Global Craft Beer Market: Overview
A microbrewery or a craft brewery refers to a brewery that makes beer in small quantities. Beer produced in microbreweries is much smaller in scale as compared to corporate breweries and independent individuals own those breweries. Such breweries are usually known for their high quality beer with excellent flavor and they are also characterized with their brewing techniques. The global craft beer market is expected to be driven by the increasing demand for the product in different parts of the world, such as in countries like Brazil, New Zealand, Australia, and South Africa. The changing preference of consumers toward alcohol by volume (ABV) and flavored beer is likely to expand the growth of the global craft beer market in the years to come.
The rising awareness amongst the consumers regarding the availability of wide range of styles and flavors of the craft beer together with low alcohol by volume percentage is likely to propel growth of the global craft beer market in the years to come. Furthermore, there has been a shift in consumer preference, which is more inclined toward regular beer now. Nevertheless, there has been an advancement in the process of brewing and there is more utilization of high quality raw material, which has bettered the overall quality of the finished product. This factor has garnered the attention of customers, which is likely to bolster growth of the global craft beer market in the years to come.
Product type, distribution channels, age group, and region are the four important parameters based on which the global craft beer market has been categorized. Such dissection of the market comes with the purpose to offer stakeholders with a detailed and clear analysis of the global craft beer market.
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Global Craft Beer Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global craft beer market is mentioned below:
- In February 2018, Belgium-based leading producer of beer Anheuser-Busch InBev SA/NV or AB InBev, introduced Lisa, premium Italian beer, in the UK. The product comes with the flavor of honey balanced with a clean, dry finish or soft bitterness. Such innovative products are likely to diversify the product portfolio of the company and widen its reach.
Some of the prominent organizations in the global craft beer market include the below-mentioned:
- Sierra Nevada Brewing Co.
- The Gambrinus Company
- Stone & Wood Brewing Co.
- The Boston Beer Company
- Anheuser-Busch InBev,
- The Lagunitas Brewing Company
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Global Craft Beer Market: Key Trends
The global craft beer market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Sale through On-trade Distribution to Drive Growth of the Market
The global craft beer market is likely to be influenced by its rising sale through on-trade distribution. This type of distribution channel refers to the sale of alcoholic drinks in pubs, clubs, restaurants, bars, and various other distribution channels in the hospitality sector. The on-trade craft beer is usually costlier than the ones found on off-trade distribution. The off-trade distribution refers to the sale of beer through online store, wholesalers, and retail stores. The sale of craft beer through on-trade distribution platforms is likely to observe considerable growth in developed countries as these beers are costly and people in developed countries are willing to pay more for these premium products. Sale through off-line platforms are likely to witness growth in the developing countries due to the medium to low spending power of the people in the region.
People these days mostly opt for low alcohol by volume beverages. There has been a rising preference for the low-alcohol or no-alcohol beverages amongst the health conscious people. Besides, now there is an increased availability of a wide variety of products with varied tastes, such as ciders and low alcohol beers, which is likely to influence the expansion of the global craft beer market in the years to come. Besides, there has been an emerging trend of consumers willing to try out new flavors, which is likely to augur well for the market in the times to come.
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Global Craft Beer Market: Geographical Analysis
Driven by India and China, Asia Pacific is likely to experience development in the global craft beer market over the period of assessment. Increasing demand for beer together with the disposable income of the people is likely to add to the growth of the craft beer market in Asia Pacific. Expansion of activities of the major companies in the Asia Pacific region has led to a rise in the number of craft breweries in the region. Rapid urbanization of the Asia Pacific is likely to amplify growth opportunities for the craft beer market in the region.
In the Europe craft beer market, various countries such as Sweden are likely to observe growth over the period of forecast. Major companies are planning expansion in Europe due to rising demand for craft beer in the region, which is likely to play an important role in the growth of the craft beer market in the region in the years to come.
TMR has followed the C19-TREND approach for conducting a comprehensive analysis on the trends and changes in the food and beverage sector due to the COVID-19 outbreak. Each factor is analyzed with scrutiny. These points have been compiled in the report and will assure great assistance to the stakeholders and CXOs in developing sound business strategies.
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