The global beer market has been projected to to grow at $1315.46 billion in 2031, at a Calculated Annual Growth Rate (CAGR) of 6.9 percent during the forecast period. This is according to insights and analysis made available by Straits Research and Research and Markets.

While the market for Alcoholic Beer is already relatively saturated with volumes only increasing by a CAGR of 0.67% between 2022 and 2028, Non-Alcoholic Beer profits from the trend towards healthier drinks, Non-Alcoholic Beer volume is expected to increase by a CAGR of 4.28% between 2022 and 2028.

In the analysis, it was stated that the global beer market size was valued at $721.12 billion in 2022. The market was also expected to increase at a rate of 6.1% CAGR from 2015 to 2022. In global comparison, most revenue is generated in the United States (US$74,730m in 2023).

This growth in the period under review can be attributed to several factors, including rising disposable incomes, increasing urbanization, a growing preference for premium and craft beers and rapid technological advancements.

It further stated that market trends such as growing demand for low Alcohol Beers by consumers which is driven by a number of factors, including health concerns, changing consumer preferences, and stricter regulations on alcohol consumption will reflect on the market. Beer brewing companies in the market will offer offering a wider variety of beer styles and flavors.

According to the analysis, the Asia Pacific region is expected to be the fastest-growing beer market over the forecast period. This growth can be attributed to the region’s large and growing population, rising disposable incomes, and increasing urbanization. The North American and European regions are also expected to experience growth, but at a slower pace than the Asia Pacific region. The African and Latin American regions are expected to see the slowest growth in the beer market.

The analysis also suggest that developed markets are poised to encounter serious competiton, stricter regulatory environments which can increase costs and complexity for brewers and economic uncertainty which can lead to consumers reducing their spending on discretionary items, such as beer.

The Nigerian beer market represents a significant force within the global beer landscape. Despite facing recent economic headwinds, the market exhibits promising growth potential fuelled by rising disposable incomes, a burgeoning youth population, and a growing taste for premium and craft beers. Despite facing challenges, the Nigerian beer market is expected to demonstrate consistent growth in the coming years. The projected CAGR of 6.16% reflects the market’s dynamism and potential. Key factors propelling this growth include increasing disposable incomes, a burgeoning young population, and a growing taste for premium and craft beers.

Looking into 2024 and as the Nigerian market evolves, there will be further innovation and experimentation with new flavours, brewing techniques, and distribution channels. Additionally, the craft beer segment is likely to witness continued growth, fuelled by consumer demand for unique and locally brewed products.

The global beer market is a mature and highly competitive industry, but it still offers significant growth potential, particularly in developing regions. The market is expected to be driven by rising disposable incomes, urbanization, and a growing preference for premium and craft beers. However, the market will also face challenges from competition, regulation, and economic uncertainty. Despite these challenges, the global beer market is expected to continue to grow over the forecast period.