The global beer industry
expected to grow at a CAGR of 4.22% between 2019 and 2026. This is ascribable
to factors such as the easy availability of raw materials and increasing consumption
of the product across the globe. Fortune Business Insights, publish this
information in its latest report, titled “Beer Market Size, Share
& Industry Analysis, By Type (Lager, Ale, Stouts, and Others), Packaging
(Glass Bottle and Metal Can), and Distribution Channel (On-trade and
Off-trade), and Regional Forecast, 2019 – 2026.”
further observes that the market was worth USD 693.39 billion in 2018 and is
expected to reach USD 962.39 billion by 2026.
Beer is believed to be discovered over 5000
years ago at Godin Tepe that is located in the central Zagros mountain ranges
of Iran. The earliest beer is said to be extracted from the barley dates, while
the Weihenstephan Brewery is considered the oldest brewery in the world. Today,
gallons of beer is consumed across the globe, which is a favorite beverage
among old and millennials alike. According to a data from the World Atlas,
Czech Republic hold the title of being the largest beer-consuming country with
about 142.6 liters per capita annual drinks recorded in the country. Today,
innovation in flavors and emergence of modern breweries is propelling the
demand for the beverage across the globe.
What does the Report Include?
The market report includes an exhaustive study
of several factors such as drivers, restraints, challenges, and opportunities
that will affect the growth of the market in the forthcoming years. The report
covers regional demographics that include qualitative and quantitative information
about the regions that are further divided into nations that are contributing
to the growth of the market between 2019 and 2026. Furthermore, the competitive
landscape has been discussed in-depth that include information of several
players operating in the market. Moreover, information on the adoption of
strategies such as merger and acquisition, collaboration, partnerships, and
joint ventures by the companies that will drive the growth of the market has
been included during the projected horizon.
Drivers and Restraints:
Abundant Availability of
Raw Material for Product Manufacturing to Aid Growth
According to Fortune Business Insights report,
the global wheat production has surged over the past five years that
supplements raw material such as wheat and barley for the beer manufacturers.
The availability of the raw materials along with large consumer base in several
regions across the globe is expected to propel the global beer market growth
during the forecast period. For instance, according to a report by Kirin Beer
University in 2018, China was found to be the largest beer consuming country
across the globe. Furthermore, increasing acceptance of western culture in
countries such as China and India in Asia-Pacific is anticipated to drive the
market growth in the forthcoming years.
Large Consumer Base in
North America to Augur Growth
Among the regions, North America is expected to
witness exponential growth and register highest global beer market revenue in
the forthcoming years. In addition to this, the region was worth USD 121.36
billion in 2018 and is witnessing growth owing to presence of large consumer
base. Furthermore, evolving consumer preference and growing demand for beer
from the working population will bode well for the market growth. Asia-Pacific,
on the other hand, is expected to witness significant growth during the
forecast period. This is attributable to factors such as increasing demand for
the product from the countries such as China, India, and Australia in the region.
Moreover, high disposable income and growing preference for luxury product is
anticipated to aid the market growth between 2019 and 2026.
Product Launches by the
Companies to Surge Demand
Fortune Business Insights reports that the
market comprises of several small, medium, and large companies trying to
consolidate their position in the fiercely competitive global beer market. They
are doing this by adopting strategies such as innovative product launches, partnership,
and merger and acquisition. For instance, in March 2020, Innis & Gunn, a
Scottish brewery, announced its launch of new limited-edition beer, Islay
Whisky Cask. The new beer from the brewery seeks inspiration from the
barrel-old spirits found across the globe.
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