North America is a steady market regarding the consumption and growth of beer consumption. It is the fourth largest beer market in the world, accounting for 14% of the global share. In North America, beer is considered as one of the most cherished alcoholic drinks, especially among the youth. The market size is expected to be around USD 71.91 billion in 2018 and is expected to reach USD 98.08 billion by 2023, growing at a CAGR of 4.7% during the forecast period of 2018-2023.
The North America beer market is mostly driven by the changing lifestyles, consumption habits of alcoholic drinks, and popularity of beer among the younger generation. However, some factors such as heavy taxation and legal regulations, and availability of substitute products are restricting the overall beer market in North America. The growth opportunity for the market lies in the increasing demand for innovative products such as flavored and crafted beer.
The North America beer market is classified by product type, category, packaging and geography. Regarding product type, beer can be segmented into light and strong beer. By category, it is segmented into premium beer, super premium and standard beer. Regarding packaging, the market is divided into canned, bottled and drought beer.
The North America beer market is expected to grow at a steady rate during the forecast period. The regional market includes three major countries – the USA, Canada and Mexico. The USA is the largest consumer of beer in the region, followed by Mexico and Canada.
The competition in North America beer market is very high due to the presence of a large number of global and regional brewers in the region. The companies offer all types of beer, including standard and premium beer. Pricing, packaging, marketing and innovation are the key strategies adapted to acquire and retain a larger number of customers in the market. Multiple product launches, flavored and crafted beers, promotional activities, and mergers and acquisitions with smaller level players have been the major business strategies for market sustainability.
Top players of the North America beer market are -
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