The scope of the global Craft Beer Market was appreciated at US$ 85.02 billion in 2015. The range is projected to touch US$ 502.9 billion by 2025, growing at a CAGR of 19.9% for the duration of the forecast.
This is attributed to increasing consumer base in the developing economies like India; thanks to high disposable income and high millennial population. It has been reported that millennials are all the more enthusiastic with regards to trying out novel flavors and variants as compared to the other section of population. Plus, millennials’ spending power is on the higher note and likely to increase by leaps and bounds.
Trends and Regional Insights:
The manufacturers are looking at the millennials to have a greater market share by launching novel products and coming up with marketing campaigns for attracting this segment. North America did account for the largest share as of 2017 and is expected to continue with the winning streak in the upcoming period as well. Europe comes in second; as cold weather calls for extra-consumption of beer (craft beer, in particular). Asia Pacific is expected to surpass Europe and North America due to the reasons stated above.
The global craft beer market is segmented based on product and geography. By product, the segmentation states amber ale, pale ale, seasonal craft beer, IPA, and other craft beer. By geography, the same market says North America, Europe, Asia Pacific, LATAM, and MEA. The “Brewers Association”, a U.S.-based trade group, does define craft breweries as “exclusive, small, and traditional”. In the UK, the “Society of Independent Brewers (SIBA)” run the “Assured Independent British Craft Brewer” initiative to make sure that the beers carrying the “Independent Craft Brewer” logo turn out to be relatively independent, small, and brewing quality ones.
The players contributing to the craft beer market include Boston Beer, Duvel Moortgat, D.G. Yuengling & Son, Anheuser-Busch InBev, and New Belgium Brewing Company. They are looking toward inorganic growth to sustain themselves amidst competition.
Craft Beer Distribution Outlook (Volume, Billion Liters; Revenue, USD Billion, 2014 - 2025)
Craft Beer Region Outlook (Volume, Billion Liters; Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• New Zealand
• Central & South America
• Middle East & Africa
• South Africa
Research Support Specialist, USA