Beer market to reach $989.48 billion by 2028
The global beer market size is expected to grow from $768.17 billion in 2021 to $989.48 billion in 2028, at a CAGR of 3.68% during the forecast period in 2021-2028.
The beer industry will show a CAGR of 3.68% from 2021 to 2028.
The growing alcohol e-commerce channel and rising personal disposable income levels are expected to magnify the market growth in the coming years. Fortune Business Insights™ has presented this information in its report titled “Beer Market, 2021-2028”. The market size stood at $743.84 billion in 2020.
The companies included in the beer market are:
- Anheuser-Busch In Bev (Leuven, Belgium),
- Heineken N.V. (Amsterdam, Netherlands),
- China Resources Breweries (Beijing, China),
- Carlsberg A/S (Copenhagen, Denmark),
- Diageo Plc (London, United Kingdom),
- Molson Coors Beverage Company (Illinois, United States),
- Boston Beer Company (Massachusetts, United States),
- Asahi Group Holdings Ltd (Tokyo, Japan),
- Kirin Holdings Co. Ltd (Tokyo, Japan),
- Beijing Yanjing Beer Group Corporation (Beijing, China)
Impact of COVID-19 on the Beer Market
The unanticipated emergence of the coronavirus pandemic has affected market growth. The closure of bars and restaurants has had a negative impact on the alcohol industry globally. In addition, the closure of manufacturing facilities has affected the industry. Disruptions in global supply chain networks have exacerbated the situation.
However, demand for the product has grown rapidly in 2021 thanks to the direct-to-consumer channel. Online beer sales also increased during the pandemic. These trends are likely to amplify market growth in the future.
Alcohol has been used in social engagements historically, and the trend continues to grow.
The increasing prevalence of alcohol socialization and growing westernization among consumers is expected to augment market growth in the coming years.
Don’t drink and drive. Enjoy responsibly.
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