According to The Business Research Company, the brewery equipment market size has grown strongly in recent years. It will grow from $19.23 billion in 2023 to $20.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to the craft brewery boom, increasing beer consumption, stringent quality standards, globalization of brewery businesses, and environmental sustainability.
The brewery equipment market size is expected to see strong growth in the next few years. It will grow to $27.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to growing beer tourism, increasing demand in emerging markets, customization and flexibility, health and wellness trends, supply chain resilience. Major trends in the forecast period include technological advancements, sustainability concerns, customization and flexibility, quality and consistency, collaborations for product innovation. .
Market Drivers and Trends:
The increase in urbanization is expected to propel the growth of the brewery equipment market. Urbanization refers to the process of the increasing growth and expansion of cities, often accompanied by population migration from rural to urban areas. Urbanization has increased the demand for high-quality, efficient, and flexible brewery equipment to meet the growing consumer demand for beer and other alcoholic beverages. For instance, in April 2022, according to the World Economic Forum, a Switzerland-based independent international organization, more than 4.3 billion people, or 55% of the world’s population, lived in urban settings, and the number is expected to rise to 80% by 2050. Therefore, increasing urbanization is driving the brewery equipment market.
Technological advancement is a key in the brewery equipment market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in February 2022, Siemens AG, a Germany-based industrial equipment manufacturing company, introduced BRAUMAT V8, an innovative process control system with storage location management and dosage management capabilities to leverage efficient and flexible mixing process automation in the brewing and beverage industries. The BRAUMAT V8.0 process control system provides continuous checks on recipes and quantities for the individual production processes, which reduces the overdoses of malt, hops, and diatomaceous earth. It also provides password-protected controllers, encrypted communication, user management, and company ID registration via an RFID card reader, which enhances security during the production sequences.
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Major Key Players of the Market:
Alfa Laval AB, Della Toffola S.p.A, Krones AG, Paul Mueller Company, GEA Brewery Systems GmbH, Meura Maschinen- und Apparatebau GmbH, Ningbo Lehui International Engineering Equipment Co. Ltd., Criveller Group, Hypro Group, KASPAR SCHULZ Brauereimaschinenfabrik & Apparatebauanstalt GmbH, Shanghai Hengcheng Beverage Equipment Co. Ltd., Praj Industries Limited, XIMO Brewing Systems, MiniBrew, Portland Kettle Works, Specific Mechanical Systems Ltd., HG Machinery Co. Ltd., Interpump Group S.p.A, ABE Equipment Inc., Brewbilt Manufacturing Inc., Schulz Brewery Equipment, Shandong Zunhuang Brewing Equipment Co. Ltd., Caspary GmbH and Co.KG, Brew-Tek Australia, Tiantai Brewtech, Micet Group, Brewmation Incorporated, JVNW Inc., Ss Brewtech, Blichmann Engineering
Brewery Equipment Market 2024 Key Insights:
- The brewery equipment market size is expected to see strong growth in the next few years. It will grow to $27.26 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
- Rising Alcohol Consumption Fuels Growth In Brewery Equipment Market
- Brewery Equipment Market Embraces Automation And Security Enhancements
- Europe was the largest region in the brewery equipment market in 2023
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SOURCE: OpenPR / The Business Research Company (Press Release)
PHOTO CREDIT: The Business Research Company