San Francisco, 21 Nov 2018 - According to a report by Grand View Research, Inc., global craft beer market is anticipated to value USD 502.9 billion by 2025. Growing requirement for drinks offering low alcohol by volume (ABV) percentage among consumers is anticipated to propel demand for craft beer. It is likely to offer wide range of flavors and premium quality raw materials to consumers who do not want to get high on alcohol but enjoy their drink.
Global craft beer market, by region, 2015 (%)
Rising demand for less alcoholic and flavored beer among consumers is anticipated to propel growth of market. Favorable initiatives from governments across the globe to promote production of craft beer and incorporation of new breweries can fuel market growth. These new breweries can provide employment and contribute towards development of economy as consumers are expected to pay more for better tasting brews. This, in turn can augment growth of market over next few years. Increasing preference for specific styles of craft beers such as amber lager, IPA, amber ale in developed countries can fuel production of craft beer. Such styles of craft beer are likely to be consumed through hospitality distribution channels in these developed countries. Increasing consumer spending capacity and price of craft beer in bars and restaurants can stimulate growth of market during the forecast period (2014 to 2025).
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The craft beer market can be segregated on the basis of distribution and region. Based on distribution, the market can be categorized into off-trade and on-trade. On-trade can be referred to sale of alcoholic drinks in clubs, restaurants, bars, pubs, and other distribution channels in hospitality sector. It can be expensive as compared to off-trade. Thus, market is expected to grow at substantial rate in developing economies attributed to growth of hospitality. In addition, rising ability of consumers to spend on craft beer can fuel growth of segment.
On the contrary, off-trade segment is predicted to witness significant growth in developing and emerging economies on account of low to medium consumer buying power. In addition, growing penetration of product in countries including China, Brazil, India, and Mexico with increasing consumer spending power can fuel growth of segment during the forecast period.
Regional segmentation includes Europe, North America, Asia Pacific, Central & South America, and Middle East & Africa. Europe is predicted to account for largest market share in terms of value and volume. Increasing consumption coupled with consumer preference for flavored brews can drive market growth during the forecast period. Germany and United Kingdom are likely to be largest consumers of craft beer and can account for 25% of overall revenue share.
Similarly, Middle East and Africa is expected to grow at CAGR of 28.9% attributed to increasing penetration of South Africa. Growing consumer awareness regarding wide range of flavors and styles of product can stimulate growth of market over the forecast period. In addition, increasing penetration in United Arab Emirates can contribute to market growth over next few years.
In North America, the market is predicted to witness growth on account of change in consumer preference for craft beer over mainstream beer can augment growth of market in the region. United States (U.S.) is predicted to account for largest market share with Mexico as fastest growing country in the region. Initially, U.S. market experienced slow growth attributed to consumer preference for mainstream beer over craft beer. However, advancement in brewing process and growing adoption of premium quality raw material has improved overall characteristics of the product.
In Asia Pacific, the market is expected to grow well owing to increasing number of craft beer enthusiasts in the countries including Japan and India. In addition, favorable initiatives from Chinese government to promote production of craft beer in their country can fuel growth of market in the region. Moreover, growing penetration of product in India and China attributed to increasing disposable income of consumers can fuel growth of market during the forecast period.
Some of the leading companies offering craft beer are D.G. Yuengling and Son, The Boston Beer Company, The Gambrinus Company, Chimay Beers and Cheeses, and Lagunitas Brewing Company.
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Grand View Research has segmented the craft beer market on the basis of distribution and region:
Craft Beer Market Distribution Outlook (Volume, Billion Liters; Revenue, USD Billion, 2014 - 2025)
- On-trade
- Off-trade
Craft Beer Market Region Outlook (Volume, Billion Liters; Revenue, USD Billion, 2014 - 2025)
- North America
- US.
- Europe
- Germany
- UK
- Asia Pacific
- Australia
- China
- India
- Japan
- New Zealand
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-craft-beer-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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