The global craft beer market size is projected to reach USD 210.78 billion by 2028, registering a CAGR of 10.83% during the forecast period. Evolving consumer lifestyles and growing consumer preferences for CBD are likely to drive market advancement. Fortune Business Insights™ mentions this information in a report titled “Craft Beer Market, 2021-2028.” The market size in 2020 was $95.23 billion and is expected to reach $102.59 billion in 2021.

The demand for craft beer is expected to increase rapidly due to the growing demand for the product from multiple consumers. Rising popularity of the product is expected to drive the market advancement. Evolving lifestyles and increasing sociability are driving the adoption of craft beer. It is a pleasant and relaxing drink that is enjoyed in pubs and at home. The introduction of several flavors and improvements in taste are expected to drive market advancement in the coming years. Additionally, the introduction of a variant of the cannabis plant called CBD is expected to accelerate progress in the industry. Incorporation of CBD reduces bitterness and attracts consumers. These factors are likely to drive industry progress.

Source: https://www.fortunebusinessinsights.com/industry-reports/craft-beer-market-100736

Impact of the new coronavirus infection (COVID-19)

Rapid decline in sales negative impacts market growth

This market is expected to have a negative impact on market growth due to the suspension of craft beer production activities and lack of resources necessary for production. Due to the increase in the number of COVID-19 patients, strict lockdown regulations have been imposed, which may have a negative impact on product sales. Sales at US breweries fell 30.5% in May from a year earlier, according to a survey released by the Brewers Association. However, post-lockdown relaxations have resulted in reduced production capacity and adoption of technologically advanced production techniques. This factor is likely to drive market growth.

segment

By type, the market is segmented into pilsners, lagers, ales, etc. It is classified into off-trade and on-trade depending on the distribution channel. Geographically, it is divided into North America, Europe, Asia Pacific, South America, and Middle East and Africa.

Report highlights

This report provides an in-depth analysis of the top segments and latest trends in the market. A comprehensive explanation of the driving and restraining factors and the impact of COVID-19 on the market. Furthermore, it examines the regional developments and the strategies undertaken by the leading players in the market.

drivers and restraints

Emergence of strong beers and incorporation of flavors driving market progress

The growing popularity of strong beers and the adoption of flavors is expected to drive the spread of this drink. Manufacturers are focusing on incorporating several flavors such as Malty & Sweet, Tart & Funky, Sour, Fruit & Spice, and other flavors are expected to attract consumer demand. The increasing socialization of the population is expected to increase the demand for this product. Additionally, the emergence of several breweries is expected to increase beer production and increase sales. Breweries are focused on solving supply chain issues and increasing production to meet consumer needs. In 2019, independent small brewers in the United States produced approximately 26.3 million barrels of beer, according to the Brewers Association. These factors are expected to drive the growth of the craft beer market.

However, availability of alternative beverages such as whisky, rum, wine, and gin is expected to hinder the market progress.

regional insights

Rapid urbanization and rising disposable income drive market growth in Asia Pacific

Asia-Pacific is projected to dominate the craft beer market share due to rapid urbanization and increasing disposable income of the population. The Asia-Pacific market in 2020 was worth USD 39.78 billion and is expected to witness positive growth in the coming years. Evolving consumer lifestyles and increasing per capita income are likely to drive market advancement. These factors are believed to drive the market advancement.

In North America, the expansion of several breweries in the United States is expected to drive the spread of craft beer. Additionally, rising socialization trends and increasing popularity of beer are expected to drive industry advancement.

In Europe, demand for craft ale is likely to increase due to rapidly increasing consumption of craft ale and strong demand for premium beers. These factors are likely to drive industry  progress.Competitive
environment

Prominent companies active in the market launch innovative products to enhance their brand image

Prominent companies operating in the market launch new products to meet consumer demand and enhance their brand image. For example, B9 Beverages Pvt. Ltd. launched a limited edition craft beer under the Bira91 brand in April 2021 to meet consumer demand for exquisite and bold flavors. This strategy may allow companies to improve their brand image. Additionally, the implementation of technologically advanced production technologies has the potential for companies to reduce labor costs, increase productivity, increase operational efficiency, and achieve organizational goals.

industrial development

February 2020: B9 Beverages Ltd. launched three beers in the UK under the brand Bira91. The company aims to expand its market reach with this launch.
Key companies profiled in the Craft Beer market report:

G. Yuengling& Son, Inc. (Pennsylvania, USA)
Heineken NV (Amsterdam, Netherlands)
Boston Beer Company,
Inc. (Massachusetts, USA) Constellation Brands, Inc. (New York, USA)
Anheuser-Busch InBev (Leuven, Belgium) )
New Belgium Brewing Co. (Colorado, USA)
Sierra Nevada Brewing Company (California, USA)
DuvelMoortgat NV (Pours, Belgium)
Bell's Brewery, Inc. (Michigan, USA)
Dogfish Head Craft Brewery Inc. (Delaware, USA)