Food and Beverages

Beer Market is Expected to Reach USD 988.56 Billion by 2031

Mar 2024

Food and Beverages

As per the report published by Kings Research, the global Beer Market was valued at USD 644.74 billion in 2023 and is projected to reach USD 988.56 billion by 2031, growing at a CAGR of 5.56% from 2024 to 2031.

The demand for innovative flavors and beer styles allows breweries to experiment with new ingredients and brewing techniques, catering to evolving consumer tastes. As a result, breweries are constantly pushing the boundaries of traditional brewing practices and seeking unique flavors and aromas. This not only maintains consumer interest and involvement but also encourages a culture of creativity and exploration within the brewing industry. With a variety ranging from fruity IPAs to barrel-aged stouts, the beer market caters to a wide array of tastes, showcasing the changing and diverse choices of beer lovers globally.

In addition, positioning beer as part of a healthy and balanced lifestyle, emphasizing natural ingredients, and providing nutritional information can attract health-conscious consumers. Breweries are increasingly focusing on using organic and locally sourced ingredients, as well as highlighting the nutritional content of their beers. By promoting the natural and healthy aspects of their products, breweries can capitalize on the increasing demand from health-conscious consumers who wish to enjoy a cold beer without compromising their lifestyle choices. 

Key Insights

  • By type, the larger segment held a significant revenue share of 41.25% in 2023
  • By packaging, the bottle segment generated a notable revenue share of 60.89% in 2023    
  • By brewery type, the craft brewery segment is anticipated to grow at a robust CAGR of 6.21% over the forecast period
  • On the basis of region, Asia-Pacific held the largest market share of 35.65% in 2023

American Lager Unveiled: Premium and Perfectly Crafted

March 2023: Heineken Silver launches nationwide this spring in 12oz cans, 12oz bottles, and 24oz cans, available at all Heineken retailers. Throughout the year, this product was prominently featured at their well-known partnership events. These include the Coachella Valley Music and Arts Festival, the US Open Tennis Championships, and Formula 1 races. Moreover, the product held the prestigious title sponsorship for the highly awaited Formula 1 Heineken Silver Las Vegas Grand Prix in November 2023.

Evolving Consumer Tastes and Preferences to Support Beer Market Development

Evolving consumer tastes and preferences, including a growing interest in craft and specialty beers, drive innovation and diversity in the beer market. As a result, breweries have been experimenting with unique flavors and ingredients, pushing the boundaries of traditional brewing techniques. This has led to an explosion of microbreweries and brewpubs, offering consumers a wide range of options to explore. Beer has transformed into a canvas for creativity, offering adventurous flavor profiles like fruity IPAs and barrel-aged stouts, all thanks to the use of unique ingredients like fruits, spices, and even coffee. This has resulted in beers with complex flavor profiles, appealing to those who appreciate bold and unconventional tastes.

Growing Adoption & Promotion of Sustainable Packaging to Drive Market Growth

In terms of beer, adopting and promoting sustainable practices, such as eco-friendly packaging, energy efficiency, and water conservation, can resonate with environmentally conscious consumers, thereby providing a competitive advantage. These sustainable practices not only demonstrate a commitment to the environment but also align with the values of many consumers who prioritize sustainability in their purchasing decisions. By using eco-friendly packaging, breweries can reduce their carbon footprint and minimize waste. This can include using recyclable or biodegradable materials for cans, bottles, and packaging materials, as well as minimizing excess packaging and opting for lighter-weight materials. For instance, a craft brewery that adopts eco-friendly packaging practices could attract customers who prioritize sustainability. By using recyclable cans and biodegradable materials, breweries can showcase their commitment to environmental conservation and differentiate themselves from competitors. Additionally, reducing excess packaging and opting for lighter-weight materials can minimize their carbon footprint and appeal to environmentally conscious consumers seeking greener alternatives.

Asia Pacific to Dominate the Market with a CAGR of 6.46% Over 2024-2031

Based on region, the global beer market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. This growth can be attributed to the rapid economic development and increasing population in countries such as China and India. Additionally, the region's thriving manufacturing and construction industries have contributed to the high demand for various products and services. Furthermore, the rise in disposable income and changing consumer preferences have played a significant role in driving market growth in the Asia Pacific region.

Companies Focusing On Product Launches and Collaborations to Fulfill Consumer Demands

The global beer market is fragmented with key players such as Carlsberg Group, Anheuser-Busch InBev, Heineken N.V., New Belgium Brewing Company, Tsingtao Brewery Co., Ltd., Molson Coors Beverage Company, Boston Beer Company, Constellation Brands, Inc., Stone Brewing, and Sapporo Breweries Ltd. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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