Beer Market to Witness Significant Growth due to Increasing Demand for Imported and Premium Brands and Craft Beer Till 2022 | Million Insights
20 Jan, 2020, 10:20 GMT
FELTON, California, Jan. 20, 2020 /PRNewswire/ -- The global Beer Market was priced at US$ 485.2 billion in 2014 and is expected to witness a substantial CAGR in the years to come. This could be attributed to the fact that consumers pertaining to the market are turning out to be increasingly experimental with regards to their consumption habits. In other words, they are hunting for novel beer styles and experiences. As such, demand for imported brands, premium brands, and craft beer is on the rise.
The other factor driving the demand for premium products is the ever-increasing spending power of consumers. To address this demand, manufacturers are into development of novel premium products. The latest trend in this regard is call for alcohol-free beers.
Market Trends:
The beer market is seeing inclination of consumers toward black beer. This could be credited to shift toward craft beverages and expansion of breweries. Europe is estimated to be the biggest market on the count of black beer; thanks to penetration by Molson Coors Brewing Company and Anheuser-Busch InBev.
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Regional Insights:
North America holds the largest market share due to introduction of craft beer in the U.S. Millennials across the globe are the target audience to flavored beer. Along these lines, adoption and incorporation of new flavors is on the anvil. For instance – AB InBev, in Apr 2018, did launch "Bud Light Orange" (an orange-flavored light) for capitalizing on flavored lagers' popularity. Europe comes in second with increasing number of craft breweries and microbreweries.
Asia Pacific is expected to grow at the highest rate in the next 5-7 years due to economies like China and India witnessing a considerable consumption on the part of beer. Plus, disposable income of people herein has been rising at an alarming rate. This asks for adoption of high-quality and premium beers. At the same time, heavy taxation and availability of substitutes are likely to hamper the beer industry.
Market Segmentation:
The beer market is segmented by type of product, price, packaging, and geography. By product type, the market spans wheat, stout, lager (mainstream lager, premium lager), flavored, dark, mixes, ale, cider, non-alcoholic, and low alcohol. By price, the segmentation goes like standard, super premium, and premium. By packaging, the market says draught, canned, and bottled. By geography, the market states North America, Europe, Asia Pacific, MEA, and LATAM.
Players:
The other players contributing to the beer market include Beijing Yanjing Brewery, Carlsberg Group, Diageo PLC, Dogfish Head Craft Brewery, Squatters Pub, Sierra Nevada Brewing Co., and Boston Beer Company.
Browse 93 page research report with TOC on "Global Beer Market" at: https://www.millioninsights.com/industry-reports/beer-market
Market Segment:
- Global Beer Product Outlook (Revenue, USD Billion, 2012 - 2022)
- Light Beer
- Strong Beer
- Global Beer Production Outlook (Revenue, USD Billion, 2012 - 2022)
- Macro
- Micro
- Global Beer Category Outlook (Revenue, USD Billion, 2012 - 2022)
- Premium
- Super Premium
- Normal
- Global Beer Packaging Outlook (Revenue, USD Billion, 2012 - 2022)
- Canned
- Bottled
- Draught
- Global Beer Regional Outlook (Revenue, USD Billion, 2012 - 2022)
- North America
- Europe
- Asia Pacific
- Latin America, Middle East & Africa (LAMEA)
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