Beer Market to generate $873.0 billion by 2034, growing at a CAGR of 2.7%

According to the report, the beer market was valued at $650.2 billion in 2023, and is estimated to reach $873.0 billion by 2034, growing at a CAGR of 2.7% from 2024 to 2034.

The growth of the beer market is fueled by growing consumer interest in craft and premium beers has driven demand for diverse flavors and unique brewing styles. Rising disposable incomes and a shift towards premiumization allow consumers to explore higher-quality beer options. Innovation in brewing techniques, such as the development of new flavors and styles, attracts adventurous drinkers and enhances market appeal. The increasing availability of beer through expanded distribution channels, including online platforms and specialty stores, improves accessibility. Additionally, changing social trends and a greater emphasis on social experiences have contributed to increased beer consumption. The combination of these factors fuels the continued growth and dynamism of the global beer market.

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Recent Development:

In February 2023, In April 2023, BIRA 91 introduced two new limited-edition beers, the 022 Session Ale and 011 Gully Pilsner as well as customized merchandise paid homage to the Mumbai Indians and Delhi Capital cricket teams.
In June 2023, Heineken made strategic adjustments to cater to changing market dynamics in Vietnam. This included enhancing local production capabilities and introducing new product lines to meet the evolving preferences of Vietnamese consumers.

The report provides a detailed analysis of these key players in the global beer market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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The demand for lager is driven by several factors. Lager is the most dominant segment in the beer market due to its broad appeal and widespread acceptance. Its clean, crisp taste and relatively mild flavor profile make it accessible to a wide range of consumers, including those new to craft beers. Lagers are typically brewed using bottom-fermenting yeast at cooler temperatures, which results in a smooth, refreshing beer that pairs well with various foods. This versatility contributes to its popularity across different cultures and regions. Additionally, lagers are often marketed by major beer producers, ensuring strong brand recognition and extensive distribution networks.

The demand for premium is influenced by multiple factors. Increasing consumer disposable incomes and a growing preference for high-quality products have driven demand for premium beers, which offer superior ingredients and unique brewing techniques. Premium beers often feature distinctive flavors, craftmanship, and higher alcohol content, appealing to consumers seeking a more refined and diverse drinking experience. The rise of the craft beer movement has also influenced this trend, as craft brewers emphasize quality and innovation, contributing to the growth of the premium segment.

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Asia-Pacific region dominates the beer market due to its large and growing consumer base, significant economic development, and evolving drinking habits. Countries like China, Japan, and India have substantial populations with increasing disposable incomes, leading to higher beer consumption. The rise of the middle class and urbanization in these countries also contributes to greater demand for diverse and premium beer options. Additionally, the region has seen a shift in consumer preferences towards a broader range of beer styles, including craft and premium beers, driven by changing tastes and globalization. Major beer producers and local breweries have expanded their presence in Asia-Pacific, investing in production facilities and distribution networks to cater to this growing market.

Players: -

Anheuser-Busch InBev
Beijing Enterprises Holdings Limited
Carlsberg Group
Diageo PLC
Dogfish Head Craft Brewery, Inc.
Heineken Holding NV.
Squatters Pubs and Craft Beers
Sierra Nevada Brewing Co.
The Boston Beer Company, Inc.
United Breweries Limited

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