaging
7. Market Segmentation by Distribution Channels
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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