Market Research Future (MRFR) speculates that the global beer market is predicted to be incredibly lucrative during the forecast period owing to the accelerating awareness of the product. Beer is referred to as a fermented alcoholic beverage which is brewed with traditional ingredients and methods. The primary source of fermentable sugars in brewing is malt. When yeast is added to the wort, it converts sugars to alcohol. Later, hops are added in the wort in order to balance the flavours in the beer. The oils and acids present in the hops aid to balance the flavour and also add aroma to it. It is usually prepared by using four major ingredients such as hops, malted cereal grains, yeast, and water, which later undergoes fermentation over a certain period.
Market Potential and Pitfalls
The global beer market is experiencing a swift growth over the assessment period owing to several factors such as accelerating consumption rate of alcohol, changing lifestyle, increasing disposable income, rapid urbanization, and popularity of beer among the youth. Additional factors promoting the market growth are the adoption of westernized culture and cultural changes which has influenced the perception of the consumers towards alcohol, especially beer. With less structural rigidities and free-market structure, the market landscape has beneficially altered which has further enabled better market growth.
The high rates of demographic coupled with economic development have further geared up the market growth. Moreover, the increased purchasing behaviour towards beer will stimulate the entry of new players in the global market which will benefit the market expansion during the appraisal period. Increasing focus on R&D activities has resulted in the innovation of new product line. Product development and new varieties are attracting more consumers towards beer, thereby surging the market growth.
In contrast, legal regulations and heavy taxation, availability of beer substitutes, and health issues stemming from the consumption of beer are considered some of the major concerns impairing the market growth throughout the estimated period. Despite such hiccups, flavour innovation, innovative products, augmenting demand for imported beer, and the rising popularity of craft beer are anticipated to offer opportunities to the market growth in the coming years.
The prominent players operating the Global Covid-19 Analysis on Beer Market are Bison Brewing Co. (U.S.), Asher Brewing Co. (U.S.), Eel River Brewing Co. (U.S.), Butte Creek Brewing Co. (U.S.), Laurelwood Public House and Brewery (U.S.), Hopworks Urban Brewery (U.S.), and Pisgah Brewing Co. (U.S.).
Global Beer Market has been segmented on the basis of type, ingredients, and packaging.
By mode of type, the global beer market has been segmented into lager, ale, and stouts & porters. Among these, the lager beer segment is estimated to hold the major market share and is likely to retain its dominance in the coming years.
By mode of ingredients, the global beer market has been segmented into yeast, malt, enzymes, and hops. Among these, the hops segment is predicted to dominate the ingredients segment closely followed by malt. The growth is credited to the high use of these ingredients in the manufacturing of beer.
By mode of packaging, the global beer market has been segmented into bottle, can, and draught. Among these, the can packaging is likely to dominate the packaging segment as metal cans are easy to store and transport.
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Geographically, the beer market spans across regions namely, Europe, North America, Asia-Pacific, and Rest-of-the-World (RoW).
Among all the regions, the North American region is likely to retain its dominance throughout the estimated period and is estimated to expand at a steady pace.
The Asia Pacific region is presumed to expand at the fastest rate especially in emerging economies such as India, China, and Japan. A significant increase in the consumption of beer has been observed in India owing to the increasing preference among the youth population. Additionally, changing lifestyle and accelerating a number of working-class individuals coupled with the rising disposable incomes in this region have triggered the adoption of high-quality and premium beers.
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