Craft Beer Market Increasing Demand, Emerging Trends, Growth and Future Scope
Craft Beer Market
Global craft beer market size was valued at $108,912 million in 2018 and is projected to reach $186,590 million by 2025, growing at a CAGR of 8.0%
WILMINGTON, DELAWARE, UNITED STATES, March 28, 2024 /EINPresswire.com/ -- The rise in demand for different types of beer styles across the key regions, specifically North America, Europe, and Asia Pacific, drives the craft beer market, in terms of value. Microbrewers have been producing and selling beer with characteristic product offerings among its target customers, which has resulted in homogeneous market. This has allowed craft brewers to establish their independent segment in the global craft beer market. For instance, as of 2017, the U.S. had more than 6,266 craft breweries operating in the country accounting to $26 billion retail value sales.
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With the rise in demand for craft beers in several countries, consumers have formed several key non-profit associations to mobilize craft beer association. The key motive behind forming such organizations is to stimulate activity of the first entrants in the craft beer segment, thereby sustaining the demand for specialized products against mass-produced beer. One of the ideal examples of such consumer association is Campaign for Real Ale (CAMRA). The advent of CAMRA inspired similar organizations in other countries, such as PINT in the Netherlands and Humulus Lupulus in Spain.
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The significant craft beer market growth has resulted in the growth in the availability of technical equipment and capital allowing brewing on a small scale. Though in the initial stages, entrepreneurs faced major difficulties financing their breweries and finding appropriate equipment where craft brewers regularly used capital equipment designed for other industries. However over the years, the craft brewery segment has witnessed increase in the adoption of upgraded technology and equipment specifically designed for craft brewery.
In the view of entering into the craft brewery segment, some of the key players in the global beer industry, have been strategizing on initiating important mergers and acquisitions. For instance, AB InBev, acquired some of the major players in the craft beer industry. In the recent years, the company acquired Goose Island (U.S.), Cervejaria Colorado (Brazil), Bogotá Beer Company (Columbia), Birra del Borgo (Italy) as well as Belgian Bosteels brewery, a seventh-generation small family brewery and producer of award-winning Tripel Karmeliet. Recently, Heineken took over the Lagunitas Brewing Company and declared that it would expand this brand into the world’s first global craft beer brand.
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The global craft beer market is segmented into distribution channel, product type, age group, and region. The distribution channel is segmented into on-trade as well as off-trade. By age group it is 20-35 years old, 40 – 54 years old and 55 years and above.
Key Findings of The Craft Beer Market:
In 2018, by product type, the lager segment accounted for around a 56.0% craft beer market share, growing at a CAGR of 7.3% from 2018 to 2025.
In 2018, by distribution channel, the on-trade segment accounted for around a 65.9% r market share, growing at a CAGR of 8.0% from 2018 to 2025.
In 2018, by age group, the 21-35 years old segment accounted for a 52.8% market share and is expected to growth at the highest CAGR of 7.7%.
In 2018, by region, Europe accounted for a prominent market share and is anticipated to grow at a CAGR of 7.7% throughout the Craft Beer market forecast.
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The key players profiled for the craft beer market analysis include Anheuser-Busch InBev, Carlsberg Group, Diageo PLC, Heineken N.V., Erdinger Brewery, Lasco Brewery, Oettinger Brewery, Radeberger Brewery, and BAVARIA N.V.
David Correa
Allied Market Research
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