The craft beer market is forecasted to reach USD 107.85 billion by 2024, registering a CAGR of 14.1% during the forecast period (2019 – 2024).
The demand for low-alcoholic beverages has been rising with the growing interest from health-conscious consumers. Wider choice of new product range offerred by key players with improved taste and low alcoholic content in beer for those of 2.8% ABV and less is driving the market. Increasing penetration of craft beer among Asian consumers is expected to drive the market. However, threat from other alcoholic beverages, like wine, is one of the major hindering factors to the craft beer market.
Top Companies in the Craft Beer Market : Anheuser-Busch In Bev, Constellation Brands, Heineken NV, The Boston Beer Company Inc., Oskar Blues Brewery LLC, D.G. Yuengling & Son Inc., New Belgium Brewing Company Inc., The Gambrinus Company, Stone and Wood Brewing Co., Sierra Nevada
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Scope of the Report
The craft beer market is segmented by type, distribution channel, and geography. Based on the type of craft beer, the scope includes: Ales (pale, strong, Indian, brown, and Scottish styles), Lagers (Pilseners and Pale Lagers), and other types, which include wild/sour beer, wheat beers, stouts, bocks, hybrid, and other specialty beers. By distribution channels, the market is further segmented into on-trade and off-trade distribution. the off-trade distribution channel includes bars, restaurants, clubs and pubs, and similar channels. The off-trade distribution channel retailers are supermarkets/hypermarkets, speciliaty stores, wholesalers, and online channels.
Regional Analysis For Craft Beer Market:
For comprehensive understanding of market dynamics, Craft Beer Market is analyzed across key geographies namely: North America, US, Europe, Australia, Mexico, UK, India and others. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.
There is a growing preference for low alcohol by volume beverages and the sales of no-alcohol and low-alcohol beers have been rising with the growing interest from health-conscious consumers and a wider choice of new ranges with improved taste. There is a trend toward low-alcohol beers and ciders, which is attributed to a growing awareness of alcohol unit consumption and the customers’ willingness to try new beverages. This shift in trend is witnessed in the demand for low alcohol drinks by volume at United Kingdom, where the sales of off-licences and supermarkets have soared to a record high. Another driving factor is that the low-alcohol beers are now cheaper than their high alcoholic equivalents, for those of 2.8% ABV and less. The cost reduction would drive the market for low-alcohol beers, such as craft beer.
Ales Remains the Fastest Growing Segment
Many craft beer breweries and microbreweries have opened worldwide, particularly over the last ten years, with major breweries also producing their own range of craft-style beers. Natural ingredients, such as water, barley, yeast, and hops have been involved in the production process, since its outset. In the most mature and some emerging markets, consumers are starting to drink less-but-better beer, generally with a higher barley and malt content. Ales style craft beer has clearly upheld its position in the craft beer market from decades. The rapid growth in the US craft beer has displaced some of the demand for the darker lagers and ales, brewed in the United Kingdom, Ireland, and Germany. Sour Ales, Imperial Porters, Golden or Blonde Ales, Klsch, and Shandies are among some of the other top-growing craft beer styles for 2018.
Here is a tweet from MarketInsightsReports regarding a research report they made on Craft Beer Market
The craft beer market is forecasted to reach USD 107.85 billion by 2024, registering a CAGR of 14.1% during the forecast period (2019 – 2024)
— MarketInsightsReport (@MIRresearch) July 17, 2019
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