Rising Adoption of Beer Market to Fuel Revenue Growth Through 2024
Posted by Bisvjeet on March 26th, 2019
Beer is one of the most popularly consumed alcoholic beverages across the globe, and the most widely consumed one in Asian countries. With the alcohol content of around 4-6% by volume, beer is available in affordable as well as premium forms. Although the market for beer in Asia Pacific is relatively at a nascent stage when compared to the markets in developed regions viz. North America and Europe, the beer market in Asia Pacific has been momentously growing since the past few years.
Currently, over 50% of the APAC population is below 35 years of age. Moreover, the middle-class population preferring a lifestyle influenced by the Western culture is rapidly growing since the past few years. This has been a major factor boosting the sales of beer in this region. Research Report Insights assesses the Asia Pacific beer market in detail, in order to provide growth prospects over a six-year forecast period 2017-2024.
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APAC Beer Market: Drivers and Restraints
Increasing population, burgeoning disposable income, and rising acceptance of alcohol consumption are also identified to be the key factors that are most likely to impact the market positively. A sizeable young working population is spending more on beer and other alcoholic drinks to party and relax. Rising adoption of Western culture will be a longstanding market driver. Drinking habit is being more a commonplace nowadays, which is likely to favor the beer market growth in the next few years.
The increasing number of liquor shops, and retail and convenience stores will add up to the market growth. Moreover, a surging number of restaurants and bars serving beer is expected to accelerate the beer market growth in this region. Several breweries host seasonal or annual beer festivals, further contributing to the market growth. This will continue to sustain the demand over the forecast period. Beer is available in a wide range of forms, tastes, and flavors, which will spur its demand at a significant rate.
Rapid urbanization and shift in consumer preferences are projected to collectively hold a strong positive influence on the beer market in APAC. Moreover, more people are inclined to beer consumption to avail of its health benefits, in turn propelling the demand in market. The advent of technology used in improvisation of beer yield and quality is identified to be a major factor that will complement the market growth over the forecast period. Light beers are gaining higher traction since the recent past owing to rising consumer concerns about obesity and other lifestyle disorders.
However, increasing health concerns, hefty tax mandates, and ready availability of better quality beer substitutes may remain the major challenges to the beer market growth across APAC. The uncertainty in raw material prices is also expected to restrict market growth. Furthermore, legal regulations regarding sales and consumption of beer will continue to hamper both production and sales of beer over the next few years.
APAC Beer Market: Trends and Opportunities
Strategic M&A and expansion plans in Asian countries are among a few of the top trends among leading beer manufacturers. Consistent launches of new, innovative products in attractive packages and unique marketing tactics will continue to be the popular trends among producers. Sustainable beer production is another important trend observed in the beer market. Moreover, gluten-free beers and ciders are trending in market, creating a host of growth opportunities for brewers.
Promising introduction of premium craft beers indicates the potential of craft beer to eventually enter the mainstream. Beer consumers are being increasingly introduced to non-conventional flavors, which will present lucrative opportunities in near future. Emergence of DIY or custom brews is another trend that has recently hit the APAC beer market, and expected to gain popularity over the next decade.
APAC Beer Market: Segment Analysis
The Asia Pacific beer market is primarily segmented on the basis of product type. There are three key segments.
Mainstream has been accounting for a major portion of revenues over the years; however, premium beer segment is identified to witness robust growth over the forecast period 2017-2024.
APAC Beer Market: Regional Outlook
The Asia Pacific beer market is regionally classified as:
However, China will remain a key market for beer over the forecast period. Rising drinking population in Asian countries, especially China, India, and Japan, is primarily driving the demand for beer in APAC market. While China and Japan represent larger markets, India, South Korea, Singapore are still in a growing stage. Other key markets in the Asia Pacific beer market, include Vietnam, Australia, and others.
APAC Beer Market: Key Players
The beet market in APAC is highly competitive, accommodating a large number of international as well as regional players. Some of the leading companies participating in the marketplace are Beijing Yanjing Brewery, Asahi Breweries, Anheuser-Busch InBev, China Resources Enterprise, San Miguel Brewery, and Tsingtao Brewery.
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About the AuthorBisvjeet
Joined: March 7th, 2018
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