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Market Overview
In 2022, Lager market size was projected to be 272.76 billion USD. By 2032, the beer market industry is projected to have grown from 277.15 billion USD in 2023 to 320.0 billion USD. Over the course of the forecast period (2024–2032), the Lager Market CAGR (growth rate) is anticipated to be approximately 1.61%.
An increase in the demand for lagers is due to its growing adoption in bars, hotels and cafeterias among others. As world economies continue to improve and as consumers increase their purchasing power, more and more individuals have the means to purchase a wide variety of goods and services. As a result, consumer preferences for a range of different products and services in emerging markets, including China and India are expected to grow rapidly during the forecast period. Due to this, the global beer-drinking population is on the rise and has been a significant contributor to the recent popularity of this beverage within the industry. Furthermore, technological advancements made to existing production equipment have enabled companies to make lagers of high quality.