Craft beer sales are expected to reach US$ 87 Bn as of 2022, according to a recent report by Fact.MR. The industry is forecast to grow at a CAGR of 6.9% over the forecast period of 2022-2032, reaching US$ 174.68 Bn by 2032.
In the course of the previous five years, the market expanded steadily at a CAGR of nearly 5%, valued at over US$ 81 Bn by the end of the period. Despite declining prospects in 2020 due to COVID-19, growing reliance on instant beverages during lockdown drove major e-commerce companies to partner with leading beverage manufacturers, enhancing the availability of craft beer across a wide range of adult demographics.
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Many factors are involved in creating the perfect beer or ale. It can be difficult to define what craft beer is, but small, independent breweries are usually the ones producing unique products. A variety of flavors is used for attracting customers, including honey, fruits, tart, sweet and sour, funky flavors and spicy.
Key Takeaways from the Market Study
- North America is expected to be a lucrative region, accumulating 36% market revenue
- Craft beer consumption to increase in Europe, accounting for 41% of global demand, fueled by premium brands.
- With a CAGR of 5.2%, microbreweries are expected to retain their prominence through 2032.
- Among products, pale ale will experience maximum sales, accounting for 25% of total revenue
- Global craft beer market to experience almost 2x from 2022 to 2032
“Craft beer's growing demand for natural ingredients and flavors, in conjunction with increased health consciousness, is resulting in an increase in the use of natural flavors,” says a Fact.MR analyst.
Manufacturing companies can increase revenue and market share through strategic collaborations by meeting consumer demand and increasing production. The end-user can benefit from eco-friendly products thanks to the emergence of new products and technologies.
- Constellation Brands, Inc., announced its acquisition of Florida-based brewery, Funky Buddha Brewery, in August 2017, reaffirming its plan to dominate the high-end beer sector in the U.S.
- With the growing demand for craft beer, AB InBev's venture capital unit, ZX Ventures, opened up a new brewery in Wuhan, China in February 2018.
- Australian Craft Brewers Company Stone and Wood was acquired by Lion, one of the major players in the domain of alcoholic beverages, on 9th September 2021. In addition to acquiring Stone and Wood, Lion may be able to acquire Little Dragon, Sunny Seltzer and Fixation by purchasing full ownership of Farmentum Group, the parent company of Stone and Wood.
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Key Segments Covered in the Craft Beer Industry Survey
- By Product
- Brown Ale Craft Beer
- Pale Ale Craft Beer
- Porter Craft Beer
- Stout Craft Beer
- Pale Lager Craft Beer
- Pilsner Craft Beer
- Marzens Craft Beer
- Bocks Craft Beer
- Other Craft Beer Products
- By Brewer
- American Sour Craft Beer
- Non-Alcoholic Craft Beer
- Belgian Fruit Lambic Craft Beer
- Flanders Red Ale Craft Beer
- Belgian Gueuze Craft Beer
- Sales Channel
- Craft Beer Sales via Microbreweries
- Craft Beer Sales via Brewpubs
- Craft Beer Sales via Contract Brewing Companies
- Craft Beer Sales via Independent Regional Craft Brewing Companies
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Why is North America emerging as an important hub for Craft Beer?
North America is likely to hold the largest share of the growing demand for craft beer until 2032. The variety of independent microbreweries and the production of craft beer in a large volume has become the major reason behind the success of craft beer in the American market.
Independent breweries and the support of small businesses have helped boost the market for craft beers. They have greatly contributed to the development of this market. According to Fact.MR, a 36% market share is anticipated for the North American craft beer industry.
Data from the Brewers Association shows Colorado and Vermont to be the state's most economically impactful craft beer drinking states. Among states with more than 21 adults, Colorado ranks first in economic impact per capita with $764, while Vermont is second with $681. These numbers represent the overall output of the craft beer industry in each state based on the 21+ population.
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