Beer Market Size was valued at USD 770.6 billion in 2021 and is projected to reach USD 987.1 billion by 2028, growing at a CAGR of 3.6% from 2022 to 2028.The global beer market is driven by a growing number of breweries worldwide and increased demand for beer globally. The popularity of low-alcohol beverages has risen steadily, and sales of no-alcohol and low-alcohol beers have grown in tandem with the growing demand from health-conscious consumers. The launch of new and innovative goods worldwide is also contributing to market growth. Changing consumer tastes due to introducing new products is also predicted to boost market growth during the forecast period. Another motivating force is that low-alcohol beers are now less expensive than their high-alcohol counterparts, especially those with a 2.8 % ABV or less. As the number of local companies grows, so does the demand for more breweries. As a result, market participants are teaming up to open their own breweries in various international markets to make their products available there. The rising popularity of local beers leads to an increase in the number of breweries, which is likely to boost the beer industry during the projection period. Beer demand has increased as the number of social drinkers has increased, particularly in Asian and African countries, as a result of improving economic conditions and a growing middle-class population. Alcohol-free and low-alcohol beer have also grown in popularity, particularly among young people who are seeking to live a healthier lifestyle and control their alcohol consumption. Beer producers are also releasing a number of new products and brands in order to broaden their customer base. Furthermore, the growing influence of social media, increased internet penetration, and the expansion of the e-commerce industry have allowed manufacturers to improve their retailing channels and market presence. However, in COVID 19, some areas are seeing an increase in demand for go-to beer packs and breweries’ home delivery services. Also, Automation reduces labor expenses while enhancing the flexibility of switching between processing tasks. As a result, demand for new equipment automation is increasing, which is a major purchase driver for beer producers.
Recent Market Developments:
In March 2021, Heineken updated the style of Heineken Original and launched new slim cans. The slim cans are available in 12oz. 6-packs, 12-packs, 18-packs, and 24-packs, at 5.0% ABV per 12oz. serving, which replaced the previous 12oz cans on-shelf.
In February 2021, Carlsberg launched a new beer bottle that reduced the carbon impact of glass bottles by 90 %.
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