Despite its strong reputation, beer sales are being affected by two trends.
First, beers from the U.S. are becoming much more popular.
"Innovative American beer producers are really muscling in on the global beer sector because they are the craft beer pioneers and craft is really taking off around the world," explained Forsyth.
"This is making America seem a much more exciting and vibrant place for beer-making, and makes Europe look a little more old-fashioned."
Secondly, the craft beer revolution is taking significant market share from the large European brewers.
In the U.K., for instance, lager sales have dropped by 8 percent over the past 5 years according to market research by Mintel, whereas sales of bitters and ales have grown from 895 million litres in 2014 to 913 million litres in 2015.
"Global interest in craft beers is inspiring more local brewing," Forsyth said. "Microbrewers in Brazil, for example, have won international awards and made use of local Brazilian ingredients to create their own unique, local style of beers.
"Craft is mainly about local and experimentation so it is definitely conceivable that as locals realise they too can create great beer, that will eat into the share of the European traditional brewers."