That’s from a just-released study by Technavio, a London-based research firm, which finds the market is driven by the increasing demand for premium beers. The rising demand for low-alcohol beer is anticipated to further boost the growth of the beer market.
The demand for premium varieties of beer and craft beers is increasing among consumers due to the rise in per capita income in developed and developing economies, Technavio says. Consumers prefer premium beer and craft beers over local beer products because of their taste, brand name, and authenticity.
This is encouraging international and regional macro breweries and microbreweries to introduce new premium varieties of craft beer products such as pale ale, stout, and IPA. Thus, the increasing demand for premium beers is expected to drive market growth during the forecast period, the study concludes.