Fact.MR’s recent study on the craft beer market shows that the market is expected to grow at a CAGR of ~ 7% in the forecast period. The global market for Craft Beer is valued at US$ 76,310.7 Mn in 2019. An increasing number of breweries, lounges, and bars is fueling the growth of this market. Growth in millennial is expected to create a lucrative opportunity for the craft beer market in the forecast period.
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The per capita consumption of beer is considerably high, and craft beer is no expectation. As, from the total beer market, the craft beer market accounts for more than 15%. Furthermore, consumers mainly from Europe, and North American regions prefer to drink premium quality craft beer. Growth of Gen X and Gen Y population has also incited the demand for craft beer. For providing proper pale ale, manufacturers are focusing on hops. Depending upon the brewer’s style, the pale ale beer producers are adding variable amount of malt and this is boosting the growth of the market.
The microbrewery is a brewery that produces small amounts of beer compared to independently owned breweries and large-scale corporate breweries. According to the US Brewers Association, there are tremendous opportunities and areas for bonus growth in the microbrewery industry. Malt is the major ingredient for producing craft beer. Globally, the easy availability of raw materials is also creating a lucrative opportunity for the craft beer market.
Craft Beer: Developing Regions in Asia to Provide Profitable Opportunity in the Forecast Period
East Asia is expected to overtake North America as the world’s prime beer market in the forecast period. The changing macroeconomic and demographic factors along with the increasing disposable income, is expected to boost the market growth for craft beer during the forecast period.
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Asia is witnessing a proliferation of breweries. Jing A, Great Leap, Master Gao, Taps, and Slow Boat are the top craft breweries in China. The Craft beer wave began in 2010 in India, and now the consumption in India is growing at a rate of 20% annually. Easy availability of raw materials such as wild flavors and specialty ingredients for craft beer are some of the growing opportunities in the developing market. Western culture penetration in India is giving rise to pubs and bars, which is further fueling the market growth in the region. Also, distribution consolidation and increasing acquisition of emerging brands by large multinational companies are creating a challenging retail situation for all the independent craft brewers in the developing regions. The number of craft brewers in Korea has also reached a count of 100. The overall popularity and consumption of craft beer in the developing regions has surprisingly increased over the past few years and is expected to grow rapidly in the forecast period.
Market Leaders Strive to Stay on Top by Launching Flavored Alcoholic Beverages
Manufacturers are persistently propelling alcoholic drinks with various flavors to pull in buyers and increase volume sales over time. Interest among people to try new flavors is expected to increase demand for flavored alcoholic drinks and thereby to fuel the market growth of craft beer. The prominent players are engaged in offering craft beer in various fruit flavors. Atrial Rubicite by Jester King Brewery, Avancé by Allagash Brewing Co., Soft Parade by Short’s Brewing Co., Seed by Bissell Brothers Brewing Co., Wisconsin Belgian Red by New Glarus Brewing Co., and Grapefruit Sculpin by Ballast Point Brewing Co. are some of the brewers that helped shift the perception of fruit-flavored craft beer in America. In 2018, AB InBev, a European beer manufacturer, launched golden Italian craft lager Lisa in the UK. The product has flavors of honey balanced with a soft bitterness and a clean, dry finish.
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