The Beer Market Growth is Accelerated by Increasing Social Acceptance

 

Beer is one of the most popular alcoholic beverages consumed worldwide. It is produced by the fermentation of grains like barley, wheat, and malt. Beer offers various health benefits such as reducing the risk of heart disease and helps in regulating blood pressure. With the changing cultural landscape and increasing social acceptance towards alcohol consumption, beer market has witnessed significant growth. The global Beer Market is estimated to be valued at US$ 821.36 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Craft beer has gained tremendous popularity in recent years. The emergence of craft breweries offering unique tastes and flavours has accelerated growth in the beer market. Traditional beer brands are facing stiff competition from these local and regional breweries. According to the Brewers Association, craft beer contributed $82.9 billion to the U.S. economy in 2020, up 7% from 2019. Craft breweries are experimenting with different ingredients and brewing methods to produce unique styles of beer catering to evolving customer preferences for quality beverages. Their creativity and passion for brewing have resonated well with beer drinkers looking for new experiences, thereby disrupting the beer market dynamics.

Segment Analysis
The global beer market consists of lager, specialty beers, stout and porter, malted beers, and others. The lager segment dominated the market and accounted for over 40% share in 2022. Lagers are one of the most popular types of beers loved across the world for their refreshing taste. Low cost of production further enhances profit margins for beer companies producing lagers.

Key Takeaways
The Global Beer Market Size is expected to witness high growth. The market size was valued at US$ 821.36 Bn in 2023 and is projected to reach over US$ 1.5 Tr by 2030, registering a CAGR of 19% during the forecast period.

Regional analysis: Europe holds around 30% share of the global beer market. Countries like Germany, UK, Russia are driving the market growth in the region attributed to high beer consumption and presence of major beer producers. However, Asia Pacific region is expected to witness fastest growth during the forecast period with China and India emerging as lucrative markets. Increasing disposable income and growing social acceptance of alcohol are some factors fueling the beer market expansion in Asia Pacific.

Key players operating in the beer market are Keir Surgical Ltd., Case Medical, Scanlan International, Inc., Koch Industries, Getinge Group, B. Braun (Aesculap, Inc.), Xerafy, Mobile Aspects, Key Surgical, Inc., Spatrack Medical Limited, Fortive Corporation Group, Haldor Advanced Technologies, Tgx Medical Systems, Becton, Dickinson and Company, Intechnology Distribution Pty Ltd., Nutrace, Steris Insturment Management Services, Material Management Microsystems, Asanus Medizintechnik GmbH Inc., and Stanley Healthcare (Division of Stanley Black & Decker), among others.

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