Asia Pacific Beer Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 04/15/2015 -- Asia has become the powerhouse for the world's top brewers with as a huge population base learns to appreciate newer tastes, make, and the technology. The beer market in Asia is one of the fastest growing markets, contributing to massive profits in the region.
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The Asia Pacific beer market was valued at US$155.93 billion in 2013. However, according to the recent forecasts by a leading market firm in the U.S., the beer market in Asia Pacific is expected to reach a value of US$220.36 billion by the end of 2020. This market is set to register a growth of 5% CAGR during the forecast period from 2014 to 2020. With this growth rate, Asia Pacific is speculated to be the fastest growing region in the world.
Dynamics in Beer Market Fuels High Growth in Asia Pacific Beer Market
Beer is usually consumed and enjoyed by consumers during the gatherings, parties, or at special occasions. Now-a-days, the acceptance of the western culture is widely practiced by people in Asia Pacific. The western culture has mainly influenced the drinking habits in the region.
In the next five years, the demand for beer is likely to rise in the Middle East, Asia Pacific, and Latin America. Today, the market for beer in Asia Pacific region is substantially driven by growing demand from drinking population in countries such as South Korea, Vietnam, Singapore, China, India, and Australia.
A rise in the number of convenient stores selling alcohol-based drinks, beer shops, rising number of bars and restaurants, and retail stores are also some factors adding to the growth of this market in Asia Pacific.
The beer market is segmented by type, which typically includes mainstream, premium, and economy class of beer. Based on this market background, several beer companies in Asia Pacific offer a variety of beers that are different from each other in terms of taste and flavor. The Asian beer companies are also focusing on marketing lower-alcohol beers in a wider range of flavors to lure in more consumers.
Premium and Mainstream Beer Segments Attract Maximum Attention from Consumers
Asia Pacific region has a huge number of consumers for premium and mainstream types of beers due to their high disposable incomes.In 2013, the mainstream beer segment had the highest market share in the Asia Pacific beer market at 33.5%. Growth in the mainstream beer segment is high due to the presence of the established brands with their manufacturing units in various parts of Asia Pacific itself. This not only dissuades imports, but also encourages homegrown brands at affordable prices.
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On the other hand, the consumption of premium beer segment is witnessing a robust growth due to the increase in disposable income, creative marketing strategies, increasing preferences towards premium beer products, and a wide range of flavors and tastes of beers. This segment is expected to grow at a CAGR of 4.6% from 2014 to 2020.
China Promises Unprecedented Supported to Growth of Beer Market by 2020
In China, beer drinking culture is extremely popular among the age group of 21 – 35. High consumption and rising demand for beer in China is primarily driven by people belonging to this age group. This growth is also attributable to the flexibility and leniency in the rules and regulations related to the operation of the breweries in the country. Some of the key players operating in the China beer market are Asahi Breweries, Anheuser-Busch InBev, Tsingtao Brewery, San Miguel Brewery, Beijing Yanjing Brewery, and China Resources Enterprise.
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