Craft Beer Is Fueling $148 Billion Growth For The Global Beer Market
The global beer market is currently on a path of robust growth, with an estimated increase of $148.43 billion from 2024 to 2028, according to a new report by market research firm Technavio. July 15, 2024
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Craft Beer Is Fueling $148 Billion Growth For The Global Beer Market Jul 15, 2024
The global beer market is currently on a path of robust growth, with an estimated increase of $148.43 billion from 2024 to 2028, according to a new report by market research firm Technavio.
The market is projected to grow at a compound annual growth rate (CAGR) of 3.72% during this period. This expansion is largely driven by rising demand in emerging economies and a noticeable trend towards mergers and acquisitions within the industry.
The market's growth is characterized by a diverse range of products—including lagers, ales and non-alcoholic options—catering to a global audience. Researchers highlighted the increasing popularity of craft beer and the emergence of more independent breweries, reflecting evolving consumer preferences, especially among younger consumers of legal drinking age in local markets. These breweries are often at the forefront of innovation, offering more flavors and styles that appeal particularly to millennials and Generation Z. But the world’s top beer manufacturers—including AleSmith Brewing Co., Anheuser Busch InBev, Asahi Group, BrewDog, Carlsberg Breweries, Cloudwater Brew Co., Constellation Brands and others—are key players in this burgeoning scene. Strategic acquisitions are enabling these companies to broaden their market presence, access new technologies and meet the diverse preferences of consumers. A notable example is Carlsberg’s acquisition of Waterloo Brewing for $106 million, completed in 2023, which highlighted its aim to strengthen its foothold in North America.
Despite these positive trends, the beer market faces challenges from stringent regulations and high taxes on alcoholic beverages. Regulatory bodies worldwide have established comprehensive guidelines governing the production, sale and distribution of both alcoholic and non-alcoholic beer. For instance, in the United States, the Food Safety Modernization Act mandates that breweries adhere to Good Manufacturing Practices to ensure hygiene and safety in production facilities. Non-compliance with these regulations can result in severe penalties and fines