Global Craft Beer Market Significant Profits Estimated to be Generated over 7.02 % by 2023

Market Analysis

High focus on R & D sector has led to innovations in product line of the craft beer. New varieties and product development have attracted more consumers towards the craft beer and its sale surged globally. For instance, coffee flavored beer and blended beer are found to have high popularity in the Europe. In addition, since the blending tend to lower the shelf-life of the product, they are manufactured and retailed under the craft beer verities. U.S., U.K., Germany and France are amongst the major developed countries holding a major share in the craft beer market. Branding and promotion of flavored variety of craft beer is supporting its sale on a global level. Thus due to growing demand for preservative free,  globally the market for Craft Beer is estimated to grow at the rate of about 7.02 % from 2017 to 2023.  

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Market Trend

The trend of consumption of craft beer began in western world and spread to other regions rapidly. Looking at the economic development at global level and specifically for BRIC countries, the increasing purchasing power of consumers, trends of healthy consumption leading to changes in consumption basket of consumers are likely to remain significant. The increasing consumption of craft beer is driven by this desire to socialize and spend some quality time with family and friends. The craft beer is considered fresh and is preferred by mass consumer especially in developed countries and the trend is spreading across the globe.

Craft beer has gained its popularity as consumers want to keep experimenting with the various available flavors of beer. Unique flavor and processing method of craft beer is attracting consumer towards its consumption, thus raising its sale. To enter into the market, manufacturers are investing hugely into production of their unique beer products through microbreweries which has further increased the sale of craft beer. These factors will play a key role in the growth of Craft Beer market at the CAGR of 7.02 % during 2017-2023.

Region Segments

Craft beer market has been segmented on the basis of type, and is segmented into ale, lager, stouts & porters and others. Ale dominates the market, but however due to rising demand for innovative beer, lager beer is projected to grow at a highest CAGR.

On the basis of ingredients, market is segmented into malt and other cereal grain, yeast, enzymes, hops, and others. Malt dominates the market, however hops will be highest growing segments

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Key Players:

The leading market players in the global craft beer market mainly include The Craft Beer Co., Boston Beer Co., Yuengling & Son Inc, New Belgium Craft Brewery, Gambrinus, Deschutes Brewery.

Other prominent players include - Bell's Brewery, Duvel Moortgat USA, Sweetwater Brewery and others

The global craft beer market is mainly occupied by some key manufacturers. The competitive environment in this market is estimated to increase, with an increase in product portfolio from current key players. Most of the companies operating in this market are focusing on expanding its operations across the geographies, augmenting its capabilities and investing in research and development to offer products with better functionality.

Regional Analysis:

The global Craft Beer market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, North America is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. APAC will be the fastest growing region in the Craft Beer market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Latin American countries, offers ample opportunities for expansion to major players. The high consumption of processed and convenience food products in growing economies of Asia-Pacific and Latin America.

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This release was published on openPR.