USD 93.69 billion
Report ID: SQMIG30E2024 | Region: Global | Published Date: July, 2023 | Pages: 165 | Tables: 62 | Figures: 75
Global Craft Beer Market size was valued at USD 93.69 billion in 2021 and is poised to grow from USD 104 billion in 2022 to USD 243.15 billion by 2030, growing at a CAGR of 11.2% in the forecast period (2023-2030).
Beer is one of the most popular and primitive drinks. It is an integral part of several cultures and poses various health benefits when consumed within the limit. It is still one of the most popular drinks among people, especially young drinkers. Beer is the most popular and largely exported alcohol beverage across the regions. Varied taste flavors and formulations have made beer a popular trend among millennials and Gen Z individuals.
The innovative methods of infusing varied flavors into the beer have shifted consumer preference to organic flavors and the craft beer market is expected to witness rising market growth. The covid-19 pandemic led to devastating effects on the craft beer market.
US Craft Beer Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 93.69 billion
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The Global Craft Beer Market is segmented based on type, distribution channel and region. Based on type, the market is categorized into large, ale, and others. based on distribution channel craft beer market is categorized into off-trade and on-trade. Based on the region craft beer market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Craft Beer Market Analysis by Type
On the basis of type, the craft beer market segmentation is done by categorizing the market into large, ale and Others. Among all these the large segment is expected to dominate the beer market by the forecasted period. Consumers are inclined toward purchasing beer which can be preserved for a long time. Large beer is prepared using the technique of bottom fermenting, this keeps the beer fresh and makes it one of the most widely consumed beer types all across the globe. Moreover, the incorporation of various styles and sizes further attracts consumers.
Additionally, the ale type market segment is also expected to grow and generate a higher craft beer market share due to its popularity among youngsters. Ale beer is prepared from top-fermented yeast that is more tolerant to alcohol. Also, there is a rising concern among youngsters to opt for a less alcoholic beer, Ale best suits and is gaining popularity.
Craft Beer Market Analysis by Distribution Channel
On the basis of distribution channel, the craft beer market segmentation is done by categorizing the market into off-trade channels and on-trade channels. The craft beer market analysis highlights the dominance of the off-trade distribution channel. The market growth is subjected to cost-effectiveness and consumer preference. The alcoholic beverages are sold at on-trade channels viz bars. restaurants cost comparatively high. Also, individuals enjoy and relish the taste in their home and comfort. Covid-19 restrictions have also fueled the growth of off-trade channels as all the bars and restaurants were shut down to prevent the virus spread. The craft beer market growth is witnessed at retail shops and e-commerce sites.
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Asia Pacific is estimated to dominate the craft beer market share projecting a CAGR of 11%. China and India are projected to be leading markets in the upcoming years. China was recorded to be the leading beer producer in 2022. The Global Craft Beer Market has witnessed increased production and demand for flavored beer. The adoption of modern and western culture and the trend of social dine-outs is common among people due to hectic life schedules.
North America is estimated to be a third potential market for the Global Craft Beer Market. There were around 29.1 billion USD sales for craft beer in the US in the period 2018 to 2022. Craft beer market size is expected to expand due to increasing demand for different flavors and ABV beers, youngsters are enticed towards low alcohol beer owing to health concerns increasing the demand in the upcoming years.
Africa and the Middle East are anticipated to be potential Craft Beer Market owing to increased urbanization and acceptance of western culture.
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Craft Beer Market Driver
Growing Popularity of Craft Beer to Entice the Population
Craft Beer Market Restraint
Availability of counterfeit products to impede the market demand
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The Global Craft Beer Market includes big and medium-sized and large-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, new launches, strategic agreements and contracts. They are deploying ways to understand the need of the market and garner ways to generate a high market share.
Craft Beer Market Top Players Company Profiles
Craft Beer Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the Global Craft Beer Market sector is estimated to showcase high market growth owing to increased demand. Increasing innovative ideas leveraged by key market players to entice consumers is propelling the market demand. Beer is a popular beverage all over the globe and with increased urban and modern living the popularity has enhanced which is causing the setting up of new breweries. Additionally, the sale at bars clubs along with retail stores is propelling the market growth.
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|Market size value in 2021||USD 93.69 billion|
|Market size value in 2030||USD 104 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Craft Beer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Craft Beer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Craft Beer Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Craft Beer Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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