New York, Sept. 18, 2023 (GLOBE NEWSWIRE) — According to Market.us, the Craft Beer Market size is projected to surpass around USD 282.6 Billion by 2032 from USD 103.2 Billion and it is poised to reach a registered CAGR of 10.6% from 2023 to 2032.
Craft beer is produced by independent, small breweries prioritizing flavor, quality, and innovation over mass production. This sector has a niche within the larger beer industry, offering diverse and distinctive flavors. Craft beer brewers are defined by organizations like The Brewers Association as those producing less than 6 million barrels annually. Craft beer has experienced rapid expansion thanks to consumer demands for unique drinks; established brewing companies have even purchased or invested in craft brewery businesses as a result.
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- By product type, in 2022, the Ale beer segment dominated the Craft Beer market because of its diverse flavor profiles, rich brewing traditions, and ability to cater to a wide range of consumer tastes and preferences.
- By type, the alcoholic segment is the most lucrative market. In 2022 the alcoholic segment accounted for the largest global revenue market share.
- By distribution channel, the off-trade segment dominates the market, with a market share of more than 60% in
- In 2022, North America dominated the market with the highest revenue share of 38% due to its thriving craft beer industry and consumer demand for diverse and locally brewed beer options.
Factors affecting the growth of the Craft Beer industry?
There are several factors that are affecting the growth of the Craft Beer industry. These include:
- Changing Consumer Preferences: Evolving consumer tastes and a desire for unique and locally produced beverages have fueled the demand for craft beer. Consumers are increasingly seeking high-quality, artisanal brews with distinct flavors and styles.
- Craft Brewery Proliferation: The continued establishment of small, independent craft breweries has contributed to market growth. These breweries offer various beer styles, fostering innovation and competition within the industry.
- Craft Beer Tourism: Craft beer tourism has become a significant driver, with enthusiasts visiting breweries for tours, tastings, and events. This trend supports local economies and drives sales for craft breweries.
- Regulatory Support: Favorable regulations and policies in some regions have supported the growth of the craft beer industry. Tax incentives, reduced licensing fees, and eased distribution restrictions have encouraged brewery startups and expansion.
Top Trends in the Craft Beer Market
The global craft beer market has seen a surge in microbreweries, driven by a discerning consumer base seeking unique, locally brewed flavors. These small-scale breweries are known for their quality, experimentation, and personalized offerings, challenging established brands. They cater to diverse tastes and artisanal craftsmanship, offering limited-edition seasonal brews and adventurous flavor profiles. Health-conscious trends have also impacted the craft beer market, with consumers preferring lower alcohol content and distinctive ingredients like fruits and spices.
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North America dominates the global craft beer market, accounting for 38% of global revenue. Its rich culture, particularly that in both America and Canada, plays a part in this dominance; pioneering breweries like Sierra Nevada and Anchor Steam helped lay down the roots of craft beer worldwide. The market’s size and diversity, ranging from small local establishments to large, established players, cater to various consumer preferences. The “drink local” ethos has also driven consumer support for local breweries, ensuring a diverse range of craft beer options.
The craft beer market is a competitive mix of established and innovative new entrants, with larger breweries like Sierra Nevada, Sam Adams, and New Belgium Brewing maintaining a strong presence and loyal customer base through brand recognition and distribution networks. Some of the major key players include Anheuser-Busch InBev, Beijing Enterprises Holdings Limited, Carlsberg Group, Diageo PLC, Dogfish Head Craft Brewery Inc., Heineken Holding NV., Squatters Pub and Beers, Sierra Nevada Brewing Co., The Boston Beer Company Inc., United Breweries Limited, Kove USA, Inc., Other Key Players
Scope of the Report
|Market Value (2022)||US$ 103.2 Billion|
|Forecast Revenue 2032||US$ 282.6 Billion|
|CAGR (2023 to 2032)||10.6%|
|North America Revenue Share||38%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
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The global craft beer market is driven by the unique flavor profiles of craft brewers who experiment with innovative ingredients, techniques, and regional influences. This has led to a discerning consumer base eager to explore the diverse tastes offered by craft beer. Additionally, craft breweries have become vibrant tourist attractions, offering immersive experiences like tours, tastings, and engaging events. This has provided memorable experiences and contributed significantly to local economies, as consumers are drawn to the diverse taste experiences offered by craft breweries.
