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European Beer Production Hits Record 34.7 Billion Litres in 2024

Overview

In 2024, the European Union surpassed a significant milestone by producing 34.7 billion litres of beer. The cumulative total includes 32.7 billion litres of beers containing more than 0.5 per cent alcohol and an additional 2 billion litres of beers that are either low or non-alcoholic. This achievement underscores the dynamic nature and resilience of the EU’s brewing industry.

Evolving Production Trends

The production volume for traditional alcoholic beers increased marginally by 0.6 per cent, amounting to an extra 0.2 billion litres compared with 2023. Contrasting this modest growth, production of low- and non-alcoholic beers surged by a robust 11.1 per cent across the bloc, also representing an increase of 0.2 billion litres. This shift reflects the evolving consumer preferences and market responsiveness within the beverage sector.

Leaders in Production

Germany continued to dominate the production landscape by brewing 7.2 billion litres of beer, exceeding 0.5 per cent alcohol, accounting for 22.2 per cent of the total EU output. Spain followed in second place with 4.0 billion litres (12.3 percent), while Poland contributed 3.4 billion litres (10.6 percent). The Netherlands and Belgium secured the fourth and fifth positions, with 2.2 billion litres (6.8 percent) and 2.1 billion litres (6.3 percent), respectively.

Trade Insights and Export Dynamics

Trade data from Eurostat reveals notable export activities within the region. Cyprus, for instance, exported nearly 7 million litres of beer in total, of which approximately 1.31 million litres were shipped to non-EU markets, while 5.67 million litres were destined for other EU member states. The Netherlands emerged as the leading exporter of alcoholic beer, with total exports reaching 1.5 billion litres. However, this figure represents a 12 per cent decline compared with 2023. Germany and Belgium each exported 1.4 billion litres, followed by Czechia at 0.6 billion litres and Ireland at 0.5 billion litres.

Import Dynamics

On the import side, France maintained its position as the largest importer of alcoholic beer in the EU with 0.8 billion litres in 2024, while Italy imported over 0.7 billion litres. Both Spain and Germany imported close to 0.6 billion litres each. Additionally, the Netherlands, despite being the top exporter, also recorded imports nearing 0.5 billion litres, revealing a balanced trade dynamic.

The data not only underscores the robust nature of the EU’s beer industry but also highlights the shifting patterns in both production and trade, driven by consumer preferences and international market strategies. As the industry evolves, these trends will be crucial for stakeholders evaluating future investments and policy directions in the European beverage sector.

Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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