Craft Beer Market to Reach US$ 293.4 Billion 2024-2032, Driven by 9.2% CAGR

According to IMARC Group latest report titled "Craft Beer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", 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$ 130.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 293.4 Billion by 2032 exhibiting a growth rate (CAGR) of 9.2% during 2024-2032.

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Factors Affecting the Growth of the Craft Beer Industry:

• Market Trends and Consumer Preferences:

A significant factor driving the global craft beer market is the evolving market trends and shifting consumer preferences. Consumers are increasingly seeking diverse and high-quality beer options, often with unique flavors and artisanal qualities. This trend is indicative of a broader shift in consumer behavior, where there is a growing appreciation for small-scale, independently produced products. Market analysis suggests that these preferences are fleeting trends and are becoming entrenched in consumer buying habits, influencing market growth significantly. Craft breweries are responding by experimenting with new ingredients and brewing techniques, thereby continuously revitalizing the market and maintaining consumer interest.

• Market Growth and Expansion of Distribution Channels:

The expansion of distribution channels has been pivotal in driving the global craft beer market. Market size and market share have been positively impacted as craft breweries extend their reach beyond local markets, entering national and international arenas. This growth is facilitated by the increasing presence of craft beers in mainstream retail outlets, alongside specialized craft beer shops. Market analysis indicates that the ease of access to these products through diverse channels, including e-commerce platforms, is a key contributor to the market's growth. Moreover, this expansion allows for a wider consumer base, ranging from craft beer enthusiasts to casual drinkers, further bolstering the market outlook.

• Innovation and Brand Differentiation:

Innovation in product development and branding is a major factor influencing the craft beer market. Breweries are continuously engaging in market analysis to identify unique market opportunities, leading to innovative flavors and brewing techniques. This innovation caters to the diverse palate of the consumer base and aids brand differentiation in a crowded market. As a result, market share for innovative and distinct craft beer brands has seen a notable increase. Market growth in this segment is further driven by breweries' efforts to create unique brand stories and sustainability practices, aligning with the values of a growing segment of the consumer population. This trend is expected to continue, shaping the market outlook for the foreseeable future.

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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

Explore Top Companies Blog by IMARC Group: https://www.imarcgroup.com/top-craft-beer-companies

Craft Beer Market Report Segmentation:

By Product Type:

• Ales
• Lagers
• Others

Ales represent the largest segment by product type in the craft beer market due to their diverse flavor profiles and traditional brewing methods, which appeal to a wide range of consumers seeking variety and quality in their beer choices.

By Age Group:

• 21-35 Years Old
• 40-54 Years Old
• 55 Years and Above

The 21-35 years old age group represents the largest segment in the craft beer market, as this demographic typically exhibits a greater willingness to experiment with novel and diverse beer styles, coupled with a higher disposable income to spend on premium craft beer products.

By Distribution Channel:

• On-Trade
• Off-Trade

On-trade distribution channels, encompassing bars, restaurants, and pubs, represent the largest segment in the craft beer market, primarily due to the consumer preference for experiencing a variety of craft beers in social settings, which also allows for immediate feedback and engagement with the product.

Regional Insights:

• 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)

Europe is the largest market for craft beer, driven by its rich brewing heritage, a strong culture of beer consumption, and the presence of numerous well-established and emerging craft breweries that cater to a discerning and diverse consumer base.

Craft Beer Market Trends:

Market trends driving the global craft beer market include a growing emphasis on health and wellness, which is leading to the rise in demand for low-alcohol and non-alcoholic craft beer options. This trend reflects a broader consumer shift towards mindful drinking and healthier lifestyles.

Additionally, there is an increasing demand for locally sourced and organic ingredients, that resonate with environmentally conscious consumers. These trends are shaping consumer preferences and influencing brewery production practices. Furthermore, the integration of digital marketing strategies by craft breweries is enhancing customer engagement and brand loyalty, significantly influencing market dynamics in this sector.

Key highlights of the report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• 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.