Various global governments, including labeling, alcohol content limits, distribution restrictions, and taxation policies, regulate the craft beer market. These regulations can be costly and time-consuming for craft breweries, hindering market entry and growth. The competitive market, with small breweries vying for market share and larger beverage companies consolidating, presents challenges for new and smaller breweries to maintain profitability. To succeed, differentiation, branding, and distribution are essential, necessitating innovative strategies to stand out in a crowded market.
The global craft beer market is expanding, offering growth opportunities for breweries to innovate and attract a wider customer base. Emerging markets offer untapped potential for craft beer brands, with strategic partnerships, exports, and localized marketing establishing a strong foothold. To attract environmentally and health-conscious consumers, breweries can invest in eco-friendly production methods, reduce waste, and offer low-alcohol or non-alcoholic craft beer options. This growing market segment can be tapped by promoting sustainability practices and health-conscious brewing.
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Report Segmentation of the Craft Beer Market
Product Type Insight
The Ale segment dominates the craft beer market, with a 32.6% share and a projected growth rate of 10.7%. This is due to its diverse flavor range, from hoppy IPAs to rich stouts, catering to a diverse consumer base. Ales have a shorter production cycle than lagers, allowing breweries to experiment more frequently and respond quickly to market trends. The craft beer movement emphasizes the artistry and innovation of ale production, driving consumer interest and loyalty. This has positioned Ale as the leading and continually growing category in the craft beer market.
Craft beer markets can be divided into alcoholic and non-alcoholic categories, with traditional craft beers dominating over 80%. Alcoholic craft beers tend to focus on small-batch, artisanal brewing with unique flavors and higher alcohol contents that cater to beer connoisseurs who appreciate the complexity and diversity of flavor profiles. Non-alcoholic craft beers offer similar unique experiences but without alcohol content for health-conscious individuals seeking low or zero-alcohol options that provide similar unique tastes, quality, variety, artisanship, and variety compared to their counterparts alcoholic counterparts; both types offer unique characteristics that satisfy those looking for alcohol-free experiences!
Distribution Channel Insight
The global craft beer market is divided into on-trade and off-trade distribution channels. The off-trade segment, which accounted for over 60% of the market in 2022, offers convenience and a wide variety of craft beer options. The COVID-19 pandemic accelerated this shift, as lockdowns and social distancing measures limited on-trade opportunities. Consumers now prefer the flexibility of enjoying craft beer at home, bolstering the off-trade market share. The convenience of home consumption and the desire for experimentation drive this shift.
By Product Type
- Other Product Types
By Distribution Channel
- North America
- The US
- The UK
- Russia & CIS
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of MEA
Some of the major players include:
- Anheuser-Busch InBev
- Beijing Enterprises Holdings Limited
- Carlsberg Group
- Diageo PLC
- Dogfish Head Craft Brewery Inc.
- Heineken Holding NV.
- Squatters Pub and Beers
- Sierra Nevada Brewing Co.
- The Boston Beer Company Inc.
- United Breweries Limited
- Kove USA, Inc.
- Other Key Players
Recent Development of the Craft Beer Market
- In September 2023, The Appalachian Mountain Brewery merges with Green Man Brewery.
- In August 2023, Anheuser-Busch BUD entered a definitive agreement to sell eight of its beer and beverage brands, including Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy, to Tilray Brands, Inc.
- In August 2023, Anheuser-Busch announced a $22.5 million investment in its Houston brewery.
- In July 2023, Craft beer maker Lone Wolf expanded its portfolio by launching two new beer variants, Alpha and Maverick. The launch of these new beers aims to introduce customers to more flavors and aromas via their expanding portfolio.
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- Hops Market size is expected to be worth around USD 49.9 Billion by 2032 from USD 33.1 Billion in 2022, growing at a CAGR of 4.20% during the forecast period from 2023 to 2032.
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