Beer is an alcoholic beverage produced by the brewing and fermentation of starch source material such as malted grain. Beer has been gaining significant popularity across various age groups fueled by the availability of premium and craft beers. These craft beers are made in smaller batches with unique ingredients and flavors. The rising demand for new flavors and experiences have been driving more consumers towards craft and premium beers segment.

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 key trends:

The rising demand for premium and craft beers has been a key driver for the beer market. Craft beers offer unique flavors and experiences to the consumers which appeal to millennial consumers who are willing to experiment new varieties. Moreover, the premiumization trend has prompted many consumers to trade up to more expensive craft beers. The introduction of newer flavors by various craft breweries such as pumpkin spice beer, chocolate beer etc has further fueled the demand. This rising demand for premiumization and unique flavors offered by craft beers is expected to continue driving the growth of the overall beer market.

SWOT Analysis

Strength: Beer is a widely consumed alcoholic beverage globally. It has strong brand loyalties and established distribution channels.

Weakness: Increasing health consciousness and trends towards low-calorie drinks pose challenges. Regulations around alcohol consumption are also becoming stricter.

Opportunity: Growth prospects in developing regions of Asia Pacific and Latin America due to changing consumer preferences. New product launches catering to diverse tastes and occasions also present opportunities.

Threats: Intense competition from new entrants and substitute beverages. Taxation policies around alcohol could impact profitability. Changing weather patterns impact beer production.

Key Takeaways

The Global Beer Market Size is expected to witness high growth. 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.

Regional analysis comprises Asia Pacific dominates the global beer market and is expected to grow at the fastest CAGR during the forecast period. Factors such as changing tastes of young population, growing socializing trends, and rising disposable incomes in developing Asia Pacific countries will support market growth.

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. Key players are focusing on expanding their production facilities and distributions networks to strengthen their presence across different geographies. Players are also investing in new product launches catering to various consumer segments to gain market share.

For more Insights, Read –

https://www.rapidwebwire.com/the-growing-global-beer-market-is-estimated-to-witness-high-growth-owing-to-increasing-socializing-activities/