Craft Beer Market outlook 2031:
The global craft beer market size was valued at USD 117.10 Billion in 2022 and is projected to reach USD 294.72 Billion by 2031, expanding at a CAGR of 10.8% during the forecast period 2023 - 2031. Craft beer is usually made by small and traditional brewer. According to Colorado's Brewer's Association, craft beer is made by a brewer who is independent, small, and traditional. Craft breweries are firmly connected with the local communities.
Craft Beer Market Trends, Drivers, Restraints, and Opportunities:
- Increasing number of restaurants, pubs, and bars in the cities is estimated to fuel the craft beer growth of the market.
- Wider choice of the new product range offered by key players with improved taste and low alcoholic content in beer with 2.8% ABV or less is driving the market growth.
- The inclusion of new flavors and ingredients have increasingly appealed to the consumers worldwide, which is estimated to fuel the craft beer growth of the market.
- Growing adoption of several distillation techniques to obtain high-quality liquor is anticipated to foster the market growth.
- The availability of numerous other alcoholic craft beverages such as gin, rum, wine, and whiskey can hamper the craft beer growth of the market.
- A proliferating number of social trends among millennials has increased the demand for craft breweries across the globe.
Scope of Craft Beer Market Report
The report on craft beer market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Global Craft Beer Market - Industry Analysis, Size, Share, Growth, Trends And Forecast
2016 & 2021
2023 – 2031
Types (Lager, Ale, Pilsner, and Others), Age Groups (21 to 35 Years Old, 40 to 54 Years Old, and 55 Years and Above), Distribution Channels (Off-trade and On-trade)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered in the Report
AB In Bev, Heineken NV, Constellation Brands, The Boston Beer Company, and Sieera Nevada
Craft Beer Market Segment Insights
Lager segment is projected to hold a significant market share
In the terms of types, the craft beer market share can be divided into lager, ale, pilsner, and others.
The lager segment is projected to hold a significant market share in the coming years. Beer reduces the risk of developing heart disease. Recently, several customers have developed a particular preference for conventional beers. This has encouraged some of the key players in the market to reinstate different types of traditional beers into the marketplace.
21 to 35 year old segment is anticipated to account for a substantial share
Based on age groups, the craft beer market 21 to 35 year old, 40 to 54 year old, and 55 years and above.
The 21 to 35-years-old segment is estimated to account for a major market share in the coming years. The people in the age group 21 to 35-year-old are often referred to as millennials have surged preference for various product offerings and services. This age group has been a prime customer in the international marketplace.
The craft beer brewers have been continuously implementing new strategies in terms of their product offerings to meet the changing preference among the millennial segment. Thus, upsurge in a number of millennials is anticipated to provide lucrative opportunities for the market during the forecast period.
On-trade segment held a large share in the market
On the basis of distribution channels, the craft beer market share can be bifurcated into off-trade and on-trade.
The on-trade segment is expected to account for a major market share during the forecast period. This distribution segment comprises bars, restaurants, coffee-shops, clubs, and hotels. Consumers are looking for more stylish and comfortable experience, which resulted in increase in the number of tasting rooms and brew pubs, stimulating the segment growth.
The market in Asia Pacific is expected to grow at a rapid rate
In terms of regions, the craft beer market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
The market in Asia Pacific is expected to grow at a rapid rate during the forecast period due to increasing demand for beer, rising disposable income, growing urbanized population, and expansion of key companies in many countries and increasing craft breweries across the region.
In China, a series of studies have been conducted to assess and enhance the efficacy, effectiveness, and feasibility of the enzymes used in brewing which results in developed and formulated products, thus boosting the craft beer market in the region.
By Age Groups
- 21 to 35 Year Old
- 40 to 54 Year Old
- 55 Years and Above
By Distribution Channels
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
By Key Players
Key players in the Craft Beer Market are AB In Bev, Heineken NV, Constellation Brands, The Boston Beer Company, and Sieera Nevada. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.