Ginger Beer Global Market Report 2024-2028 and 2033: Craft Movement, Mixology and Flavor Innovations Influencing Consumer Preferences and Growth - ResearchAndMarkets.com

The "Ginger Beer Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

The global ginger beer market has grown strongly in recent years. It will grow from $7.38 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The global ginger beer market is expected to see strong growth in the next few years. It will grow to $10.6 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.

Historical growth can be attributed to various factors such as the cultural and heritage significance of beverages, the rise of the craft beverage movement, the influence of health and wellness trends, the evolution of mixology and cocktails, continuous flavor innovation, and the development of niche and premium markets within the beverage industry.

The expected growth in the forecast period is driven by ongoing health consciousness, the diversification of flavors, premiumization and branding efforts, global culinary influences, the adoption of sustainability and ethical practices, and the demand for convenience in on-the-go consumption. Major trends anticipated during this period encompass the rise of the alcoholic ginger beer segment, the influence of global flavors on product offerings, the implementation of sustainable packaging practices, catering to on-the-go convenience needs, and a marketing focus on highlighting craftsmanship within the industry.

The anticipated surge in health and wellness awareness is set to drive the growth of the ginger beer market. Ginger's potential health benefits, such as alleviating nausea, upset stomachs, and serving as an antioxidant, have garnered attention for their contribution to overall well-being. For instance, as per an American Medical Association article in May 2022, healthcare spending in the United States surged by 9.7% to $4.1 trillion in 2020, signifying a substantial increase from the 4.3% growth in 2019. This heightened awareness of health and wellness is expected to boost the demand for ginger beer.

The expanding beverage industry is forecasted to propel the ginger beer market's growth. Encompassing a vast array of liquid refreshments, the beverage industry witnesses an increasing inclination toward non-alcoholic options, where ginger beer offers a distinctive and flavorful choice for consumers seeking alternatives to traditional soft drinks or alcoholic beverages. For instance, a report by the Distilled Spirits Council in September 2022 highlighted a 42.3% rise in revenue from suppliers of ready-to-drink spirits-based beverages, amounting to $1.6 billion in 2021. This trend is contributing to the growing traction of the ginger beer market.

Product innovation emerges as a pivotal trend shaping the ginger beer market landscape. Leading companies are keenly focused on introducing novel products to maintain their foothold in the ginger beer market. A notable example is T-Mobile US Inc.'s collaboration with Jones Soda Co. in June 2021 to launch 5Ginger Beer, an adaptable and premium non-alcoholic brew designed for standalone consumption or as a base for cocktails or mocktails.

Key players in the ginger beer industry prioritize product development and new launches, exemplified by the introduction of Stormy Peach Ginger Beer. This variant, known for its standalone appeal and compatibility with various mixers, marks an innovative addition to the market. For instance, Goslings, a Bermuda-based company renowned for its Dark 'n Stormy cocktail, expanded its non-alcoholic beverage range with Stormy Peach Ginger Beer in October 2023. Priced at $7.99 for a 6-pack of 12 oz cans and available at over 2,000 Walmart stores, this launch reflects Goslings' commitment to offering diverse, refreshing options, capitalizing on evolving consumer preferences.

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