In 2020, the global craft beer market was worth over $ 95 trillion. Globally, the impact of COVID-19 was unprecedented. The market evidenced a decrease in demand across all regions due to the pandemic. The market is projected to grow at a CAGR exceeding 8% between 2022-2030. Beer is the oldest and most popular alcoholic beverage in the world. According to the Brewers Association, the United States’ small and independent brewers produced around 26.3 million barrels of beer in 2019, a 4 percent increase over the previous year. Craft production was responsible for 25.2% of the total U.S. product retail market in 2019, which has contributed to overall market growth. However, the impact of covid-19 led to a significant loss in 2020. Go-green technology, which is a result of recent developments in craft beer development, is being integrated into beer production to increase market growth and reduce waste.
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The rise in socializing, especially among millennials has increased their visits to taprooms and brewpubs. The rise in independent and small breweries has also contributed to this increase. Consumers are now more interested in craft beer, which includes fruit & spice, honey-flavored, and tart & quirky flavors. The subtle flavors of lavender, elderflower, chamomile, and elderflower balance and complement the flavors. They also add a smooth taste and subtle quality. Consumers are increasingly attracted to innovative flavors and new ingredients in beer. This will in turn boost the market growth over the coming years. Craft beer is made by small breweries that use local ingredients. It is also a natural product with many health benefits due to its use of natural ingredients. The growing popularity of beer is due to its variety and creativity.
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Ale market has a significant share in the craft beer market share. The ale is segmented as brown ale, pale ale, Scottish-style ale, and porters. Most beer-loving customers have developed a preference for traditional beers like a pale ale, porters, or stout over the years. Some of the major players in the global beer industry have decided to bring back traditional beers. Heineken, for example, launched a new brand of craft beer in the UK in 2019. The millennials are the main customers in the global craft beer market. Craft beer brewers are constantly working to improve their product offerings in order to cater to the diverse tastes and preferences of the millennial market.
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North America craft beer market is expected to lead in terms of revenue contribution followed by Asia Pacific during the forecast period of 2022-2030. However, APAC remains as the fastest-growing geographic segment with an expected CAGR of 11% during the forecast period. NA’s market growth is being driven by rapid expansion of craft beer breweries in America. The increasing popularity of craft beer is due to its high volumetric production and a growing number of microbreweries. The market has seen a rise in demand for premium products and an increase in craft beer consumption. Over the past five years, Europe has evidenced rapid growth in craft breweries. Premium beers are a big trend in Europe. Due to the high demand from the urban centers of the region, the Middle East & Africa market is expected to experience strong growth over the forecast period.
Manufacturers are focusing on increasing their production and meeting consumer demand through strategic collaborations. End-users will be able to taste products that are naturally flavored with the advent of new technologies. AB In Bev and Heineken NV are key players in this market. Given the number of regional and global players, this market is extremely competitive. A large part of craft beer’s market is served by regional brewers. With their many product innovations in flavors, packaging, and alcohol content, both regional and global players have been able to meet the growing consumer demand. The global market is largely dominated by key players that include The Boston Beer Company, Heineken NV, Constellation Brands, Inc., Anheuser-Busch Inc., and Constellation Brands, Inc. To diversify its product range, Anheuser-Busch InBev purchased the remaining 68.8% of Craft Brew Alliance in June 2020.
Key Market Trends
· The craft beer market is projected to grow at a CAGR exceeding 8% between 2022-2030.
· The rise in socializing, especially among millennials has increased their visits to taprooms and brewpubs. The rise in independent and small breweries has also contributed to this increase.
· Ale market has a significant share in the craft beer market share. The ale is segmented as brown ale, pale ale, Scottish-style ale, and porters.
· Millennials represent the largest key customer.
· North America craft beer market is expected to lead in terms of revenue contribution followed by the Asia Pacific during the forecast period of 2022-2030.
· APAC remains as the fastest-growing geographic segment with an expected CAGR of 11% during the forecast period.
· Given the number of regional and global players, this market is extremely competitive.
· Global market is largely dominated by key players that include The Boston Beer Company, Heineken NV, Constellation Brands, Inc., Anheuser-Busch Inc., and Constellation Brands, Inc.
Craft Beer Market is segmented into:
By Product (2020-2030; US$ Mn)
By By Brewer (2020-2030; US$ Mn)
By Sales Channel (2020-2030; US$ Mn)
By Age (2020-2030; US$ Mn)
Region Segment (2019–2029; US$ Mn)
Global Impact of Covid-19 Segment (2020-2021; US$ Mn )
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