Market Research Future announces a new report on the global craft beer market. The report analyzes the type and regional segments of the market in addition to the competitive landscape and delivers forecasts from 2017 to 2023. According to the new report, the global craft beer market is expected to grow at a CAGR of 7.02% over the 2017-2023 forecast period.
Craft beer is typically produced in small, privately owned breweries. The primary difference between commercial beer and craft beer is that the latter is not pasteurized. The craft beer market has come on strongly in the last few years as customers have become aware of the various flavors available in craft beer and its health benefits (when consumed in moderation). It is likely to retain a strong growth rate parallel to the commercial beer industry due to the growing consumer awareness, especially in emerging regions such as Asia Pacific (APAC).
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The report covers major craft beer market players such as Yuengling & Son Inc., Boston Beer Co., New Belgium Craft Brewery, Duvel Moortgat USA, Sweetwater Brewery, Bell’s Brewery, and Deschutes Brewery.
Manufacturers in the craft beer market are utilizing the health benefits and myriad flavors of craft beer as a powerful selling tool. The availability of various flavors in craft beer, in contrast to commercial beer, is likely to remain an important marketing point for manufacturers in the global craft beer market over the forecast period.
On the basis of type, the global craft beer market is segmented into ale, lager, stout, porter, and others. Currently, ale is the dominant segment in the global craft beer market due to its widespread popularity. However, lager is expected to emerge as the dominant market segment over the forecast period due to the growing demand for innovative beers. Both ale and lager are among the popular traditional forms of beer and enjoy widespread popularity, resulting in good prospects for the global craft beer market.
By ingredients, the global craft beer market is segmented into yeast, hops, enzymes, malt and other cereal grains, and others. Malt beer is the dominant segment in the global craft beer market at present, but is likely to be superseded by the hops segment, with the latter expected to exhibit the highest growth rate over the 2017-2023 forecast period.
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Regionally, North America is the dominant market for craft beer owing to the widespread popularity of beer drinking in North America and the presence of a conducive business environment for breweries. Breweries have been a major business in North America for a number of years, lending the craft beer market a fertile environment to germinate and prosper. The favorable business environment in North America is likely to ensure steady dominance of the region in the global craft beer market over the forecast period, with the regional market expected to exhibit a steady 6.88% CAGR over the forecast period.
APAC is likely to be the fastest growing regional market for craft beer over the forecast period and is expected to exhibit a robust 7.40% CAGR. Countries such as China, Japan, and India, where beer drinking has not been traditionally popular, represent an immense opportunity for new manufacturers of craft beers. High economic growth in Southeast Asian and Eastern Asian countries has enabled consumers in the region to purchase higher priced craft beers, while the smooth growth of urban shopping avenues has also enabled easy availability of craft beer across the region. The craft beer market is likely to benefit strongly from the growing popularity of alcoholic beverages in APAC and Latin America over the coming years.
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