The global beer industry is expected to grow at a CAGR of 4.22% between 2019 and 2026. This is ascribable to factors such as the easy availability of raw materials and increasing consumption of the product across the globe. Fortune Business Insights, publish this information in its latest report, titled “Beer Market Size, Share & Industry Analysis, By Type (Lager, Ale, Stouts, and Others), Packaging (Glass Bottle and Metal Can), and Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2019 – 2026.” The report further observes that the market was worth USD 693.39 billion in 2018 and is expected to reach USD 962.39 billion by 2026.
Beer is believed to be discovered over 5000 years ago at Godin Tepe that is located in the central Zagros mountain ranges of Iran. The earliest beer is said to be extracted from the barley dates, while the Weihenstephan Brewery is considered the oldest brewery in the world. Today, gallons of beer is consumed across the globe, which is a favorite beverage among old and millennials alike. According to a data from the World Atlas, Czech Republic hold the title of being the largest beer-consuming country with about 142.6 liters’ per capita annual drinks recorded in the country. Today, innovation in flavors and emergence of modern breweries is propelling the demand for the beverage across the globe.