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According to IMARC Group latest report titled“ Craft Beer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ”, offers a comprehensive analysis of the industry, which comprises insights on
craft beer
industry share . The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global craft beer market size reached US$ 130.4 Billion in 2023. Looking forward, IMARC Group expects the
market to reach US$ 293.4 Billion by 2032 exhibiting a growth rate (CAGR) of 9.2% during 2024-2032.
The increasing demand for low-alcohol beverages, the rising health consciousness among consumers, and the inflating disposable incomes are key factors driving the market.
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Factors Affecting the Growth of the Craft Beer Industry:
Consumer Preferences Shift:
One of the primary factors influencing the growth of the craft beer industry is the shift in consumer preferences. Modern consumers, especially millennials and Gen Z, are increasingly seeking unique, high-quality, and flavorful beverage options. Unlike mainstream beer options, craft beers offer a wide variety of flavors, styles, and experiences that cater to a broad spectrum of palates. This diversity appeals to consumers who are eager to explore different tastes and who value the craftsmanship behind the product. Additionally, there is a growing appreciation for local products and small-scale production, which aligns perfectly with the ethos of craft breweries. This preference shift has not only increased demand but also encouraged the emergence of new craft breweries, further expanding the industry's diversity and reach.
Enhanced Distribution Channels:
The expansion of distribution channels has significantly contributed to the growth of the craft beer industry. Initially, craft beers were primarily available in local markets or specific regions, limiting their accessibility. However, improvements in distribution logistics and strategies have enabled craft breweries to widen their market reach. This includes partnerships with larger beverage distributors, the adoption of e-commerce platforms, and direct-to-consumer sales models facilitated by legislative changes in some regions. As a result, craft beers have become more accessible to a broader audience, not only within their localities but also nationally and internationally. This ease of access has played a crucial role in increasing the visibility and availability of craft beer, thereby attracting more consumers to the industry.
Innovative Brewing Techniques and Sustainability:
Innovation in brewing techniques and a focus on sustainability have also been pivotal in driving the growth of the craft beer industry. Craft brewers are known for their experimentation with brewing methods, ingredients, and beer styles, often blending tradition with innovation to create unique and complex flavors. This continuous innovation keeps the industry dynamic and interesting, drawing in consumers eager for new experiences. Furthermore, many craft breweries are committed to sustainability, using locally sourced ingredients, implementing energy-efficient brewing processes, and engaging in environmentally friendly practices. This commitment not only appeals to environmentally conscious consumers but also helps breweries reduce operational costs and mitigate environmental impact, contributing to the industry's sustainable growth.
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
Craft Beer Market Report Segmentation:
By Product Type:
Ale represented the largest segment by product type due to its diverse flavor profiles and traditional brewing methods, which appeal to craft beer enthusiasts seeking variety and quality.
By Age Group:
21-35 Years Old 40-54 Years Old 55 Years and Above
The 21-35 year age group represented the largest segment due to their willingness to experiment with innovative and diverse beer flavors, coupled with a strong social drinking culture among younger adults.
By Distribution Channel:
On-trade distribution represented the largest segment as bars, pubs, and restaurants offer consumers the experience of enjoying craft beers in a social setting, fostering greater consumer engagement with the craft beer culture.
Regional Insights:
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)
Europe's dominance in the craft beer market is attributed to its long-standing brewing traditions, high consumer preference for premium beer products, and the presence of numerous well-established and emerging craft breweries.
Global Craft Beer Market Trends:
The global market is primarily driven by the increasing emphasis on health-conscious consumption habits; craft breweries are responding by introducing low-calorie, low-carb, gluten-free, and non-alcoholic craft beer options to cater to health-conscious consumers. Additionally, the growing number of consumers consciously choosing to support local businesses, including craft breweries, to contribute to their community's economy and preserve local culture is impelling market growth.
Moreover, strategic collaborations with other brands and engaging storytelling capture consumer interest and stimulate market growth. Furthermore, the rise of food and beverage pairing culture, as well as the growing popularity of socializing in craft beer bars and taprooms, is driving market growth.
Key highlights of the report:
Market Performance (2018-2023) Market Outlook (2024-2032) Porter's Five Forces Analysis Market Drivers and Success Factors SWOT Analysis Value Chain Comprehensive Mapping of the Competitive Landscape
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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