The global Craft Beer Market Size is expected to reach USD 190.66 billion by 2027, exhibiting a CAGR of 10.4% during the forecast period. The modification and improvement in the taste of craft beer will foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Craft Beer Market Size, Share & Industry Analysis, By Type (Ale, Lager, Pilsner, and Others), Distribution Channel (On-Trade and Off-Trade), and Regional Forecast, 2020 – 2027.” The market size stood at USD 89.25 Billion in 2019.
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Salient Features of the Report
The report incorporates a careful diagnosis of the drivers and restraints influencing the size, share, and growth of the market. Further, the report also supplies a holistic analysis of the prime market segments and provides a comprehensive study of the regional growth prospects of the market. In addition to these aspects, the report also contains a detailed evaluation of the key players in the market and their top strategies.
Increasing Number of Microbreweries to Incite Development
The growing popularity of taprooms and brewpubs among millennials owing to the socializing trends will enable speedy expansion of the market. The emerging small and independent breweries to enhance beer production to serve the ever-rising demand of consumers will further propel healthy growth for the market. According to Brewers Association, small and independent brewers in the U.S. produced 26.3 million barrels in 2019, with volume growth of 4% than the prior year. However, the demand for other alcoholic craft beverages that have to go through vital distillation techniques to obtain high-quality liquor will subsequently impede the expansion of the market. Moreover, the availability of numerous flavors in alcoholic craft beverages such as grapefruit, plum, raspberry, lemon, and others can limit the adoption of craft beers in the near future beer market growth.
Closed Bars and Breweries to Dwindle Market During Coronavirus
The lockdown in several countries has massively affected the hospitality industry. Hence, the closure of various pubs, restaurants, taprooms, and bars to maintain social distancing norms. According to a study by the Brewers Association, the total brewery sales in the U.S. went down by 30.5% in May compared to the prior year. The colossal drop in beer production and sales has negatively impacted the global market. Nearly, 89% of the brewing companies, either had stopped or slowed down their production, as their year-on-year (YoY) sales have declined in April. Nevertheless, the reopening of bars and pubs in the forthcoming months will help revive the sales and stabilize the market.
Rapid Urbanization to Favor Growth in Asia Pacific
The market in Asia Pacific is expected to experience rapid growth during the forecast period. The growth in the region is attributed to rapid urbanization and increasing disposable incomes of consumers. The growing demand for unique tastes will aid the expansion of the market in the region. North America is expected to hold asignificant share during the forecast period owing to the expansion of craft breweries in the U.S. The surging popularity of new flavors will aid growth in the region. In addition, the increasing number of microbreweries with large volumetric production can have a tremendous impact on the market in North America
September 2020: Introduction of Fungtn, a low ABV medicinal mushroom craft beer, including IPA brewed with Lion’s Mane mushrooms for functional benefits
The Report Lists the key Companies in the Craft Beer Market:
- G. Yuengling & Son, Inc. (Pennsylvania, U.S.)
- Heineken N.V. (Amsterdam, Netherlands)
- The Boston Beer Company, Inc. (Massachusetts, U.S.)
- Constellation Brands, Inc. (New York, U.S.)
- Anheuser-Busch InBev (Leuven, Belgium)
- New Belgium Brewing Co. (Colorado, U.S.)
- Sierra Nevada Brewing Co. (California, U.S.)
- Duvel Moortgat NV (Puurs, Belgium)
- Bell’s Brewery, Inc. (Michigan, U.S.)
- Dogfish Head Craft Brewery Inc. (Delaware, U.S.)
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