With the consumption of alcoholic beverages on the rise the world over, the global beer market, which was pegged at USD 530 billion, is widely anticipated to earn revenues of USD 780 billion with a CAGR of 6%. Some of the key drivers for this segment include an increase in disposable income among younger generations, along with changing lifestyles. With most countries permitting the establishment of specialty beer shops, it is anticipated that the segment will become further fragmented.
The US beer market is over three hundred years old, and given the rise in beer consumption in the US, it is expected that this market will post strong growth. The US beer market was valued at USD 69.96 billion in 2015 and is expected to grow at a CAGR of 4.5% through 2021. Americans spent approximately USD 37 billion on beer in the year ending in February 2017, while they just spent only one-third as much (approximately USD 12.5 billion) on water.
The real growth segment in the beer market was in the craft beer section, but this segment has witnessed a decline with dollar sales growth of just 2.9%. Sales growth in the US has largely been driven by pricing rather than increased consumption.
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