Craft Beer Market Revenue | Demand, Leading Players by Forecast to 2024
Market Overview
Due to the high popularity, changing preference among the alcohol and increasing demand associated to craft beer consumption, the market is growing at an incremental pace of development on the global stage. Craft beer has gained its popularity as consumers want to keep experimenting with the various available flavours of beer. Considering today’s scenario, urbanization and increasing disposable income is considered to be the major drivers of this sector. Young consumers are primarily interested and attracted to spend on craft beer consumption owing to higher disposable income, diversity in terms of flavours and health benefits associated with it. Product promotions from microbreweries offering free craft beer tasting fests or campaigns in developing countries have gathered a huge consumer base from these countries.
Consumers’ inclination to meet the social dynamics and high influence of western culture in the developing countries has resulted in high sales of craft beer further resulting in increased market share. Fast pace of lifestyle, and consumer’s willingness to experiment with the alcoholic beverages is also identified to be a hidden factor behind the craft beer market share increase. However, government regulations and specific functional requirements are the major factors that might confine the growth of global craft beer market.
Competitive Analysis
The key players profiled in Craft Beer Market Revenue Report are Heineken 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.) among many others.
With companies aiming to capture a significant market share in the global craft beer market, the are constantly been found to indulge and invest hugely on the R&D sector in order to bring in innovations in their craft beer offering. Players are identified to have high inclination towards R&D sector in order to increase the shelf-life of their craft beer variety. Established players are also found to acquire microbreweries that produces craft beer based on its increasing consumer side demand. Due to the high profitability obtained from this sector, new players also seek to enter the global market and hence, tend to focus more on product differentiation.
Market Segments
Global Craft Beer Market Revenue has been divided into type, raw material, and region.
On The Basis Of Type: Ale, Lager, Stouts & Porters and Others
On The Basis Of Raw Material: Malt, Yeast, Enzymes, Hops, and Others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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Regional Analysis
Global Craft Beer Market Revenue is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global craft beer market is highly dominated by North America due to high demand, production and consumption of craft beer in the region. APAC is fastest growing region due to changing lifestyle, increasing disposable income and consumers high willingness to meet the social dynamics. The consumption of craft beer in counties like India and Brazil and China is expected to grow at an exponential rate based on the new innovations companies are focusing on.
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