Global Craft Beer Market is projected to reach USD 243.15 billion by 2030

According to the report published by Virtue Market Research, the Global Craft Beer Market was valued at $104 billion in 2022 and is projected to reach a market capitalization of $243.15 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 11.2% owing to the high demand for flavorful and strong beers in the market along with the coming up of small as well as independent breweries.

The craft beer market is anticipated to grow rapidly during the forecast period due to several factors. One of the major factors is the emergence of various flavored and strong craft beers in the market. Floral flavors including chamomile, elderflower, lavender balance, and cherry blossom are especially growing in popularity among consumers which are propelling the key players in the industry to invest hefty amounts in research and development activities to innovate and manufacture new formulas and breweries augmenting the global market demands.

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The COVID-19 outbreak adversely affected the market globally and shook economies worldwide as multiple countries imposed lockdowns and shutdowns of businesses. In this scenario, some industries performed well while others just crushed down. The food market, cleaning and hygiene product market, medical industry, and e-commerce industry were such sectors that witnessed high growth, whereas due to the adoption of healthy lifestyles and shutdowns of restaurants and pubs demand beer experienced a rapid decline. However, due to the ongoing socializing trends, especially among the millennials, the craft beer market is being driven heavily by the increased number of brewpubs and taprooms. There is an upsurge in the number of independent and small breweries focusing on satisfying the needs and preferences of consumers and experimenting with new formulas and flavors tapping new business opportunities in the market. Manufacturers of craft beer are especially aiming at the millennial population and are coming out with innovative products and marketing campaigns targeted at this consumer segment. The millennial population is predicted to play an important role in the growth of the global craft beer market. However, the alcoholic beverage industry is a diverse industry and the presence of other alcoholic beverages and their wide-scale distillation techniques may slow down the growth of the global market.

Segmentation Analysis:

The global Craft Beer Market segmentation includes:

By Age Group:
• 21-35 years
• 36-50 years
• 51 years and above

According to the age group, the age segment of 21-35 years comprises the majority of the total market revenue. It consists of a mixture of millennial and boomer populations which the manufacturers majorly target as they are the office-going working population and are inclined more and tend to consume alcoholic beverages often as compared to other age groups.

By Type:
• Ale
• Lager
• Pilsner
• Others.

According to the type, the craft lager segment is estimated to witness remarkable growth holding a dominant position owing to more and more brewers shifting toward this technique and adding new styles like light lagers and pales to expand their product portfolio and attract attention to their brands. Additionally, manufacturers are opting for products with higher shelf lives for prolonged storage therefore, brewers are shifting toward less expensive ingredients augmenting craft lager production.

By Ingredients:
• Water
• Yeast
• Grains
• Hops

According to the ingredients, the water segment holds dominance because beer consists of up to 95% water. Depending on the source of the water and the varying level of minerals it consists of, it can have a great impact on the taste of the beer. Several manufacturers and brewers across the globe are trying and experimenting with new ingredients such as spices, fruits, and other endless combinations to stay at the top of the game. Research and developmental activities have intensified to produce outputs and products that are high in value and taste. All the major players are investing heavily in the sector to produce and manufacture top-notch products and expand their product portfolio to the mass.

By Distribution Channel:
• On-Trade
• Off-Trade

According to the distribution channel, the off-trade segment holds the highest revenue share of the global market. The sales of craft beer through off-trade distribution channels have been rising owing to their widescale availability in supermarkets and hypermarkets. The popularity of different flavors and types also adds up to increasing demand from the consumer side. According to the Martson's Beer Company's off-trade beer report for 2019, almost around 35% of lager and 16% of ale-consuming people incline toward buying via off-trade sources. Also, consumers, these days prefer to comfortably drink at their residences, which has positively impacted the growth of the segment.

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Regional Analysis:

In the craft beer market, the North American market region is anticipated to grow at the fastest rate. Approximately 36% of the global market's growth is estimated to originate from the region. The U.S. and Canada are the major hotspot regions for the craft beer market in North America. The rapid consumption pattern observed in the region is likely to facilitate the market growth rate even further.

The increasing demand for unique flavors along with rapid urbanization and rising disposable income has positively impacted the craft beer market in Asia-Pacific. Asia-Pacific currently holds the highest share of the global market revenue and is leading the segment. The substantial increase in consumer expenditure in the world's two most populous economies, namely China and India, is a positive sign for the regional craft beer market.

Latest Industry Developments:

• In April 2021, B9 Beverages Pvt. Ltd., a New Delhi-based craft beer manufacturer, under its brand name Bira91 announced the plan to launch a limited edition of craft beers in different flavors in India due to its large customer base and the growing demand in the country.

• In October 2020, Latambarcem Brewers launched a new brand of craft beer, Maka di in India owing to the rising popularity of beers in India along with the changing preferences of consumers shifting toward bold and more exquisite flavors.

• In February 2020, B9 Beverages Pvt. Ltd. launched 3 new beers under its brand name Bira91 in the United Kingdom.

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This release was published on openPR.