Craft Beer Market will valued to USD 220.78 billion by 2029 : GreyViews

Craft Beer Market Size By Product Type (Lager, Ale, Stout, and Others), By Distribution Channel (On-trade, Off-trade), Regions, Segmentation, and forecast till 2029.

/EIN News/ -- Pune India, Dec. 13, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Craft beer market is operating currently and is the predicted to expand in the near future. The manufacturers and suppliers involved in the craft beer market are present across various countries in the above-mentioned regions.

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 The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, distribution channel and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global craft beer market are D.G. Yuengling and Son, New Belgium Brewing Company, Constellation Brands, Inc, Heineken N.V., The Boston Beer Company, Vagabund, The Gambrinus Company, Lagunitas Brewing Company, Bell’s Brewery, Inc., Chimay Beers and Cheeses, DuvelMoortgat NV, Stone & Wood Brewing Co. among others. To achieve a substantial market share in the worldwide craft beer market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Craft beer is an alcoholic beverage category manufactured by a small, independent microbrewery utilising traditional or non-mechanized methods. Popular craft beer variations include lagers, ales, wheat beers, wild/sour beers, stouts, hybrid beers, and other speciality beers. It has numerous health benefits because it is high in silicon, antioxidants, protein, and vitamin B complex. Furthermore, it has a more nuanced and distinct flavour than the mass-manufactured beer produced by large breweries. Craft beer has recently gained popularity due to its use of natural ingredients, greater alcohol by volume (ABV), and lower price. The term "craft brewing" refers to all of the industry changes that occurred after the late-twentieth-century microbrewing craze. Although there is no universal definition, it frequently refers to commercial breweries that are relatively small, privately owned, use traditional brewing techniques, and place a focus on flavour and quality. Breweries started in the 1970s are often included in the phrase, while older breweries with a similar focus may be included as well. Craft brewers are classified as "small, independent, and traditional" by the Brewers Association, a trade organisation in the United States concerned with brand transparency. Brewmasters may regard the time-consuming craft brewing process as an art form. The Society of Independent Brewers (SIBA), which manages the Assured Independent British Craft Brewer programme in the United Kingdom, ensures that any breweries using the Independent Craft Brewer emblem adhere to the standards set out by the British Craft Brewers Association.

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Scope of Craft Beer Market Report

Report Metric	Information
Study Period	2021-2029
Base Year	2021
Forecast Period	2022-2029
Market Share Unit	USD Billion
Segments Covered	Product Type, Distribution Channel, and Regions
Regions Covered	North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players	D.G. Yuengling and Son, New Belgium Brewing Company, Constellation Brands, Inc, Heineken N.V., The Boston Beer Company, Vagabund, The Gambrinus Company, Lagunitas Brewing Company, Bell’s Brewery, Inc., Chimay Beers and Cheeses, DuvelMoortgat NV, Stone & Wood Brewing Co. among others among others.

Segmentation Analysis

Lager segment is expected to be the fastest-growing segment in 2021. 

The product type segment is a lager, ale, stout, and others. The lager segment is expected to witness the highest growth rate during the forecast period. The lager market is driven by two factors: rising demand for lager over ale and increased product availability. The market is also expected to expand due to increased beer production in a range of flavours. Because of its popularity, regular lager has surpassed premium lager. Furthermore, customers enjoy lager because of its malty flavour. Craft lager production has increased as brewers seek products with longer shelf life and lower-cost ingredients.

The off-trade segment is expected to be the fastest-growing segment in 2021. 

The distribution channels segment includes off-trade and on-trade. The off-trade segment is expected to witness the highest growth rate during the forecast period. Craft beer sales in off-trade channels have lately surged due to the wide variety of beer kinds and flavours available. Customers choose non-trade channels such as supermarkets and convenience stores because they offer convenient cans or refrigerated bottles. Consumers are more likely to purchase alcoholic beverages off the shelf. Customers prefer drinking at home over drinking at pubs because it is more comfortable, pleasant, and cost-effective. Furthermore, the product's rising in countries such as Brazil, China, India, and Mexico, where customers have higher purchasing power.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the craft beer include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

• The North America region witnessed a major share. The profusion of independent microbreweries, as well as craft beer mass production, have emerged as the primary drivers of craft beer's growth in the American market. Craft beer sales have surged as a result of independent breweries and small business support. They have made important contributions to the market's growth. According to Brewers Association research, Vermont and Colorado have the greatest economic impact on craft beer consumption. Colorado has the highest economic effect per person of any state with more than 21 adults, at $764, followed by Vermont at $681. These figures show the overall output of the craft beer industry in each state based on the population of adults aged 21 and up.

Country Analysis

• Germany

Germany's craft beer market size was valued at USD 6 billion in 2021 and is expected to reach USD 11.10 billion by 2029, at a CAGR of 8% from 2022 to 2029. Germany has seen an increase in the number of craft brewers in recent years, and the expansion of active breweries on the German market can be considered as a support for craft beer. The region's demand for craft beers has increased dramatically as a result of Germany's growing tendency toward premium brews. Craft beer's future is bright, thanks to a significant increase in craft ale consumption over the last several years and the consequent increase in craft beer production.

• China

China’s craft beer market size was valued at USD 9.27 billion in 2021 and is expected to reach USD 18.47 billion by 2029, at a CAGR of 9% from 2022 to 2029. The market has grown considerably in recent years due to a significant increase in demand, which has been supported by rising household incomes, increased urbanisation, and the expansion of beer companies. Furthermore, rising demand for new versions of current craft brews has been a crucial influence in the company's comeback in the competitive market. Furthermore, many local customers have praised the beers' subtlety and smoothness of flavour.

• India

India's craft beer market size was valued at USD 7.67 billion in 2021 and is expected to reach USD 14.73 billion by 2029, at a CAGR of 8.5% from 2022 to 2029. The market in the region is developing as a result of the impact of western culture on the craft beer movement in the west. India has seen the development of western culture as well as a craft. The patterns in industrialised countries such as the United States and Europe have a greater impact on developing countries such as India. Furthermore, the entitled millennial generation is incredibly daring and believes that you only live once. The culture of the party, evening hangouts, and nighttime hangouts is growing among millennials. According to some estimates, the majority of craft beer drinkers are aged 20 to 29.
Covid-19 Impact

Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven by it being manufactured in more unique flavors.

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