Craft Beer Market Size Growth Analysis 2022
The global craft beer market was valued at $108,923 million in 2021 and is anticipated to grow at $186,592 million by 2028 recording a CAGR of 8.2% during the forecast period 2022-2028. Craft brewing is a broader term describing advancements in the industry that followed the late-twentieth-century microbrewing trend. Although the definition isn't exact, it usually refers to small, independently owned commercial breweries that use traditional brewing techniques and place a premium on flavour and quality. The market is projected to see new opportunities as demand for various sorts of beer varieties grows. Traditional beers produced at small breweries are known as craft beers. Some of the most prevalent forms of craft beer include ales, lagers, speciality beers, and others. The market is predicted to develop because to the rising popularity of organic alcoholic drinks and the growing millennial demographic. Other reasons such as rising disposable income, an increase in the number of female consumers, increased social media marketing, as well as changing consumer lifestyles and preferences are predicted to boost the craft beer market between 2021 and 2028.
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Governments in countries such as Australia, New Zealand, Belgium, Mexico, China, and the United Kingdom are encouraging the production of craft beer and the establishment of new breweries because of the industry's positive contribution to economic development and job creation, as well as consumer willingness to pay more for better tasting brews. The biggest craft beer producing countries are Australia, Belgium, Germany, the United States, and New Zealand, with over 65 percent of total output in terms of both value and volume. Due to the premium quality, clean taste, and rich flavour and aroma of the brews, Belgian is by far the most popular beer among the major craft beer drinking countries. Furthermore, because to expanding demand for the product, the number of brewers on the global market is rapidly increasing. As a result, the demand for grains including barley, wheat, fermentation, sugar, and hops is skyrocketing. Alternative uses for raw resources, on the other hand, are projected to reduce brewers' bargaining leverage.
The global craft beer market segmentation:
- By Product Type: Ales, Pilseners and Pale Lagers, Specialty Beers, Others
- By Distribution Channel: On-trade, Off-trade
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Some of the major key players in the Craft Beer Market are Anheuser-Busch Companies LLC, New Belgium Brewing Company, Bell’s Brewery Inc., The Gambrinus Company, Sam Adams, Sierra Nevada, Stone & Wood Brewing Co.
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