5% CAGR Growth in Asia Pacific Beer Market to be Led by China
Asia Pacific Beer Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
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,...