Craft Beer Market will Account for Revenues Worth US$ 20,000 Mn by 2022
The global market for craft beer is highly fragmented in nature, with higher presence of a number of local microbreweries, and regional craft breweries, especially across developed regions such as Europe. Craft beer industry is one of the oldest industry around the world. Major craft beer establishments are independently-owned, as they fall under small-scale industry sector. Craft beer has been witnessed to acquire higher consumer attraction, being a traditionally-produced drink, which is why consumers are willing to spend more money for craft beer. Governments in Mexico, China, the U.K, New Zealand, Belgium, and Australia, among others, have been promoting the production of craft beer, incorporating new breweries. This initiative is further expected to contribute to the beverage industry’s economic development and employment generation. The global craft beer market comprises several small-sized players, with expansion and consolidation activities increasing among some large brewers in the market.
The global craft beer market will register a moderate CAGR over the forecast period (2017-2022). Revenues from the market are expected to reach nearly US$ 20,000 Mn by 2022-end. Sales of craft beer has been predicted to showcase a stagnant expansion, however demand from people is anticipated to witness a significant rise in the next couple of years. Vendors of craft beer have been concentrating on differentiation of their products & services, with unique as well as clear value propositions. The aforementioned factors might influence growth of the market during the forecast period.
10 Key Estimations for Future of Global Craft Beer Market
- Europe will retain its dominance in the global craft beer market during 2017 to 2022. American beer have been successfully penetrating into the European market, with increasing demand for rare, innovative, and exotic flavors. Craft beer in Europe is expected gain a competitive edge over other alcoholic products available in the region. These factors will drive the market growth in Europe.
- Craft beer sales in Asia-Pacific excluding Japan (APEJ) will register the fastest expansion as compared to all the other regional segments detailed in Fact.MR’s report.
- Based on fermenting style, American sour craft beer will remain dominant in the market, accounting for approximately one-third revenue share of the market over the forecast period.
- Belgian Gueuze will continue to be the second largest fermenting style segment in the global craft beer market.
- Based on distribution channel, Craft beer sales in independent regional craft brewing company, and contract brewing company will exhibit a parallel expansion through 2022.
- Microbreweries will continue to be the most lucrative distribution channel in the global craft beer market.
- Bocks are estimated to remain the fastest-selling product in the global craft beer market.
- Brown ales will continue to be the most-lucrative craft beer, with sales poised to exceed revenues worth US$ 4,000 Mn by the end of the forecast period.
- Sales of pale ales will register a relatively lower CAGR than that of bocks, and comparatively higher CAGR than that of brown ales through 2022.
- Fact.MR’s report identified key players in the global craft beer market, which include North American Breweries Inc., SweetWater Brewing Company, LLC, Bells brewery Inc., Duvel Moortgat NV, Heineken Holding N.V., Anheuser-Busch InBev SA/NV, Sierra Nevada Brewing Co., Stone Brewing Co., D.G. Yuengling & Son, Inc., and The Boston Beer Company, Inc.
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