Market Size of Beer Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 724.55 Million |
| Market Size (2029) | USD 914.21 Million |
| CAGR (2024 - 2029) | 4.76 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Beer Market Analysis
The Beer Market size is estimated at USD 724.55 million in 2024, and is expected to reach USD 914.21 million by 2029, growing at a CAGR of 4.76% during the forecast period (2024-2029).
- Beer holds a prominent share in the market for alcoholic beverages. Beer already has significant popularity among millennials and Gen Z due to its diverse formulations and flavor offerings. Over the medium term, changing lifestyles, the increasing consumption rate of alcoholic drinks, rapid urbanization, and high disposable incomes are expected to support the global beer market. Additionally, introducing new ingredients combining fruity and tart flavors in craft beers has increased its appeal among millennials.
- The wide availability of beer brands and products in the market and the continued strength of well-positioned beer companies have been significant positive factors for the beer industry. For instance, as one of the fastest-growing brands in the world, Bira 91 has built a diverse portfolio of beers, one for every occasion, and aims to drive the global shift in beer toward more color and flavor. With such strategies, the brand is focused on offering its products for every occasion to expand its sales.
- Consequently, consumers' inclination toward low alcohol, by volume, has significantly driven the beer market share. The increased health awareness among people and the promoted inclusion of functional and natural ingredients provides more significant opportunities for the premium beer market, leaving beer companies with new opportunities to cater. Therefore, seeking massive potential in the premium category, the leading players operating in the global beer market are tapping into the category.
- For instance, In September 2022, United Breweries Ltd., a part of Amsterdam-based Heineken Group, launched Heineken Silver to expand its portfolio in the premium beer category in India. Natural ingredients such as A-yeast and pure malt are used in brewing Heineken Silver by seasoned master brewers. Such developments, coupled with increasing consumption and inclination towards sophisticated beer options, are expected to support and drive the market growth during the forecast period.
