Craft Beer Market: Exploring Growth Drivers and Overcoming Challenges to Reach US$ 221.5 Billion by 2028

According to IMARC Group latest report titled "Craft Beer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on craft beer market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global craft beer market size reached US$ 117.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 221.5 Billion by 2028 exhibiting a growth rate (CAGR) of 10.8% during 2023-2028.

What is Craft Beer?

Craft beer is a distinctive category within the brewing industry, known for its artisanal approach and emphasis on quality, flavor, and innovation. Unlike mass-produced beers, craft beer is meticulously crafted by skilled brewers in smaller quantities. Its unique recipes, premium ingredients, and creative brewing techniques characterize it. Craft brewers prioritize authenticity and craftsmanship, often experimenting with various ingredients to create a diverse array of flavors. This artisanal spirit extends to the production process, where close attention is paid to every step - from selecting the finest hops and malts to carefully monitoring fermentation. Its allure stems from its capacity to provide customers with a genuine and tasty drinking experience that goes beyond traditional beer selections.

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What are the growth prospects and trends in the craft beer industry?

The global craft beer market is witnessing a remarkable rise, driven by changing consumer preferences. One of the primary drivers is the growing consumer demand for unique and diverse taste profiles. Craft beer's ability to offer a wide range of flavors, from traditional styles to experimental brews, caters to this demand, appealing to a wide spectrum of consumers. Along with this, the trend of supporting local businesses and products has propelled the craft beer movement as consumers seek to connect with their communities through their beverage choices. Another significant trend shaping the craft beer market is the rise of microbreweries and brewpubs. These establishments produce distinctive beers and offer immersive experiences for consumers, often allowing them to witness the brewing process firsthand. Apart from this, the craft beer movement aligns with the growing emphasis on sustainability and quality. Furthermore, consumers are increasingly valuing products that use natural and high-quality ingredients, and craft brewers are well-positioned to cater to this demand.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 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)
• The Boston Beer Company Inc

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Craft Beer Market Segmentation:

Our report has categorized the market based on region, product type, age group and distribution channel.

Breakup by Product Type:
• Ales
• Lagers
• Others

Breakup by Age Group:
• 21-35 Years Old
• 40-54 Years Old
• 55 Years and Above

Breakup by Distribution Channel:
• On-Trade
• Off-Trade

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.