The global beer industry is 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.” The report 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.
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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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