According to IMARC Group latest report titled “Craft Beer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on global craft beer industry size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global craft beer market size reached US$ 117.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 221.5 Billion by 2028 exhibiting a growth rate (CAGR) of 10.8% during 2023-2028.
What are craft beer?
Craft beer refers to a wide range of innovative and flavorful beer produced by small, independent breweries prioritizing quality and utilizing traditional methods. It is characterized by distinct flavors made from premium ingredients, such as different types of malt, hops, yeast strains, and unique additives including fruits, spices, and barrel aging. It is typically brewed by independent breweries that produce a limited amount of beer in comparison to larger, mass-market breweries. Some of the advantages provided by craft beer include diverse flavors and styles through experimentation, diverse and artisanal drinking experience, and supporting of local businesses.
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What are the growth prospects and trends in the craft beer industry?
The global market is primarily driven by the paradigm shift in consumer preferences towards unique flavors and high-quality beer. This can be attributed to the growing awareness among the masses regarding beer styles, ingredients, and brewing processes. In line with this, an increasing emphasis on locally sourced ingredients and small-batch production resulting in product premiumization is also providing an impetus to the market. Moreover, a considerable rise in the number of craft breweries leading to greater availability and accessibility of craft beer to consumers, thereby impacting the market positively. Furthermore, the introduction of relaxed brewing laws, reduced tax burdens, and favorable licensing regulations is resulting in flourishing business for small breweries, which in turn is creating lucrative opportunities in the market. Some of the other factors contributing to the market include rising influence of social media, growing affordability of craft beer offerings, increasing trend of OOH food consumption, and inflating disposable income levels.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Anheuser-Busch InBev SA/NV
- Bell’s Brewery Inc.
- Constellation Brands Inc.
- G. Yuengling & Son Inc.
- Diageo Plc
- Duvel Moortgat
- Heineken NV
- New Belgium Brewing Company Inc.
- Oskar Blues Brewery LLC
- Sierra Nevada Brewing Co.
- Stone & Wood Brewing Co. (Lion Brewery Co)
- The Boston Beer Company Inc
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Craft Beer Market Segmentation:
Our report has categorized the market based on region, product type, age group and distribution channel.
Breakup by Product Type:
- Ales
- Lagers
- Others
Breakup by Age Group:
- 21–35 Years Old
- 40–54 Years Old
- 55 Years and Above
Breakup by Distribution Channel:
- On-Trade
- Off-Trade
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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