The global beer industry is expected to grow at a CAGR of 4.22% between 2019 and 2026. This is ascribable to factors such as the easy availability of raw materials and increasing consumption of the product across the globe. Fortune Business Insights, publish this information in its latest report, titled “Beer Market Size, Share & Industry Analysis, By Type (Lager, Ale, Stouts, and Others), Packaging (Glass Bottle and Metal Can), and Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2019 – 2026.” The report further observes that the market was worth USD 693.39 billion in 2018 and is expected to reach USD 962.39 billion by 2026.
Beer is believed to be discovered over 5000 years ago at Godin
Tepe that is located in the central Zagros mountain ranges of Iran. The
earliest beer is said to be extracted from the barley dates, while the
Weihenstephan Brewery is considered the oldest brewery in the world. Today,
gallons of beer is consumed across the globe, which is a favorite beverage
among old and millennials alike. According to a data from the World Atlas,
Czech Republic hold the title of being the largest beer-consuming country with
about 142.6 liters per capita annual drinks recorded in the country. Today,
innovation in flavors and emergence of modern breweries is propelling the
demand for the beverage across the globe.
COVID-19 Impact Analysis:
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We understand that this health crisis has brought an unprecedented impact on
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governments and several companies can help in the fight against this highly
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almost every sector is anticipated to be impacted by the pandemic.
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What does the Report Include?
The market report includes an exhaustive study of several factors
such as drivers, restraints, challenges, and opportunities that will affect the
growth of the market in the forthcoming years. The report covers regional
demographics that include qualitative and quantitative information about the
regions that are further divided into nations that are contributing to the
growth of the market between 2019 and 2026. Furthermore, the competitive
landscape has been discussed in-depth that include information of several
players operating in the market. Moreover, information on the adoption of
strategies such as merger and acquisition, collaboration, partnerships, and
joint ventures by the companies that will drive the growth of the market has
been included during the projected horizon.
Drivers and Restraints:
Abundant Availability of Raw Material for Product Manufacturing to
Aid Growth
According to Fortune Business Insights report, the global wheat
production has surged over the past five years that supplements raw material
such as wheat and barley for the beer manufacturers. The availability of the
raw materials along with large consumer base in several regions across the
globe is expected to propel the global beer market growth during the forecast
period. For instance, according to a report by Kirin Beer University in 2018,
China was found to be the largest beer consuming country across the globe.
Furthermore, increasing acceptance of western culture in countries such as
China and India in Asia-Pacific is anticipated to drive the market growth in
the forthcoming years.
Regional Analysis:
Large Consumer Base in North America to Augur Growth
Among the regions, North America is expected to witness
exponential growth and register highest global beer market revenue in the
forthcoming years. In addition to this, the region was worth USD 121.36 billion
in 2018 and is witnessing growth owing to presence of large consumer base.
Furthermore, evolving consumer preference and growing demand for beer from the
working population will bode well for the market growth. Asia-Pacific, on the
other hand, is expected to witness significant growth during the forecast
period. This is attributable to factors such as increasing demand for the
product from the countries such as China, India, and Australia in the region.
Moreover, high disposable income and growing preference for luxury product is
anticipated to 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 comprises of
several small, medium, and large companies trying to consolidate their position
in the fiercely competitive global beer market. They are doing this by adopting
strategies such as innovative product launches, partnership, and merger and
acquisition. For instance, in March 2020, Innis & Gunn, a Scottish brewery,
announced its launch of new limited-edition beer, Islay Whisky Cask. The new
beer from the brewery seeks inspiration from the barrel-old spirits found
across the globe.
Browse Summary of this Research Report with Detailed Table of
Content:
https://www.fortunebusinessinsights.com/beer-market-102489
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