Westford, USA, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The growth of the beer market is primarily driven by the increasing demand for premium and craft beers. In addition, the growing popularity of home-brewing and microbreweries is also expected to contribute to the market growth over the forecast period. The industry is also characterized by high fixed costs, low marginal costs, and a relatively small number of brands. As a result, it is difficult for new entrants to gain a foothold in the market.
SkyQuest also found that the beer market is sensitive to economic conditions. When consumers are feeling confident about the economy, they are more likely to trade up to premium brands. However, when economic conditions are uncertain, consumers are more likely to stick with value brands or switch to cheaper alternatives such as alcohol-free beer or cider.
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Finally, we have noted that the beer market is facing increasing competition from alternative beverages such as wine and spirits. To stay ahead of the competition, brewers need to continue to innovate and invest in marketing and product development.
Asia Pacific to Generate More than 40% Demand of the Global Beer Market
The Asia Pacific region is expected to be the largest market for beer, accounting for more than 40% of the global demand in 2025. As of 2021, the region holds over 28% of the global beer market. The region is also expected to witness the highest growth rate over the forecast period, owing to the increasing disposable incomes and changing lifestyles of consumers in countries such as China, India, and Japan.
There are many reasons for this impressive growth, including a growing middle class with more disposable income, an increasing preference for western-style lagers, and a growing number of women drinkers. The three largest markets in Asia are China, Japan, and South Korea. China is by far the largest, accounting for over 55% of Asia's beer consumption. It is followed by Japan (15%) and South Korea (5%). In fact, in 2021, China alone generated a revenue of over $121 billion. We have also observed that the average beer consumption per person has increased to 13.84 liters as of October 2022. We expect the Asia Pacific beer market consumption to surpass 70,000 million liters by 2025 given the rapidly increasing middle class population and increasing inclination of youths to alcoholic beverages.
There are now more than 1,000 breweries in Asia, producing a wide variety of beers. From light lagers to rich stouts, there's something for everyone in the Asian beer scene. And with so many new breweries opening up, there's always something new to try. The Asia beer market is also home to some of the biggest beer festivals in the world. Every year, thousands of people descend on cities like Bangkok and Hong Kong for a chance to sample some of the best brews from across the continent.
While there are many international brands present in Asia, local brands still dominate the market. The top three brands in China are Snow Beer, Tsingtao Beer, and Yanjing Beer. In Japan, the top three brands are Asahi Super Dry, Kirin Ichiban Shibori, and Sapporo Black Label. And in South Korea, the top three brands are HiteJinro Chamisul Fresh Soju, OB Blue Girl Bock Beer, and Cass Light.
The Asia beer industry is in a state of flux. Consumers in the region are increasingly turning to premium and craft beers, while sales of mass-produced lagers are flat or declining. Brewers are responding to this shift by introducing new products and experimenting with new styles. In China, for example, Tsingtao Brewery has launched a premium lager aimed at young, urban consumers. In Japan, Asahi is selling a range of craft-style beers under its Super Dry label.
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As the Asian beer market continues to grow, it will be interesting to see if international brands can gain more share or if local brands will continue to dominate.
Local and Seasonal Beer is Gaining Immense Popularity
The popularity of local and seasonal beer is on the rise, and there are many reasons why. For one, local and seasonal beers are often fresher and more flavorful than mass-produced beers. They're also usually less expensive, and they support local businesses.
There are a few factors driving this trend in the global beer market. First, the craft beer boom has made people more open to trying new styles and flavors of beer. Second, the rise of social media has made it easier for people to connect with their local breweries and learn about new releases. And third, as the weather gets warmer, people are naturally gravitating towards lighter, refreshing styles of beer - many of which are best enjoyed when they're fresh and local.
As drinkers are increasingly interested in trying new styles of beer, and they're willing to pay a little extra for something that's unique. Local and seasonal beers fit that bill perfectly. There's a growing demand for these beers in the beer market, and brewers are starting to take notice. A number of factors have contributed to the popularity of local and seasonal beer. The craft beer movement has played a role, as has the trend toward locally sourced food and drink. As more people become interested in trying new things, they're more likely to seek out local and seasonal beers.
Craft Beer to offer Revenue Opportunity of $191.13 Billion by 2028
Global Craft Beer Market is expected to reach USD 191.13 billion by 2028, according to a new report by SkyQuest market, Inc. The market is anticipated to witness a CAGR of 9.1% over the forecast period from 2021 to 2028. The growing preference for low-calorie and healthy alcoholic drinks among consumers is expected to drive the market growth over the forecast period.
The rising disposable income and changing lifestyle of individuals are other key factors projected to fuel the demand in the next few years. Moreover, the increasing number of women drinkers and launches of new products are projected to offer significant growth opportunities for market players operating in the craft beer market. However, the high cost associated with these products may restraint market growth during the forecast period. Nonetheless, the growing popularity of home brewing is expected to create lucrative opportunities for small brewers in developing countries over the coming years.
North American region is projected to dominate the global craft beer market in 2028 and is anticipated to maintain its leading position throughout the forecast period. The large presence of key players in this region such as Boston Beer Company and Sierra Nevada Brewing Co., coupled with rising consumer preference for premium products, is spurring market growth in North America.
In Europe, Germany held a major share of the regional market in 2020 due to rising consumer awareness about different types of beer available in the country. The Asia Pacific region is expected to experience significant growth over the next few years owing to rising
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Top Players in Global Beer Market
- Anheuser-Busch InBev(Belgium.)
- Beijing Enterprises Holdings Limited (China)
- Carlsberg Group(Denmark)
- Dogfish Head Craft BreweryInc(US)
- Heineken Holding NV.(Netherlands)
- Squatters Pubs and Craft Beers(US)
- Sierra Nevada Brewing Co(US)
- Diageo PLC (UK)
- United Breweries Limited(India)
- The Boston Beer Company, Inc(India)
Related Reports in SkyQuest’s Library:
Global Low Alcoholic Beverages Market
Global Cold Brew Coffee Market
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