Craft Beer Market Size, Value Share, Emerging Trends, Business Growth And Industry Analysis By 2024

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Craft Beer Market Size, Value Share, Emerging Trends, Business Growth and Industry Analysis by 2024

Market Insight

The Craft Beer Market holds significant potential, providing huge opportunity backed by the growing popularity of craft beer as one of the most famous beverages in the world. Moreover, there has been a subsequent increase in the number of breweries to cater to the augmented demand from consumer’s side. Also, craft beer is the third most popular drink, just behind water and tea, with the consumption said to be growing substantially amongst the youth. Apart from this, craft beer has gained significant popularity with consumers wanting to experiment with various available flavors of beer.

Besides, focusing on the health benefits, moderate consumption of craft beer helps maintaining weight, preventing cardiovascular disease and heart failure coupled with reduction in the risk of hypertension. As craft beer is a rich source of silicon, it plays a stellar role in elevating bone mineral density, preventing osteoporosis, along with decreasing the risk of diabetes as well as Alzheimer. Also, several young consumers are attracted to spend on craft beer consumption due to higher disposable income, availability of craft beer in diverse flavors and the plethora of health benefits associated with it. In summary, all these factors will be stimulating the demand for craft beer in the coming years.

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Key Players:

Craft Beer Market Companies include

  • Sweetwater Brewery (U.S.),
  • Yuengling & Son Inc. (U.S.),
  • DUVEL Moortgat USA (U.S.),
  • New Belgium Craft Brewery (U.S.),
  • Bell's Brewery (U.S.),
  • Boston Beer Co. (U.S.),
  • Deschutes Brewery (U.S.)

Industry News

January 2019 – Ontario Craft Brewers (OCB) has launched its Great Beer. Better Access. Campaign, with the goal of encouraging craft beer lovers to participate in the consultation for any potential changes in the alcohol retail landscape in the city. This will be in addition to making sure of any other changes that take place, such as more access to locally-made craft beer in Ontario along with more choice on where to buy craft beer.

Regional Outlook

Regionally, the global Craft Beer Market is segmented into the regions of Asia Pacific, Europe, North America, and rest of the world (ROW).

Among these, the region of North America is slated to maintain its leading position throughout the forecast period, growing at a CAGR of 6.88%. Growing acceptance and liking for flavored beer, combined with the increasing preference for low alcohol by volume (ABV) beverages seem to be the factors working in favor of the regional market growth. Asia Pacific is going to be the fastest growing region in the global craft beer market, expanding at a CAGR of 7.40%. The impressive market growth is the result of massive contribution by emerging nations like China, India, Japan as well as ASEAN countries.

The countries located in the region of Latin America are continuously offering ample opportunities for expansion to prominent players. In addition, the high consumption of alcoholic beverages in developing nations in Asia Pacific and Latin America will result in an elevated demand for craft beer in forthcoming years.

One of the main factors responsible for the growth of the market in Europe is the accelerated demand for craft beer in various countries located in central and eastern Europe. Moreover, the craft beer market in the region is predominantly concentrated in regions such as Western Europe and Southern Europe, with most of the consumption taking place in countries such as France, Italy, the United Kingdom (UK), Switzerland, Germany, Belgium, the Netherlands, and Spain.

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Industry Segmentation

The market for Craft Beer Market is segmented based on Type, and Ingredients.

The type-based segments in the global craft beer market are ale, lager, stouts & porters and others. Although ale is the dominating segment in the market, it is lager beer that will grow at the highest CAGR during the review period, backed by the growing demand for innovative beer.

Ingredient-wise, the market caters to malt and other cereal grain, enzymes, yeast, hops, and others. here, malt is leading the market, whereas hops is the highest growing segment.

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Keywords: craft beer market,craft beer

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