by Beer is an alcoholic beverage produced by the fermentation of grains such as barley, maize, rice or wheat. It is one of the most popular alcoholic drinks in the world. Its consumption is deeply ingrained in various cultural and social traditions globally. Beer is consumed for pleasure as well as an accompaniment to meals. It is also associated with socializing activities such as watching sports, parties and get-togethers.
The global beer market 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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Watching sports, parties and get-togethers have become an intrinsic part of social and culture lives for many. Beer consumption is commonly associated with these activities as people socialize over beers. According to studies, about 20-30% of all beer is consumed during large sporting events and other social occasions each year globally. Another driver for the market is the rising young adult population. Young adults within the age group of 21-35 years account for a major share of beer consumption worldwide. Their increased spending power and preference for branded and premium beers is propelling market growth. However, factors such as rising health awareness, growing preference for low-alcohol and alcohol-free beverages and stringent government regulations in some countries can restrain the market to some extent over the forecast period.
SWOT Analysis
Strength: The beer market enjoys a large consumer base globally. Beer is one of the most popular alcoholic beverages consumed worldwide. Beer offers several health benefits such as reduced risk of heart disease when consumed in moderation. Beer consumption provides social benefits as people from varied demographics socialize over beer.
Weakness: Heavy beer consumption is associated with health issues such as weight gain, increased risk of heart disease and cancer. Regulations around alcohol consumption pose limitations on beer marketing and advertising. Increase in health awareness is driving consumer preference towards low and no-alcohol beverages.
Opportunity: Emergence of craft/micro breweries has increased variety and experimentation in the beer market. Introduction of low-alcohol and flavored beer varieties are expanding the target consumer base. Growth of the food service industry especially bars and pubs provides opportunity for on-premise beer sales. Rising disposable incomes in developing economies will continue to drive beer consumption.
Threats: Stringent regulations around alcohol consumption and drink-driving may limit beer sales. Increase in taxes on alcoholic beverages is a threat. Non-alcoholic beverages are gaining popularity among health-conscious consumers. Underage drinking continues to be a social issue.
Key Takeaways
The Global Beer Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The global beer market 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 2024 to 2031.
North America currently dominates the global beer market owing to large consumer base and presence of major players. However, Asia Pacific is expected to register fastest growth owing to improving lifestyles, economic development and rising incomes in nations such as China, India and Southeast Asian countries. With increasing experimentation and popularity of craft beers, microbreweries are disrupting the regional beer markets.
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 market is highly competitive with these major players launching new product varieties and focusing on international expansion. Mergers and acquisitions are common as players pursue growth opportunities.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
