Global beer market set for robust growth: predicted increase of $148.43bn
The global beer market is on a path of significant growth, with an estimated increase of $148.43 billion from 2024 to 2028.
According to a new report by market analysis company Technavio, the international beer market is experiencing vigorous growth, with an estimated gain of $148.43 billion from 2024 to 2028.
The global beer market is on a path of significant growth, with an estimated increase of $148.43 billion from 2024 to 2028, according to a new report by market research firm Technavio.
The market is projected to grow at a compound annual growth rate (CAGR) of 3.72% during this period, driven by rising demand in emerging economies and a trend towards mergers and acquisitions within the industry.
Diverse Product Offerings
The market’s growth is characterized by a diverse range of products, including lagers, ales, and non-alcoholic options, catering to a global audience. Researchers highlighted the increasing popularity of craft beer and the emergence of more independent breweries.
These breweries are often at the forefront of innovation, offering more flavors and styles that particularly appeal to millennials and Generation Z.
Key Industry Players and Strategic Acquisitions
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The world’s top beer manufacturers—such as AleSmith Brewing Co., Anheuser Busch InBev, Asahi Group, BrewDog, Carlsberg Breweries, Cloudwater Brew Co., Constellation Brands, and others—are key players in this burgeoning scene.
Strategic acquisitions are enabling these companies to broaden their market presence, access new technologies, and meet diverse consumer preferences.
A notable example is Carlsberg’s acquisition of Waterloo Brewing for $106 million, completed in 2023, which highlighted its aim to strengthen its foothold in North America.
Challenges: Regulations and Taxes
Despite positive trends, the beer market faces challenges from stringent regulations and high taxes on alcoholic beverages.
Regulatory bodies worldwide have established comprehensive guidelines governing the production, sale, and distribution of both alcoholic and non-alcoholic beer.
For instance, in the United States, the Food Safety Modernization Act mandates that breweries adhere to Good Manufacturing Practices to ensure hygiene and safety in production facilities. Non-compliance with these regulations can result in severe penalties and fines.
Focus on Environmental Sustainability
Environmental sustainability is another crucial aspect shaping the beer industry.
Breweries are increasingly adopting eco-friendly practices, focusing on reducing their carbon footprint and promoting recycling programs, particularly for glass bottles.
This shift not only addresses environmental concerns but also resonates with the growing number of environmentally conscious consumers.
Conclusion
The global beer market’s projected growth reflects the dynamic changes and opportunities within the industry.
With emerging economies driving demand, a surge in craft beer popularity, strategic acquisitions, and a strong focus on sustainability, the market is poised for significant development despite regulatory and taxation challenges.
