Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSOn April 04, 2020: the Mexican brewer of Corona beer suspended production owing to the health emergency over COVID-19 pandemic. Moreover, Heineken’s Mexican operations based in Nuevo Leon would stop the production and distribution of beer, which resulted in panic buying.
Brewing is the production of beer done in a brewery with the help of a commercial brewer or by a variety of methods. The main ingredients used in the production of beer include water and a fermentable starch source such as yeast, hops and cereal grains, most popular of which is malted barley. These ingredients provide colour, protein, flavour, bitterness, aroma, stability and dextrins to beer. The malt used in the beer is heavily roasted and gives beer a coffee/chocolaty flavour. The water used in beer is approximately 95% and the mineral content of water is adjusted according to the requirements of the beer.
The market for brewing ingredients is estimated to record a significant CAGR over the forecast period. The major key factor driving the growth of the market include rise in the consumption of beer all over the world owing to the rise in disposable incomes and consumer preferences. In addition, increase in the millennial crowd globally who are the major consumer base of beer is boosting the market growth. Moreover, adoption of western culture and introduction of sweet & non alcoholic beer is influencing the consumers towards beer, which will result in the increased demand for brewing ingredients. Therefore, with the increasing economic development, beer is slowly becoming an after work companion for refreshment, which will further augment the market growth over the forecast period.
On the basis of function type, the brewing ingredients market is segmented into fragrance, preservatives, flavours, proteins and others, out of which, the market for flavours is estimated to account for highest market share owing to the increased demand for flavoured beers. Rising use of fruits in beer as a flavour is attracting new customers in the market and is expanding the market growth. Further, the rising preference of consumers for innovative drinking experiences is pushing them to try variety of new flavours in beer. Therefore, these factors are anticipated to drive the growth of flavour segment over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The growth in the preference for beer is rising with the growing popularity of beer among consumers. The increasing number of pubs, liquor serving cafes and clubs is accelerating the market growth as these places are a common platform for social gathering. Moreover, governments of some countries are promoting craft beer for the economic development along with the growing popularity of beer tourism. In addition, the young-adult consumers who want to manage their alcohol consumption are opting for beer, which is further driving the growth of the market.
The market for beer ingredients includes witnessing an increase in the preference among consumers for the new product offerings. The increasing experiments in the consumption habits for new experiences as a result of rising disposable incomes is further rising the consumer spending power. Moreover, with the movement of consumer into next stage of their life, there will be an increase in spending for beer on the back of increase in the budget and incomes. Hence, these factors will boost the growth of the market over the forecast period.
The increasing health consciousness in consumers regarding the consumption of beer and stringent government regulations such as increased taxation and high excise duties is hampering the growth of the market. Further, high cost of premium beers and the duties levied on these costs will hinder the market growth.
Our in-depth analysis of brewing ingredients market includes the following segments:
On the basis of regional analysis, the brewing ingredients market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for brewing ingredients in North America is anticipated to have highest growth rate owing to the rapid expansion of breweries along with the introduction of unique beers in the region. Further, in order to meet the demand for flavoured beers, the region is incorporating new flavours in their offerings. The market in Asia Pacific is estimated to be fastest growing on the back of rising urbanization and increased purchasing power of the consumers. Additionally, presence of wide range of beers in the region with different taste and flavours is accelerating the growth of the market. Changes in consumer preferences and rise in working class individuals are further favouring the growth of the market.
The brewing ingredients market is further classified on the basis of region as follows:
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