DUBLIN, March 7, 2016 /PRNewswire/ --
A recent report published on Research and Markets expects the beer market in APAC to grow at a CAGR of 6.64% between 2015 and 2019. According to the report, the region has been developing a taste for craft beers and this is expected to drive growth during the forecast period. This week, new reports suggest global brewing giants are ready to capitalise on this growing demand to break into the world's largest beer market.
China accounted for half of the industry's global volume increase last year, but only 3 percent of brewers' profits. Premium beers are expected to comprise of over a third of the $80 billion Chinese market by 2020, compared to less than 10 percent in 2010. A new report on the beer market in China projects the demand for beer will grow at a CAGR of 6% by 2024. It states that over the next decade, both production and demand will continue to grow.
It has also been reported that imported high-end beers saw a 60 percent jump last year in China. A report on the global beer market lists several factors that could have influenced this growth. It says manufacturers are promoting and launching new varieties of beers using aggressive marketing tactics to combat the intense competition in the market. Vendors are also introducing products such as gluten-free beers and organic beers to target the growing demand among health-conscious consumers. According to this report, the global beer market will grow at a CAGR of 2.97% in terms of revenue and 1.24% in terms of volume during 2015-2019.
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SOURCE Research and Markets