Craft beer is a kind of beer that is processed with non-mechanized and traditional procedures by small breweries. There has been a significant spike in demand for traditional beer including craft beer. A microbrewery is a kind of brewery that prepares beers in small amounts as compared to traditional independent breweries. These breweries possess tremendous opportunities for the exponential growth of the microbrewery sector.
The growing number of bars, lounges, and breweries is one of the primary reasons fuelling the growth of the global craft beer market. The consumption of beer per capita is significantly high, thereby it is expected that craft beer will be consumed more in the forthcoming years. Furthermore, the spike in the millennial population is likely to create several lucrative growth opportunities in the market during the forecast period. The surge in the per capita income of people globally is significantly escalating the sales of craft beer in developing and underdeveloped regions.
Craft beer is regarded as more expensive when compared to standard lager beers. As an outcome, the consumer with high disposable income comes out to be the premium customers for the market that demands a wide variety of craft beers instead of expensive premium beers. Furthermore, the easy availability of raw materials like specialty ingredients and wild flavor additives for the craft will further accentuate the growth opportunities. Innovative packaging solutions are expected to offer several lucrative benefits to the global craft beer market. It is seen that packaging solutions play a vital role in the beverage industry. Therefore, leaders are coming up with innovative and premium packaging solutions, which in turn will accelerate the growth of the market significantly.
The global craft beer market can be segmented into age group, distribution channel, product type, and region.
By age group, the market can be segmented into 55 years & above, 40-54 years old, 21-35 years old.
By distribution channel, the market can be segmented into off-trade and on-trade channels.
By product type, the market can be segmented into lagers and ale.
North America accounts for the largest share in the global craft beer market due to the growing number of breweries in the region. Furthermore, several key market leaders in the region are emphasizing on offering flavored craft beer which is likely to accentuate the growth of the regional market in the forthcoming years. There is constant growth in the number of brewpubs in the region, which in turn will also boost the regional market growth.
Asia Pacific is expected to witness a significant growth rate in the forthcoming years due to the growing disposable income of the people in the region. Furthermore, the growing urban population and wide adoption of western culture in the region will further promulgate the growth of the regional market.
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Some of the significant players in the global craft beer market are Uiltje Craft Beer, Athletic Brewing Company, BrewDog, Diageo, Salt Lake Brewing Co., L.C., UNITED BREWERIES LTD, Sierra Nevada Brewing Company., Stone & Wood Brewing Co., The Gambrinus Company., Heineken N.V., Constellation Brands, Inc., and Anheuser-Busch InBev. To cite, Heineken in 2019 introduced a new array of craft beer for the UK market.