The beer culture in Europe dates back to several centuries, and this alcoholic beverage today forms a crucial part of the economy of several countries. It is interesting to note that several global beer brands have their roots in Europe. Thus, the beer market in Europe continues to remain a dynamic space, where innovative products are essential to growth. While Germany and the UK contribute to a large share of the demand for beer in Western Europe, Russia and Ukraine have led to the creation of a burgeoning beer market in Eastern Europe.
Given that in Europe, the market for beer is already well established, it will register a meager CAGR of 2.4%. But even this modest growth rate could translate into massive revenues because of the sheer size of the market. The Europe beer market was estimated at US$ 17.01 billion as of 2014, and will likely be worth US$20.05 billion by the end of 2021.
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Despite Alcoholic and Non-Alcoholic Substitutes, Beer Market in Europe to be Positively Influenced by Market Drivers
Since beer is an inherent part of the culture of several European nations, the consumption of this alcoholic beverage may not see a steep incline, but will certainly continue to grow at a steadfast pace. The three leading types of beers consumed in Europe are: Stout, lager and ale.
There are several market drivers at play in Europe’s beer market. The greatest among these is the perceived health benefits offered by beer (only when consumed in quantities recommended by physicians). As evidenced in studies in the past, beer can help limit the level of cholesterol in blood and can also guard against kidney stone. These benefits, coupled with a general increase in the disposable income of European consumers, after suffering the impact of the economic slowdown, will prove beneficial to the Europe beer market.