Craft Beer Market Size, Segments, Share and Growth Factor Analysis Research Report 2027
The global craft beer market size is expected to reach USD 190.66 billion by 2027, exhibiting a CAGR of 10.4% during the forecast period. The modification and improvement in the taste of craft beer will foster healthy growth of the market, states Fortune Business Insights, in a 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 market size stood at USD 89.25 billion in 2019.
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Market Driver:
Increasing Number of Microbreweries to Incite Development
The growing popularity of taprooms and brewpubs among millennials
owing to the socializing trends will enable speedy expansion of the market. The
emerging small and independent breweries to enhance beer production to serve
the ever-rising demand of consumers will further propel healthy growth for the
market. According to Brewers Association, small and independent brewers in the
U.S. produced 26.3 million barrels in 2019, with volume growth of 4% than the
prior year. However, the demand for other alcoholic craft beverages that have
to go through vital distillation techniques to obtain high-quality liquor will
subsequently impede the expansion of the market. Moreover, the availability of
numerous flavors in alcoholic craft beverages such as grapefruit, plum,
raspberry, lemon, and others can limit the adoption of craft beers in the near
future.
Closed Bars and Breweries to Dwindle Market During Coronavirus
The lockdown in several countries has massively affected the
hospitality industry. Hence, the closure of various pubs, restaurants,
taprooms, and bars to maintain social distancing norms. According to a study by
the Brewers Association, the total brewery sales in the U.S. went down by 30.5%
in May compared to the prior year. The colossal drop in beer production and
sales has negatively impacted the global market. Nearly, 89% of the brewing
companies, either had stopped or slowed down their production, as their
year-on-year (YoY) sales have declined in April. Nevertheless, the reopening of
bars and pubs in the forthcoming months will help revive the sales and
stabilize the market.
Regional Analysis:
Rapid Urbanization to Favor Growth in Asia Pacific
The market in Asia Pacific is expected to experience rapid growth
during the forecast period. The growth in the region is attributed to rapid
urbanization and increasing disposable incomes of consumers. The growing demand
for unique tastes will aid the expansion of the market in the region. North
America is expected to hold a significant share during the forecast period
owing to the expansion of craft breweries in the U.S. The surging
popularity of new flavors will aid growth in the region. In addition, the
increasing number of microbreweries with large volumetric production can have a
tremendous impact on the market in North America
Key Development:
September 2020: Introduction of Fungtn, a
low ABV medicinal mushroom craft beer, including IPA brewed with Lion’s Mane
mushrooms for functional benefits
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/craft-beer-market-100736
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