APAC brewing enzymes market to register exponential growth over 2018-2024, surging demand for specialty beers to add momentum to the industry growth
Publisher : Fractovia | Latest Update: 2018-12-06 | Published Date : 2017-09-01Request Sample
Brewing enzymes market has lately been on an explosive growth path with the rising popularity of beer consumption. While the drinking of beer has held a strong place in the culture of various European and North American nations, the rising levels of disposable incomes in emerging nations and the growth of trade between more established economies has also made a significant contribution to the expansion of the beer industry that has in turn aided brewing enzymes market expansion.
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The consumption of beer has almost always outweighed the consumption of any other kind of alcohol by a wide margin, a factor that has been positively reflected on the brewing enzymes market as demand for brewing enzymes has not only increased with the increase of beer consumption but has also evolved as the need for faster demand production has soared. The United States, UK, and Germany had led the world in terms of beer consumption till 1960 and accounted for nearly half of worldwide beer consumption by volume. Consequently, brewing enzymes market has registered commendable profitability in North America and is expected to grow at a substantial growth rate over 2018-2024.
However, countries in Asia Pacific such as India, China, Japan and Vietnam have also laid a major claim in the beer consumption landscape in the past decade. In the recent times, China surpassed United States as the largest beer market while Russia overtook Germany and Brazil ranked above UK. Not only the population explosion in these countries, but also the changing economic developments in the nations can be attributed to the higher consumption of beer. It is estimated that Asia Pacific will holds a major proportion of the industry share, having held a valuation of around $80 million in 2017.
It is of significant importance that beer consumption in China and Russia increased noticeably after the countries converted from communism to capitalism. Also, most of the Asian countries have exhibited the trend of increasing per capita incomes with rapid urbanization and industrial development. With increasing disposable incomes, beer consumption has substantially rise, leading to exponential growth in the brewing enzymes market.
The brewing enzymes market has also significantly gained momentum with the changing patterns of beer trade. While previously the beer landscape was dominated by a few leaders like Corona, Guinness and Heineken, the easing of trade facilities in the 21st century has led to massive and fundamental changes in the international beer markets. As countries started to taste beer from other nations that they had to access to before, the taste palette for beer widened to bring a newfound interest in craft beer.
In the more developed nations that had been consuming beer for centuries a trend has also been noted that instead of volume, consumers are concentrating on quality. The general consensus is turning towards tasting better beers rather than cheaper ones. As the 21st century consumer is more willing to pay a premium to enjoy specialty beers, the craft beer industry recorded phenomenal progress and added a new growth avenue to the brewing enzymes market which is expected to garner major profits from untraditional beer brewing.
Considering that nations with increasing GDPs can open up new growth prospects for the brewing enzymes market, industry leaders like DuPont Industrial Biosciences have already started to take up initiative in such countries to boost the development of the brewing enzymes industry. For instance, recently in 2018, DuPont Industrial Biosciences along with Versuchs- und Lehranstalt für Brauerei of Berlin came together to arrange the Africa Brewing Conference in Addis Ababa, Ethiopia in 2019 in order to discuss the best practices for the brewing and malting industry in Africa.
Brewing enzymes industry has come to recognize Africa as an important region where the industry can register major growth by encouraging the local brewing companies and parting with brewing technology and knowhow. The forum would be focusing on technical and scientific aspects of beermaking to compound the progress of brewing enzymes market in the process. With such endeavors brought forth by industry leaders widening the scope for the brewing enzymes market, the industry is expected to surpass $393 million by 2024.
