The global beer industry is expected to grow at aCAGR of 4.22% between 2019 and 2026. This is ascribable to factors such as theeasy availability of raw materials and increasing consumption of the productacross the globe. Fortune Business Insights, publish this information in itslatest report, titled “Beer Market Size, Share & IndustryAnalysis, By Type (Lager, Ale, Stouts, and Others), Packaging (Glass Bottle andMetal Can), and Distribution Channel (On-trade and Off-trade), and RegionalForecast, 2019 – 2026.” The report further observes that themarket was worth USD 693.39 billion in 2018 and is expected to reach USD 962.39billion by 2026.
Beer is believed to be discovered over 5000 years ago atGodin Tepe that is located in the central Zagros mountain ranges of Iran. Theearliest beer is said to be extracted from the barley dates, while the WeihenstephanBrewery is considered the oldest brewery in the world. Today, gallons of beeris consumed across the globe, which is a favorite beverage among old andmillennials alike. According to a data from the World Atlas, Czech Republichold the title of being the largest beer-consuming country with about 142.6liters per capita annual drinks recorded in the country. Today, innovation inflavors and emergence of modern breweries is propelling the demand for thebeverage across the globe.
COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to astandstill. We understand that this health crisis has brought an unprecedentedimpact on businesses across industries. However, this too shall pass. Risingsupport from governments and several companies can help in the fight againstthis highly contagious disease. Some industries are struggling and some arethriving. Overall, almost every sector is anticipated to be impacted by thepandemic.
What does the Report Include?
The market report includes an exhaustive study of severalfactors such as drivers, restraints, challenges, and opportunities that willaffect the growth of the market in the forthcoming years. The report covers regionaldemographics that include qualitative and quantitative information about theregions that are further divided into nations that are contributing to thegrowth of the market between 2019 and 2026. Furthermore, the competitivelandscape has been discussed in-depth that include information of severalplayers operating in the market. Moreover, information on the adoption ofstrategies such as merger and acquisition, collaboration, partnerships, andjoint ventures by the companies that will drive the growth of the market hasbeen included during the projected horizon.
Regional Analysis:
Large Consumer Base in North America to Augur Growth
Among the regions, North America is expected to witnessexponential growth and register highest global beer market revenue in theforthcoming years. In addition to this, the region was worth USD 121.36 billionin 2018 and is witnessing growth owing to presence of large consumer base.Furthermore, evolving consumer preference and growing demand for beer from theworking population will bode well for the market growth. Asia-Pacific, on theother hand, is expected to witness significant growth during the forecastperiod. This is attributable to factors such as increasing demand for the productfrom the countries such as China, India, and Australia in the region. Moreover,high disposable income and growing preference for luxury product is anticipatedto aid the market growth between 2019 and 2026.
Competitive Landscape:
Product Launches by the Companies to Surge Demand
Fortune Business Insights reports that the market comprisesof several small, medium, and large companies trying to consolidate theirposition in the fiercely competitive global beer market. They are doing this byadopting strategies such as innovative product launches, partnership, andmerger and acquisition. For instance, in March 2020, Innis & Gunn, aScottish brewery, announced its launch of new limited-edition beer, IslayWhisky Cask. The new beer from the brewery seeks inspiration from thebarrel-old spirits found across the globe.
Browse Summary of this Research Report with DetailedTable of Content:
