The global craft beer market By 2028, the market is expected to have grown at a CAGR of 10.83 percent, reaching USD 210.78 billion. Market growth is projected to be fueled by changing consumer lifestyles and increased customer preferences for CBD. This is included in Zion Market Research’s report titled “Craft Beer Market, 2022-2028.” In 2020, the market was worth USD 95.23 billion, and in 2021, it is predicted to be worth USD 102.59 billion.
Craft beer demand is predicted to grow fast as a result of increased demand from a variety of consumers. The product’s expanding popularity is projected to help propel the market forward. Craft beer has become more popular as people’s lifestyles have changed and socialising has become more popular. It’s a tasty and soothing drink that’s popular in pubs and homes. The addition of multiple varieties and an increase in taste are projected to drive market growth in the next years. In addition, the inclusion of a cannabis plant variety known as CBD is intended to help the sector advance. The addition of CBD lessens the bitterness and draws customers. These elements are expected to propel the industry forward.
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Impact of COVID-19
A sudden drop in sales will have a negative impact on market growth.
Because of the pause in manufacturing operations and the lack of resources required for craft beer production, this industry is projected to be severely affected by market expansion. The increased number of COVID-19 patients has resulted in the implementation of strict lockdown regulations, which may have a detrimental impact on the product’s sales. Brewery sales in the United States fell by 30.5 percent in May compared to the previous year, according to a research issued by the Brewers Association. Relaxations after the lockdown, on the other hand, contributed to the adoption of lower capacity and more technologically advanced production practises. This aspect is expected to contribute to market expansion.
The Report’s Highlights
The research includes a complete analysis of the market’s major segments as well as the most recent trends. It goes over all of the market’s driving and restraining variables, as well as COVID-19’s impact. It also looks at regional trends as well as the strategies used by the market’s major players.
Restraints and Drivers
The rise of strong beers and the incorporation of flavours to aid market development
Strong beers’ growing appeal, as well as the addition of flavours, are projected to improve the drink’s popularity. Several flavours, such as malty & sweet, tart & funky, sour, fruit & spice, and others, are likely to appeal to consumers. The demand for the goods is predicted to increase as the population becomes more socialised. Furthermore, the establishment of multiple breweries is expected to increase beer output and sales. Breweries are concentrating on increasing production in order to address supply chain issues and meet customer demands. Independent and small brewers in the United States produced around 26.3 million barrels in 2019, according to the Brewers Association. These reasons are anticipated to fuel the growth of the craft beer market.
Regional Perspectives
Rapid urbanisation and rising disposable incomes will help Asia Pacific markets grow faster.
Because of increased urbanisation and rising disposable income among the population, Asia Pacific is expected to dominate the craft beer market. In 2020, the Asia Pacific market was worth USD 39.78 billion, and it is predicted to continue to rise in the future years. Consumer habits are changing, and per capita income is rising, which could help the industry grow. These elements are anticipated to drive market growth.
The expansion of multiple breweries in the United States is predicted to enhance craft beer adoption in North America. In addition, rising sociability tendencies and the popularity of beers are projected to propel the business forward.
Competitive Environment
Prominent Market Players Announce Novel Products to Improve Their Brand Image
To meet consumer demand and improve their brand image, leading enterprises in the industry introduce new items. To meet consumer demand for exquisite and robust flavours, B9 Beverages Pvt. Ltd. introduced their limited edition craft beers under the Bira91 brand in April 2021. Companies may be able to improve their brand image with this method. Furthermore, companies may be able to minimise labour expenses, increase productivity, improve operational efficiency, and meet organisational goals by implementing technologically sophisticated manufacturing systems.
The craft beer market is divided into three categories: product type, application, and geography.
By Type
● Ales
● Pilsners and Pale Lagers
● Specialty Beers
● Other Types
By Application
● Online
● Offline
Important Industry Developments
● B9 Beverages Pvt. Ltd. debuted three beers under the Bira91 brand in the United Kingdom in February 2020. With this launch, the corporation hopes to expand its market reach.
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