The global premium lager market is projected to attain USD 219.9 billion by the year 2025, as per a new report provided by Million Insights. It is expected to grow with a CAGR 4.5% over the forecasted years, 2019 to 2025. The demand for Premium lager is predicted to rise due to its health benefits related to mental stress, cardiovascular issues, anxiety issues, and kidney problems. Moreover, adaptation to the western culture within the middle-class income group and the rise in disposable income in the evolving economies like India and China are expected to surge the market demand.
The leading countries of the Asia Pacific namely India and China are predicted to spectate the fastest growth due to rising demand for working-class professional over the next few years. In 2018, China has a population exceeding 400 million, which is higher than Western Europe and the U.S. Therefore, leisure spending on pubs and restaurants visit is predicted to rise. The rise in consumption of products like premium lager is expected to surge over the next few years.
On-trade channels are anticipated to be worth USD 135 million by the end of 2025. New restaurants and bar joints opened by companies like The Bar Stock Exchange and B-Dubs offering a complete experience of alcoholic products, including premium lager over the last few years. Moreover, growing trends like dine-out and after drinking culture at an international level are projected to encourage the visibility of resto-bars for a lager soon.
The off-trade channel is predicted to remain as one of the major selling channels for customers in evolving countries like India and China as they provide products in retail price. Moreover, services like combo packs and gift packages are attracting more customers towards this channel. Due to hectic workstyle of working-class professionals, after drinking culture is gaining momentum and is projected to drive customers to use these channels for procuring alcoholic drinks including premium lager via off-trade channels like beer shops.
The premium lager market comprises of high competition with major players includes Carlsberg Breweries A/S, Anheuser-Busch InBev SA/NV, Heineken N.V B9 Beverages Pvt. Ltd., and Constellation Brans. Product innovation is a key strategy adopted by key players in the market to gain competitive advantage over other companies operating in the same line of business. Breweries Pvt. Ltd. And Woodpecker Distilleries in September 2018, announce the launch of premium lager under the brand name, Blackfort, in India.
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Further key findings from the report suggest:
• Conventional product types escalated the global premium lager market accounting for a share in revenue of 54.6% in 2018. This growth is the result of low prices and easy accessibility in comparison with craft product types at a global level.
• The off-trade distribution channel escalated the market with a CAGR of 5.0% in the forecasted period. These products are procured through conventional stores, hypermarkets and liquor stores.
• Europe has created its dominance in the global market, in 2018. This fad is expected to remain constant for the next few years on account of the prevailing consumption of products in the leading market such as the U.K., France, and Germany.
• Product innovation is projected to remain a crucial element of success for premium lager producing firms.
Million Insights has segmented the global premium lager market based on product, distribution channel, and region:
Premium Lager Product Outlook (Revenue, USD Billion, 2015 - 2025)
Premium Lager Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Premium Lager Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa