According to a recent press release by SkyQuest Technology by OpenPR the Global Craft Beer Market is currently valued at USD 96.23 Billion in 2021 and is expected to rise pertaining to increased demand for relishing and refreshing beverages and the availability of a wide variety of flavours. It is anticipated to attain a value of USD 191.13 Billion by 2028, at a CAGR of 10.3%over the prediction period (2022 – 2028). Key Market players have innovated ways to attract consumers providing them with a range of delighting tastes and refreshments. Additionally, the growth of the digital era has increased the prevalence of online shopping ways which increases its accessibility and convenient availability.
Craft Beer is known for its taste and primitiveness for ages being an integral part of various cultures namely European and American lovingly accepted and relished. With time the popularity of beer is retained as a popular means to enjoy social events and is best complemented with entertainment or leisure. In developing nations the lifeways are becoming urban and hectic with time. People are also enticed to adopt western cultures and modern ways of living. Various Clubs, bars, and restaurants serving alcoholic drinks have become a common practice which projects a massive market size. Increased use of the internet, and media, is again persuading millennials to try new flavours of beer and have an amusing social life and thus beer is most loved among youth. In 2021, the Craft Beer Market witnessed the highest sales of all time 26.8%.
Amid the harsh effects of the global pandemic, the life of almost every individual underwent restrictions. The industry was affected due to the closure of bars, restaurants, etc and a large number of orders being cancelled. The sales declined by 42 % in Europe and 30.5 % in the US. However, the prevalence of the digital era has increased the accessibility of everything just a click away. Craft beer sales through online methods witness growth. Additionally, due to the high cost of craft beer on the on-trade platform, many drinkers prefer off-trade distribution channels for purchase. The contributing factors to this market segment are that there are comparatively fewer prices and secondly the drinking enthusiasts who prefer the comfort of home or do not prefer going to bars or pubs are benefitted.
The Global Craft Beer Market segmentation is based on Type, Distribution Channel, Packaging Type, Category and Region. Based on Type the market is further segmented as Large, Ale, and Others. Based on the Distribution Channel market is further segmented as Off-Trade and On-Trade. Based on the market segmentation highlights prospects in North America, Europe, Asia-Pacific, South America, and MEA.
The Global Craft Beer Market segmentation on the basis of type highlights the dominance of large type and further Ale type in the forthcoming years. There is rising concern among youngsters to go for a less alcoholic beer, Ale best suits it and is gaining popularity. However, Malt and stout and others are also expected to showcase high market demand owing to increased availability and moreover the vigour among young drinking enthusiasts.
Setting up new brewing industries all over the globe projects huge prospects. Around 646 new craft breweries were recorded in the US. There are several non-profit organizations which work to encourage small-scale, independent beer manufacturers. With the increasing prevalence of social media, even the unnoticed breweries are becoming popular and generating surging market revenue. Infusion of flavours is becoming the market driver as it provides customized taste to the drinkers. The flavours of fruits, flowers, spices and herbs are not only popular for the taste but the health concerns. With time and awareness, most millennials look for healthy refreshing beverages, which is increasing the market demand for ABD beverages (Alcohol by demand). The alcohol content in these drinks is regulated and does not cause much harm instead is known to be producing positive health effects.
The Asia Pacific region is estimated to dominate the market share projecting a CAGR of 10.50 %. China and India are projected to be leading markets in the upcoming years. China was recorded to be the leading beer producer in 2020. As per the survey done in 2021, the most preferred drink consumed in Japan at home is Beer. The Global Craft Beer Market has witnessed increased production and demand for flavoured beer. The adoption of modern and western culture and the trend of social dine-outs is common among people due to hectic life schedules. North America is estimated to be a third potential market for the Global Craft Beer Market. There are 930 breweries in California, it is known as Craft Beer Brewing Capital. There were around 26.9 billion USD sales for craft beer in the US in the period 2017 to 2021. The industry is expected to expand due to increasing demand for different flavors and ABV beers, youngsters are enticed towards low alcohol beer owing to health concerns increasing the demand in the upcoming years. Africa and the Middle East are anticipated to be potential Craft Beer Market owing to increased urbanization and acceptance of western culture.
The prominent market players are constantly adopting various innovation and growth strategies to capture more market share. They are leveraging new innovative techniques to implement large-scale production and entice customers. The key market players are Beijing Enterprises Holdings Limited (China), Carlsberg Group(Denmark), Dogfish Head Craft BreweryInc(US), Heineken Holding NV.(Netherlands), Squatters Pubs and Craft Beers(US), Sierra Nevada Brewing Co(US), Diageo PLC (UK), United Breweries Limited(India), The Boston Beer Company, Inc(India) among others.