Analysis of the Beer Market: Assessment of Market Size, Trends, Statistics, and Competitors

COVID-19 highlighted the benefits of using established online marketplaces. Historically, the poor profit margins offered by internet outlets have prevented beer from being actively traded there. However, this will alter as beer enters more people's online grocery shopping lists. In particular, the direct-to-consumer (DTC) channel grew significantly in this sector in 2021. Many microbreweries can survive the epidemic and perhaps prosper because of this. In light of this development, 12 major producers of alcoholic beverages came together to join the International Alliance for Responsible Drinking (IARD). This effort is a collaboration of 14 of the largest global and regional online retailers and e-commerce distribution platforms to safeguard and help to guarantee robust standards across the supply chain and consumer experience. Consumers' disposable incomes have increased due to the better economic climate and rising GDP (Gross Domestic Product) in developing countries like Asia, the Pacific, and South America. The increase in the alcoholic beverage market as a whole may be attributed in large part to consumers' increasing disposable incomes. Beer consumption worldwide rose for the second year in 2019, a trend that the world's top Japanese beverage producer, Kirin Holdings Co., attributes to rising incomes and middle classes in Asia and Africa. Beer consumption rose by 0.5% worldwide to 189.05 million kiloliters, with gains of 0.7% in Asia and 5.2% in Africa compared to the previous year. In the past, alcoholic beverages have played a significant part in social gatherings and in pursuing personal goals. Demand for beverages with strong flavors added continues to rise alongside the popularity of this trend. Beer's low ABV (Alcohol by Volume) and desired characteristics of refreshing appeal to customers explain why it is one of the most popular alcoholic beverages, especially among young people and millennials.

Rising Consumption of Beer Creates a Fierce Competition Among Prominent Manufacturers Forcing Widened Growth

Competition among beer brands has resulted in the development of novel tastes and an uptick in production due to rising beer consumption. Craft beers' rising appeal can be attributed to the fact that they include a wider range of tastes than their mass-produced counterparts. Among the world's millennial population, craft beers that blend salty, fruity, and acidic characteristics quickly rise in favor. Larger breweries respond to consumers' changing preferences by introducing new products. Compared to other alcoholic beverages, beer has a disproportionately large share of the worldwide market. The industry has been propelled by the increasing popularity of these products, particularly among millennials and members of the next generation. North Americans and Europeans drank more flavored beers than everyone else at first. The COVID-19 epidemic triggered a surge in out-of-home and in-house consumption, leading to a meteoric rise in the market. Beer packaged in convenient containers like cans and pints has also seen a surge in demand. In the middle term, the global beer market will be driven by lifestyle shifts, rising alcohol consumption, fast urbanization, and rising disposable incomes. Craft beer's popularity among millennials can be attributed to the industry's embrace of experimental ingredients and taste pairings that mix salty, fruity, and sour notes. Beer market expansion during the projected period is also fueled by the increasing popularity of low-alcohol and alcohol-free beer among young people attempting to lead healthier lives and limit their alcohol consumption. In addition, beer producers release several new lines over the projection period to attract a wider audience and increase sales.