In 2018, the global craft beer market was worth USD 107.9 billion. By 2031, it is expected to grow to USD 107.9 billion. This represents a 10.49% annual growth rate from 2018 to 2031. In the past few years, demand has risen for many traditional beers. This includes craft beer.
The market has seen a significant impact from COVID-19 on all markets, with a dramatic global pandemic. Our analysis shows that the global market will experience a lower growth rate in 2020 than the average annual growth between 2017 and 2019. However, post-lockdown measures lead to increased production capabilities and the adoption of more technologically advanced production techniques. This will likely drive market growth.
Get a sample of a report to get a comprehensive insight@ https://market.us/report/craft-beer-market/request-sample/
Growing Demand:
Consumption growth in Asia has been positively affected by the growing demand for unique flavors and rapid urbanization. The Asia Pacific market holds the largest share and is expected to grow at a CAGR of 10.49% over the forecast period.
The market growth in Europe has been supported by the increasing demand for premium products and the rise in craft beer consumption.
Due to the regions, high demand from the expanding urban centers, the Middle East & Africa market is expected to experience strong growth.
Driving Factors:
Flavorful and strong beer varieties emerge to boost industry growth
Many flavorful and strong craft beer options are now available, including fruit and spice, honey-flavored, and tart & funky flavors. The subtle flavors of lavender, elderflower, chamomile, and elderflower balance and complement the flavors. They also add a smooth taste and subtle quality. Consumers are increasingly attracted to innovative flavors and new ingredients for beers. This will, in turn, boost the market growth over the coming years.
Rising socializing trends, especially among millennials, have increased their stops. Breweries are now refining their beer production to meet the growing consumer demand.
Restraining Factors:
Accessibility of other alcoholic craft beverages for Hamper Growth
Although alcohol is widely consumed worldwide, it is hindered by the availability of many other alcoholic craft drinks such as wine, rum, whiskey, or whiskey. There is a growing demand for artisan spirits due to customers’ eagerness to try different types of spirits. interest in these craft spirits. The other alcoholic craft drinks are more varied than the alcoholic beverage and undergo several distillation methods to produce high-quality liquor. The market is also being held back by the availability of many flavors in alcoholic craft drinks, such as grapefruit and raspberry, lemon, and others.
Market Key Trends:
Market expansion is aided by strong, flavourful beers
Consumers are increasingly looking for a beer that is strong and rich in flavor. The beer’s quality can be enhanced by adding flavors like honey, honey, lavender, and chamomile. This is helping to boost the industry’s overall growth.
Nowadays, low-alcohol beverages are preferred by most people. Health-conscious individuals are increasingly consuming low- or no-alcohol beverages. There are also more options for products with different tastes, like ciders and low-alcohol beers. This will likely influence the growth of the global craft beer industry in the coming years.
Recent development:
1. AB InBev, the largest brewery in the world, closed the long-awaited acquisition of Craft Brew Alliance in October 2021. AB InBev paid USD 220 million for the remaining 67.9% shares of the company, giving it complete control.
2. Coca-Cola FEMSA in Mexico confirmed on August 10, 2021, that it had acquired the Brazilian beer brand Therezopolis to access the Brazilian Craft Beer markets.
3. B9 Beverages Pvt. Ltd. was founded in April 2021 due to the growing demand for bold and delicious flavors. Ltd. announced plans to launch limited-edition craft beer in India under Bira91.
Key Companies:
1. Budweiser
2. Yuengling
3. The Boston Beer Company
4. Sierra Nevada
5. New Belgium Brewing
6. Gambrinus
7. Lagunitas
8. Bell’s Brewery
9. Deschutes
10. Stone Brewery
11. Firestone Walker Brewing
12. Brooklyn Brewery
13. Dogfish Head Craft Brewery
14. Founders Brewing
15. SweetWater Brewing
Segmentation:
Type:
1. Ales
2. Lagers
Application:
Bar
Food Service
Retail
Key questions:
1. What is the potential growth of the Craft Beer Market?
2. Which application will see strong growth?
3. What growth opportunities could Craft Beer have in the future?
4. Which growth strategies do the players consider to remain in Craft Beer?
5. What CAGR will the market growth be during the forecast period (2022-2031)?
Related Report:
Global Home Beer Brewing Machine Market Size and Share | Business Growth and Development Factors by 2031
Global Brewery Equipment Market Outlook | Industry Statistics 2031
Global Alcohol Ingredient Market Growth Analysis | Opportunity, Regional Analysis 2022 to 2031
About Market.us:
Market.US (Powered by Prudour Private Limited) specializes in in-depth research and analysis. This company has been proving itself as a leading consulting and customized market researcher and a highly-respected syndicated market research report provider.
Contact Details:
Global Business Development Team – Market.us
Market.us (Powered by Prudour Pvt. Ltd.)
Address: 420 Lexington Avenue, Suite 300 New York City, NY 10170, United States
Phone: +1 718 618 4351 (International), Phone: +91 78878 22626 (Asia)
Email: [email protected]
