A recent market study completed by Fact.MR covers recent developments in the global craft beer market, highlighting vital aspects such as trends, drivers, opportunities, and restraints. The report studies recent developments in the segments of the market in terms of product, brewer and sales channel.

The global craft beer market was estimated to have a market value of US$ 76.3 Bn in 2020 and have attained US$ 81.64 Bn in 2021. The market is going to reach a market size of 6.9% CAGR rate by 2032. By the end of 2032, this market value of craft beer market is to climb up at US$ 174.68 Bn. North America will likely hold the largest share of the growing demand for craft beer until 2032.

In 2022, the global demand for craft beer will reach US$ 89 Bn. During the period of 2022-2032, the market value is calculated to provide a 2x increase. The Craft Beer market size is expected to exceed 7% CAGR by 2032 based on the patterns of consumption.

Craft beer is expected to hold the largest share of the growing market until 2032. Craft beer’s success in America is largely attributed to the large number of independent microbreweries and the large volumes produced by these breweries.

The global market for craft beer expanded the market size at a CAGR of almost 5%. Globally, consumption of craft beer has become high. Craft beer culture is growing every day. A craft beer culture would not exist without consumers and brewers.

Amidst the pandemic crisis, sales blended drastically, especially in the first half of 2020. Imposition of a global lockdown damaged the supply chain networks, disrupting logistical arrangements to make the end product available to customers. However, as the year progressed and infections plateaued, these restrictions were sorted out, restoring sales prospects.

A community that exists within the world of craft beer that is passionate about beer’s style and enjoys drinking it. Based on these patterns of consumption, the market is anticipated to surpass a CAGR of 6.9% across the 2022-2032 forecast period.

Key takeaways from the study include:

• • • From 2017 to 2021, the market size of the global market for craft beer expanded at a CAGR of almost 5%.
    • North America is likely to hold the 36% market share of the growing demand for craft beer by 2032. 
    • In Asia, craft beer sales grew 37.3% in 2019, up from 33.68 % in 2018, which is an advantage for the industry.
    • By sales channel, microbreweries are expected to maintain their dominance through 2032, with a CAGR of 5.2%.
    • By product type, pale ale will be the most popular accounting for 25% of total revenue.
    • From 2022 to 2032, the global craft beer market will almost double in size.

Growth Drivers:

• • • Growing demand in the market is attributed to the growing number of flavors and creative styles in beer.
    • As a consequence of the recent implication of one of the major factors in the development of craft beer, go-green technology was incorporated into the beer manufacturing process to increase market growth and innovate new ways of reducing waste and water usage.
    • The demand for craft beer on the market is growing because of the increase in the number of restaurants, pubs, and bars in the cities.

Competitive Landscape:

Manufacturers increased the production to meet consumer demand by enabling strategic collaborations, which will increase revenue and market share. The advent of new products and technologies will allow end-users to enjoy products that can be flavoured by nature.

• • • On October 1st, 2020, AB InBev, one of the largest breweries in the world, completed the long-awaited acquisition of the Craft Brew Alliance. Further, AB InBev purchased the remaining 68.8% shares with $220 million gaining full ownership over the firm.
    • On August 12, 2021, Coca-Cola FEMSA, the Mexican Bottling company, confirmed its acquisition of the Brazilian beer brand Therezopolis to acquire the Brazilian Craft Beer market.

SOURCE Fact.MR