Craft Beer Market Research Size, Trend, Top Leading Players and Industry Report, 2023

Market Overview:
Craft brewery differs from traditional large-scale commercial breweries by their smaller manufacturing capacities, autonomously ownership, traditional methods and ingredients in manufacturing, not being pasteurized, huge range of colors, flavors, texture and others. Craft brewery has an annual production of 6 million barrels of beer or less which translates into approximately 3.0 percent of U.S. annual sales. The global craft beer market is anticipated to generate a CAGR growth of 7.02 % during the review period from 2017 to 2023. The global craft beer market is estimated to reach USD 135.54 Billion by 2023.

Dynamics of Craft Beer Market:
Growth in demand due to the greater number of flavors, texture, taste and experimentations from the customer side is the strongest driver of the market. Craft beer has been found to be the third most popular drink after water and tea. The high percentages of youth drinkers confers on craft beer, a high market equity, which is the prime determinant of growth. This fact coupled with the rising number of craft breweries and the trend towards innovative products has strengthened the market. The overall healthy growth in beer consumption throughout the world is another trend benefiting the market. The popularity of beer festivals over the world is also stimulating the market. Higher involvement with communities through philanthropy, product donations, are4 another hallmark of the craft beer market. Further the distinctive, individualistic approaches of craft beer market further appeal to the growing segment of customization and individualization.

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The development of advanced packaging such as aluminum cans lined with a polymer coating to protect the beer from the exposure to metal has added to the growth of the market. The greater portability and light protection afforded by cans has added to their attraction.

Restraints:
The poor marketing capability and the lack of standardization are the strongest constraints on the market. The higher production costs coupled with the fragmented ownership, which do not lend itself to demand pooling is another economic constraint.

Key Players:
The key players profiled in the Craft beer market are as Boston Beer Co. (U.S.), Yuengling & Son Inc. (U.S.), New Belgium Craft Brewery (U.S.), Deschutes Brewery (U.S.), Bell's Brewery (U.S.), Duvel Moortgat (U.S.), Sweetwater Brewery (U.S.) and others.

Regional Analysis:
The global craft beer market is segmented into regions such as North America, Europe, Asia Pacific, and rest of the world (ROW) so as to have a bird’s view of the differential market equity. North American is anticipated to retain its traditional dominance and is expected to register a growth of 6.88 % CAGR. However the Latin American countries, offers ample opportunities for expansion and growth. We expect greater market development in Peru, Chile, Argentina and Venezuela. The European region is the second largest market led by the traditional beer manufacturing region of Germany. Germany is expected to be followed by France, Italy, and Belgium.

The Asia-Pacific region is expected be the fastest growing region in the craft beer market, with an expected CAGR growth of 7.40 %. Emerging economies of China, Thailand, India, and Vietnam are expected to lead the market. China dominates the market, followed by Thailand and India.

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Market Segments:
Type - ale, lager, stouts & porters and others. Ale dominates the market while lager beer is projected to grow at a highest CAGR.

Ingredients - malt and other cereal grain, yeast, enzymes, hops, and others. Malt dominates the present market, while hops is expected to be the highest growing segments

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This release was published on openPR.