Craft Beer Market Overview, Future Growth, Business Prospects and Forecast to 2023

Market Scenario:

Craft brewery is a brewery that manufacturers small amounts of beer, typically much smaller than large-scale commercial breweries, and is autonomously owned. Malt beer brewed with traditional methods and ingredients, inspired by classic styles, however unlike commercial beer, craft beer is not pasteurized. Brewed by small, independent breweries, craft beer offers a huge range of colors, flavors, and texture. Craft beer market holds huge opportunity with the increasing popularity of craft beer as one of the famous beverages, the number of breweries have increased to meet the increased demand from consumer’s side. Craft beer is found to be the third most popular drink after water and tea and its consumption is found to be high especially amongst the population of youth. Craft beer has gained its popularity as consumers want to keep experimenting with the various available flavors of beer.

Moderate consumption of craft beer decreases the risk of weight gain among women, reduce risk of hypertension, cardiovascular disease and heart failure. It is rich source of silicon, which plays an important role in increasing bone mineral density and prevents osteoporosis, risk of diabetes and Alzheimer. Young consumers are primarily interested and attracted to spend on craft beer consumption owing to higher disposable income, diversity in terms of flavors and health benefits associated with it. All such factors trigger and stimulates the demand of craft beer at the global level. Globally the market (Volume) for Craft Beer is estimated to grow at the rate of about 7.02 % from 2017 to 2023.

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Regional Analysis

The global Craft Beer market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, North American region is expected to retain its dominance throughout the forecast period and will grow at a CAGR of 6.88%. Asia-Pacific region will be the fastest growing region in the Craft Beer market, and will grow at a CAGR of 7.40 % 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 alcoholic beverages in growing economies of Asia-Pacific and Latin America and growing demand for Craft Beer especially in China and India will support the market growth during the review period.

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

Key Players:

The key players profiled in the Craft beer market are as Boston Beer Co. (U.S.), Yuengling & Son Inc. (U.S.), New Belgium Craft Brewery (U.S.), Deschutes Brewery (U.S.), Bell's Brewery (U.S.), Duvel Moortgat USA (U.S.) and Sweetwater Brewery (U.S.)

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Key Findings:

Hops based segment is anticipated to grow at highest CAGR in the Global Craft Beer market throughout the forecast period of 2017-2023.
The lager beer segment is projected to register the higher growth rate during the forecast period of 2017 to 2023.
In APAC region China dominates the market, followed by Thailand

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This release was published on openPR.