China is set to overtake the U.S. as the world's largest beer market in value by 2017, according to a EuroMonitor International report.
The world's No.2 economy is already the largest beer market globally in volume terms, serving up more than double the pints compared with the U.S. last year. But now China is heading toward the No.1 crown in value terms as well.
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Last year, the Chinese beer market's value was 79 percent the size of the U.S.'s in fixed U.S. dollar exchange rate terms. Euromonitor forecasts that this figure will grow by 45 percent by 2017, making China the world leader in terms of value sales.
The boom in China's beer market is thanks to a number of macroeconomic and demographic factors, said Amin Alkhatib, alcoholic drinks analyst at Euromonitor.
Disposable incomes in China are forecast to grow in double-digit terms over 2013 to 2018, meaning more people will be able to afford beer, while the legal drinking age population will see more rapid growth than the U.S. during this same period, according to the report.
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