LONDON--(BUSINESS WIRE)--According to Technavio Research Report “Beer Market by product (standard lager, premium lager, specialty beer, and others) and geographical regions (APAC, EMEA, and the Americas) is witnessed to grow USD 76 billion, at a CAGR of 3% from 2018 to 2022”.
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Global beer market: Introduction of new flavored beers
Due to the increasing popularity of craft beer, the global beer market has seen heightened preference for flavored beers by consumers, especially millennials. 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. As the millennials are experimental and like to try out newer experiences, their increasing preference for flavored beers has seen breweries adopting and incorporating newer flavors in their beer offerings. For example, in April 2018, AB InBev launched Bud Light Orange, an orange flavor of its Bud Light beer, in the US aiming at the popularity of flavored lagers. Also, in February 2018, MillerCoors launched Two Hats, a fruit-flavored light beer, for new beer drinkers.
“The demand for craft beer has been increased incrementally over the years, leading to a rise in the number of craft breweries. The US registered a 16% rise in the number of breweries, as compared to 2016, due to rising popularity of craft beer, growing disposable income, and increasing consumer preference for locally brewed beers that have a distinctive taste,” says a senior analyst at Technavio.
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Few Major Players for the Beer Market are:
- Anheuser-Busch InBev
- Carlsberg Breweries
- Heineken N.V.
- Molson Coors Brewing
Segmentation analysis – Beer Market
This market research report segments the global beer market by product (standard lager, premium lager, specialty beer, and others) and geographical regions (APAC, EMEA, and the Americas).
The standard lager segment led the market in 2017 with a market share close to 57%, followed by premium lager, and specialty beer respectively. During the forecast period, the specialty beer segment is expected to register the highest incremental growth of close to 1%.
Increasing number of product launches.
The rising demand for new products is leading vendors to continually launch innovative products and expand their customer base. This is increasing the visibility of products in the market, generating awareness among consumers about the products and their availability. For instance, in April 2018, Anheuser-Busch InBev launched Bud Light Orange, an orange-flavored light lager, in the US available from April through September. Also, Molson Coors Canada launched Molson Canadian 67 Sublime, a premium light beer with 67 calories per 341mL bottle. Therefore, with such product launches, the market is expected to register a positive outlook during the forecast period.
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