Beer is globally the third most popular drink after water and tea. Growing at a CAGR of 2.4%, it is projected that the global beer market will reach approximately USD 636 billion by 2020. Technavio has been monitoring the beer market and it is poised to grow by USD 97.1 billion during 2020-2024, progressing at a CAGR of 2% during the forecast period.
The global beer market is projected to grow at a CAGR of 5.5% during the forecast period.
Changing lifestyle, increasing consumption rate of alcoholic drinks, rapid urbanization, high disposable income, and popularity of beer among the young population are a few factors driving the global beer market.
The introduction of new ingredients and innovative flavors, combining salty, fruity and tart flavors, by craft beers have found increasing appeal among the millennial crowd globally.
Due to the increasing popularity of craft beer, the global beer market has seen a heightened preference for flavored beers by consumers, especially millennials.
According to New York-based Nielsen, India Pale Ale (IPA) remains the far and away leader among beer styles for craft as the hop-forward flavored style generated $1.3 billion in off-premise sales for the 52 weeks ending Dec. 28, 2019, a 3.3 percent increase.
Although coming from much smaller bases, craft beer is seeing more styles show steady growth, including American Lager (up 52 percent), Kölsch (up 10 percent) and Sour/American Wild Ale (up 16.4 percent).
Indeed flavor innovation was among the key takeaways noted by Chicago-based Mintel in its October 2019 report “Beer – US.”
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