Craft beer companies have been strategizing on improving their product portfolio by branding craft beer.
PORTLAND, OR, US, April 18, 2023 /EINPresswire.com/ — The report provides an in-depth analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and wavering market trends. The rise in demand for different types of beer styles across the key regions, specifically North America, Europe, and Asia Pacific, drives the craft beer market, in terms of value. Microbrewers have been producing and selling beer with characteristic product offerings among its target customers, which has resulted in homogeneous market.
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The global craft beer market size was valued at $108,912 million in 2018 and is projected to reach $186,590 million by 2025, growing at a CAGR of 8.0% from 2018 to 2025. In 2018, Europe accounted for nearly a 43.6% share of the craft beer market.
North America to rule the roost in terms of revenue-
Based on geography, North America accounted for more than one-third of the global craft beer market revenue in 2018 and is projected to lead the trail by 2025. Ongoing consumer shift in preferences and tastes has encouraged the brewers in the region to introduce varieties in alcoholic beverages. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 5.70% till 2025. People in the region are increasingly attracted to premium products & services and are more likely to buy craft beer of imported IPAs as well as imported brands.
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Based on end-user, the off-trade segment held the lion’s share in 2018, garnering nearly two-thirds of the global craft beer market. Increase in the craze for purchasing beer from retail outlets such as hypermarkets, supermarkets, convenience stores, mini markets, kiosks, and wines & spirits shops has spurred the growth of the segment. At the same time, the on-trade segment would cite the fastest CAGR of 8.6% by 2025. Rise in inclination toward hopping bars, restaurants, coffee shops, clubs, and hotels has propelled the growth.
Leading Key Players
The key players profiled for the craft beer market analysis include Anheuser-Busch InBev, Carlsberg Group, Diageo PLC, Heineken N.V., Erdinger Brewery, Lasco Brewery, Oettinger Brewery, Radeberger Brewery, and BAVARIA N.V.
Key Findings of The Craft Beer Market:
-> In 2018, by product type, the lager segment accounted for around a 56.0% craft beer market share, growing at a CAGR of 7.3% from 2018 to 2025.
-> In 2018, by distribution channel, the on-trade segment accounted for around a 65.9% r market share, growing at a CAGR of 8.0% from 2018 to 2025.
-> In 2018, by age group, the 21-35 years old segment accounted for a 52.8% market share and is expected to growth at the highest CAGR of 7.7%.
-> In 2018, by region, Europe accounted for a prominent market share and is anticipated to grow at a CAGR of 7.7% throughout the Craft Beer market forecast.
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The significant craft beer market growth has resulted in the growth in the availability of technical equipment and capital allowing brewing on a small scale. Though in the initial stages, entrepreneurs faced major difficulties financing their breweries and finding appropriate equipment where craft brewers regularly used capital equipment designed for other industries. However over the years, the craft brewery segment has witnessed increase in the adoption of upgraded technology and equipment specifically designed for craft brewery.
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