In the European region, beer is considered as the most cherished alcoholic drink. Europe is the second largest consumer of beer, after Asia- Pacific. It accounts for 27% share of the total beer consumption, globally. The Europe beer market is expected to be USD 145.81 billion during 2018, and is expected to reach USD 203.83 billion by 2023, at a 4.3% CAGR during the forecast period of 2018-2023.
Changing lifestyles and consumption habits of alcoholic drinks, high disposable incomes, and popularity of beer among the younger generation are the major market drivers for the Europe beer market. However, easy availability of other substitutes of beer is the biggest challenge for the overall market growth. Innovative products, such as flavored and crafted beer, and the growing demand for imported beer are some of the opportunities in the market.
The Europe beer market is segmented by product type, category, packaging, and geography. Regarding product type, beer can be classified as light and strong beer. By category, it is segmented into premium beer, super premium and standard beer. By packaging, canned, bottled and drought beer are the major categories.
Russia is the largest consumer of beer in Europe, followed by Germany, the United Kingdom, Spain, Italy, Poland and France. Beer is majorly consumed in the region when compared to other alcoholic drinks. Currently, France is the fastest-growing market for beer consumption. Eastern Europe encompasses huge growth opportunities for the beer market.
The competition in the European beer industry is high, as many large brewing companies and regional brewers are serving a limited beer consuming population. The growing demand for crafted beer and the increasing popularity among the younger generation would help sustain the European market growth. New product launches, innovative product packaging, and mergers and acquisitions with smaller level players have been strong business strategies for the market growth in the region.
Top players of the Europe beer market are -
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