Beer is an alcoholic beverage produced by the saccharification of starch and fermentation of the resulting sweet wort. The different types of beer include lager, ale, stout and malt. Beer provides refreshment and flavor. It is a major alcoholic beverage consumed across various regions globally.
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.
The beer industry offers significant opportunities for market players in terms of product innovations such as craft beer, premium beer, and low-alcohol beer to cater to the dynamic taste and preferences of consumers. The key players are also expanding their product portfolio and distribution network globally to gain a competitive advantage.
North America dominates the global beer market. However, Asia Pacific region is expected to witness the highest growth rate owing to the growing young population, rising per capita income, and changing lifestyles in emerging economies such as China and India. The key players are expanding their operations in these regions to leverage high growth opportunities.
Market Drivers
One of the key drivers for the beer market is the growing millennial population globally. Millennials have different tastes and preferences and are more receptive to new beer varieties and flavors compared to older generations. This has led beer manufacturers to introduce new product launches targeted at millennials which is fueling the market growth.
Market Restraints
Stringent government regulations around the alcohol content in beers pose a challenge for market players. Many countries have set an upper limit on the alcohol percentage allowed in beers. This restrains innovation and product development activities of players in the market. Additionally, increasing health awareness among consumers and growing preference for low-alcohol and no-alcohol beverages is hindering the demand for beer.
Segment Analysis
The beer market is dominated by the lager sub segment which holds around three quarters of the total market share. Lagers are the most popular type of beer consumed globally due to its crisp and clean taste profile. The mass-produced nature and neutral flavor of lagers allows it to appeal to a wide audience. However, the ale sub segment is gaining market share rapidly with double digit growth rates in many regions. Ales offer more complex flavors and varieties which resonate well with newer audiences and younger demographics seeking unique tastes.
Global Analysis
North America accounts for the largest share in the global beer market currently due to high beer consumption in major economies like United States and Canada. However, the Asia Pacific region is projected to witness the fastest growth during the forecast period owing to rising incomes, westernization of tastes and expanding young population in major developing countries of China and India. Europe holds a significant share as well led by high beer drinking cultures in regions like Germany, United Kingdom, Spain and others. Overall, developing regions are poised to become major consumption hubs in the coming years supporting strong future market potential.
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