As per the latest report by IMARC Group, titled “Craft Beer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global craft beer market size reached US$ 103.85 Billion in 2021. Craft beer is an alcoholic beverage produced in a traditional or non-mechanized way by an independent microbrewery. It is made from natural ingredients and is a rich source of antioxidants, protein, and vitamin B complex. Craft beer is made using a complex process of brewing that includes many steps compared to conventional beer. As a result, it has a richer and more distinct taste than the beer manufactured by large breweries. In recent years, craft beer has gained traction across the globe, especially among the young population due to its lower cost and higher alcohol by volume (ABV) content.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Craft Beer Market Trends:
The market is primarily driven by the escalating demand for low-alcohol beverages across the globe due to the increasing health-consciousness among individuals. Besides this, the market is further propelled by the growing number of restaurants, lounges, bars, and pubs serving alcoholic beverages. Moreover, key manufacturers are introducing unique flavors, such as sweet and sour, spicy, honey-like, and fruity, to meet the changing consumer preferences and expand their product portfolio. This, coupled with the widespread adoption of go-green technology and innovative methods to produce craft beer while minimizing water usage and wastage, is creating a positive market outlook across the globe. Furthermore, the rising popularity of non-alcoholic craft beer, ongoing research and development (R&D) activities, and availability of affordable product variants are some of the other factors anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 200.62 Billion by 2027, expanding at a CAGR of 11.20% during the forecast period (2022-2027).
- Based on the product type, the market has been segmented into ales, lagers, and others.
- On the basis of the age group, the market has been classified into 21-35 years, 40-54 years, and 55 years and above.
- Based on the distribution channel, the market has been bifurcated into on-trade and off-trade channels.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Anheuser-Busch InBev SA/NV, Bell’s Brewery Inc., Constellation Brands Inc., D.G. Yuengling & Son Inc., Diageo Plc, Duvel Moortgat, Heineken NV, New Belgium Brewing Company Inc., Oskar Blues Brewery LLC, Sierra Nevada Brewing Co., Stone & Wood Brewing Co. (Lion Brewery Co) and The Boston Beer Company Inc.
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