Craft Beer Market: Technological Innovations Leading to Rise in Demand until 2022 | Key Players are The Boston Beer Company Inc., D.G. Yuengling & Son Inc., Stone Brewing Co., Sierra Nevada Brewing Co., etc.
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Craft beer is produced traditionally, with limited productivity as it falls under microbrewery industry. Craft beers are usually characterized on the basis of their quality, brewing technique, and flavor. The term craft beer is usually reserved for beers prepared by breweries established after 1970’s, however it can be used for breweries that are older, with similar focus.
Craft beer industry is one the oldest industries across the globe. Chief craft beer establishments have been commercial, and independently-owned, as they are included in the small-scale industry sector. Craft beer is highly expensive, as its production involves old traditional brewing procedures, and the cost of production is substantial. Being a traditionally prepared drink, craft beer is attracting interests of consumers, and they are willing to spend more money on it. Governments in countries such as China, Mexico, the U.K, Belgium, New Zealand, and Australia are promoting craft beer production, and incorporating new breweries. This will further lead to a positive contribution of craft beer industry to employment generation, and economic development.
Although the market for craft beer comprises small-sized players, market consolidation & expansion activities have been increasing among few of the market’s largest brewers. Despite sales of craft beer being poised to plateau on the back of market saturation, demand from consumers will continue to be higher in the foreseeable future. Presence of numerous regional craft breweries, and local microbreweries in developed economies, such as Europe, has made the craft beer market to be highly fragmented in nature. Vendors of craft beer are now focusing on differentiating their products & services via a unique and clear value proposition, in a bid to acquire a competitive edge over competitors. Some factors propelling demand for craft beer include shifts in consumer preferences and demand, rise in purchasing power of people, and continuously changing lifestyle of people across the globe.
According to FactMR, the global market for craft beer will witness a moderate expansion during the forecast period 2017 to 2022. Global sales of craft beer globally will account for nearly US$ 20,000 Mn revenues by 2022-end.
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Bocks will continue to be the fastest-selling craft beer among products in the market. Brown ales are expected to be the most lucrative product in the market, with sales estimated to surpass US$ 4,000 Mn in revenues by 2022-end. Sales of pale ales are anticipated to register a comparatively higher CAGR than sales of brown ales, and a relatively lower CAGR than sales of bocks through 2022.
Europe is estimated to remain the most lucrative market for craft beer over the forecast period. The market growth in Europe is primarily attributed to successful penetration of the American craft beer to European markets. Demand for innovative, rare, and exotic flavors of craft beer has witnessed a rise, as craft beer in this region is capable of competing with all the other available alcoholic products. Sales of craft beer in Asia-Pacific excluding Japan (APEJ) are poised to exhibit the highest CAGR through 2022.
On the basis of fermenting style, the American sour craft beer is expected to retain its dominance in the global market. Revenues from American sour craft beer are expected to hold nearly one-third share of the market during 2017 to 2022. Belgian Gueuze is expected to be the second most lucrative fermenting style of craft beer over the forecast period.
Microbreweries are estimated to remain the largest distribution channel for craft beer in the global market, followed by independent regional craft brewing company. In addition, sales of craft beer in contract brewing company, and independent regional craft brewing company are projected to exhibit similar CAGRs through 2022.
Key market players profiled in FactMR’s report include The Boston Beer Company, Inc., D.G. Yuengling & Son, Inc., Stone Brewing Co., Sierra Nevada Brewing Co., Anheuser-Busch InBev SA/NV, Heineken Holding N.V., Duvel Moortgat NV, Bells brewery Inc., SweetWater Brewing Company, LLC, and North American Breweries Inc.
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