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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