Pune, India, June 23, 2021 (GLOBE NEWSWIRE) -- The global craft beer market size is expected to reach USD 190.66 billion by 2027 while exhibiting a CAGR of 10.4% between 2020 and 2027. This information is published by Fortune Business Insights in its report, titled "Craft Beer Market Size, Share & COVID-19 Impact Analysis, By Type (Ale, Lager, Pilsner, and Others), Distribution Channel (On-Trade and Off-Trade), and Regional Forecast, 2020 – 2027". The report further observes that the market stood at USD 89.25 billion in 2019. The availability of various flavors and improvisation in taste garners high demand from certain regions such as North America. For instance, the Kentucky Brunch Brand Stout is a limited edition beer by Toppling Goliath Brewing Company. The beer supposedly tastes like pancakes, bourbon, and espresso, while only 300- 400 bottles are brewed every year.
COVID-19 Impact
Sales Experienced a Significant Decline Owing to Lockdown Norms
The craft beer industry experienced a rapid decline in sales as various pubs, taprooms, restaurants, and bars were closed during the lockdown. As per a study by Brewers Association, in May 2019, there was a decline of 30.5% in sales. By April, around 89% of the Brewing companies slowed down or halted their production due to rapidly declining sales. The lack of events and social distancing norms have rapidly declined distribution. The gradually improving situation of the pandemic is expected to reopen taprooms and production facilities and normalize demands.
List of Top Players Profiled in the Craft Beer Market:
- G. Yuengling & Son, Inc. (Pennsylvania, U.S.)
- Heineken N.V. (Amsterdam, Netherlands)
- The Boston Beer Company, Inc. (Massachusetts, U.S.)
- Constellation Brands, Inc. (New York, U.S.)
- Anheuser-Busch InBev (Leuven, Belgium)
- New Belgium Brewing Co. (Colorado, U.S.)
- Sierra Nevada Brewing Co. (California, U.S.)
- Duvel Moortgat NV (Puurs, Belgium)
- Bell's Brewery, Inc. (Michigan, U.S.)
- Dogfish Head Craft Brewery Inc. (Delaware, U.S.)
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Key Market Segmentation
On the basis of type, the market for craft beer is segmented into Ale, Lager, Pilsner, and others. Based on type, the Ale segment held a market share of about 30.64% in 2019.
On the basis of distribution channels, the market is segmented into on-trade and off-trade. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Driving Factor:
Diverse Flavors Introduced by Breweries to Spur Demand
The wide variety of flavors introduced in the market in recent years are experiencing high demand. Popular flavors such as fruit and spice, sour, tart & funky, and malty flavors attract diverse consumers. There has also been the introduction of floral flavors such as lavender, elderflower, and chamomile, producing a subtle taste with smooth quality. Technological advancement and experiments in including new ingredients are driving the craft beer market growth.
The last decade has experienced significant growth in the number of small and independent breweries. According to the United States Brewers Association, in 2019, small and independent brewers in the U.S. alone produced about 26.3 million barrels of beer.
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Regional Insights:
Rapid Growth in Asia Pacific Breweries to Surge Demand
Asia-pacific is expected to hold the largest craft beer market share with a high rate of development in the beer industry. This is ascribable to factors such as high consumption of beer among young consumers in countries such as India and China.
North America is anticipated to hold the second-largest market share with the rapid growth of independent and small-scale breweries. According to the United States Brewers Association, in 2019, craft beer accounted for 25.2% of revenue generation in the U.S. beer retail market.
Competitive Landscape:
Product Innovation by Breweries to Strengthen Market Position
The market for craft beer is highly competitive with the presence of several prominent players. The market leaders are focused on product innovation to attract a larger consumer base. Moreover, certain companies are trying to modify the product to introduce exotic flavors in their product. Strategies such as efficient marketing and lucrative offers by the market leaders are intensifying the competition.
Industry Development:
May 2021: BrewDog and Iron Maiden have collaborated to create Hellcat, a 6 percent ABV India Pale Lager crafted in the U.S. The beer has a hazy golden appearance with a crisp finish, and it is infused with citrus-forward flavor and aggressive malty taste.
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