Gone are Those Days, Craft Beer Market to Reach US$191.13 Billion by 2028, the Future Looks Promising after Decades of Losses
The craft beer market is booming and there are plenty of opportunities for businesses looking to get in on the action. The craft beer market is seeing renewed interest, with more and more people considering it as an option for drinking. Craft brewing has a long history, dating back to the early 1800s when people began making their own beer. Today, craft brewing is a thriving industry, with several thousand breweries operating around the world.
Westford, USA, June 22, 2022 (GLOBE NEWSWIRE) -- There are a number of reasons why people are interested in craft beer. Some people enjoy the unique taste and variety that craft beers offer. Others appreciate the artisanal approach that many breweries take to brewing. Whatever the reason, there is clearly a growing demand for craft beers. One of the main reasons why the craft beer market is seeing increased interest is because of the growing popularity of microbreweries and craft breweries. These smaller businesses are producing some of the most interesting and unique beers in the world, and they are finding success at a rapid rate.
Because of this, there is now a greater variety of craft beers available than ever before. Whether consumers are looking for something light and refreshing or something with more flavor, there is likely to be a craft beer that meets consumer’s needs.
*After Covid Impact in 2020, Local Breweries Have Started Witnessing Positive Growth in Global Craft Beer Market*
The Brewer’s Association has just released data that says the industry has bounced from losses due to Covid Pandemic. Things are looking much better since the storm has passed, hopefully for good. The craft beer industry grew by 7.9% in 2021. The market is mostly driven by increased number of people going out and spending time in bars, pubs, and restaurants, but the mass closings of various venues still inflicted significant damage to the industry.
The beer industry has suffered from a lot of losses and slowing growth in the last few years. This is reflected in the 36 brewers that are now at a loss. Craft beer began integrating into mainstream American culture about ten years ago, with 1,813 breweries active in 2010 and 9,247 by 2021.
The success of craft beer market is not solely due to larger regional breweries like Sam Adams, Sierra Nevada, and Yuengling. Half of all beer brewed in the US came from small companies that rely on a local following.
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*To Keep Up with the Trend, Craft Beer Producers Have Started Focusing on Strengthening their Online Presence *
The craft beer market is growing at a rapid pace, with consumers now looking for more local breweries to support. According to the Brewers Association, craft beer sales grew by 7.9% in 2021, and are projected to grow even faster in the next few years. In order to capitalize on this trend and promote local breweries, breweries are starting to focus on their online presence.
One-way breweries are doing this is by creating social media accounts specifically for their brands. For example, Stone Brewing has a main account that posts traditional beer news and information, but also has separate accounts for its Stone IPA, Stone Ruination Double IPA, and Stone Smoked Porter brands. When a user follows one of these accounts, they will be notified about new posts specifically related to that brand. This way, customers can stay up-to-date on all of Stone Brewing's latest offerings without having to follow multiple accounts.
Other breweries in the global craft beer market are using similar tactics to promote their products. Night Shift Brewing created a video series called "Brewing with Brian," which features Brian O'Shea (the brewery's head brewer) discussing various topics related to brewing. The series is tagged with specific Night Shift beers, so viewers can learn about the ingredients and brewing process used to make those beers.
By promoting their brands through online content and video series, breweries are able to reach a wider audience and connect with potential customers in a more personal way. This focus on online presence is likely to continue as the craft beer market continues to grow, and breweries look for ways to stand out from the competition.
*AI is trying to Enter the Craft Beer Market, the Future is Bright for Local Breweries*
The craft beer market is growing fast, and artificial intelligence (AI) seems to be playing a big role in that growth. NOLA Brewing is a small brewery that's been around for over 14 years. They're known for their unique beers and experimental brewing techniques. But the biggest challenge they face is distribution. The company created the beer in association with The Australian Institute for Machine Learning (AIML) and Barossa Valley Brewing (BVB).
This month, San Francisco-based startup Brewbound announced that it had acquired AI startup iBeers, which will be used to analyze data about craft beer sales. Brewbound CEO and co-founder David Zieve told The New York Times that the acquisition was “an important step in our ongoing effort to provide our customers with the most comprehensive and accurate information about the craft beer market.”
Brewbound isn’t the only company looking to use AI in its craft beer business. In March, Seattle-based Elysian Brewing announced that it had partnered with AI startupreveally to develop a tool that will help brewers track their beer sales on social media. And last year, San Diego-based Stone Brewing Co. teamed up with data visualization company Tableau to create an AI-powered platform that will allow brewers to see how their beers are performing on social media.
Artificial intelligence is making waves in the craft beer industry, and NOLA Brewing is leading the way. The first AI-created craft beer will be released this month, and it's sure to get people talking.
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*Today, Breweries are focusing on Larger Region Rather Than Traditional Way of Catering to Local Needs Through Mergers, Partnership, and Acquisition *
Craft breweries across the global craft beer market are focusing on larger regions rather than catering to local needs through mergers, partnership, and acquisition. For example, Anheuser-Busch InBev acquired Budweiser in 2008 for $52 billion, and MillerCoors acquired Coors Brewing Company in 2015 for $12 billion. These large companies are able to offer more variety and better-quality beers than smaller breweries. In June 2022, Figueroa Mountain, one of the leading players in the US beer craft market, is bought up three brewpubs in Westwood, West LA, and Sherman Oaks and is planning its opening multiple locations in Los Angeles. Apart from this, the company also acquired Echo Park’s Mohawk Bend.
*Specialty Craft Beer is Becoming Popular Among Breweries*
The craft beer market continues to grow and diversify, with more and more breweries producing specialty beers. These beers are often more complex and flavorful than traditional beers, and appeal to a narrower audience.
One reason for the popularity of specialty craft beers is that they typically offer unique flavors not found in mainstream beers. For example, several breweries produce Belgian-style lambics, which are characterized by their sourness and complexity. Other breweries focus on producing hop-heavy beers, which can be difficult to find elsewhere.
*Issues in Supply Chain May Challenge Craft Beer Market Growth*
Global craft beer market is booming, but the growth may be challenged by issues in the supply chain. The Brewers Association (BA) reports that in 2020, sales of craft beer declined by 8% in the US. Craft brewers are making more than ever, but they’re not doing it alone. To keep up with demand, the BA predicts that craft breweries will need to increase their production by 2.3% each year through 2021 to maintain current market share.
However, some issues threaten to impede this growth. One issue is that small breweries can’t always afford to buy ingredients in bulk or ship them in from other parts of the country. This means that some breweries have to choose between investing in their own production or buying ingredients from larger, more established breweries. Another issue is that the craft beer market is saturated. In order for a new brewery to break into the market and compete against the bigger players, they need to produce something unique and different. However, with so many breweries producing similar products, it’s hard for a new brewery to stand out and be successful.
Despite these challenges, craft brewers continue to grow faster than any other type of brewery.
*A look at Global Craft Beer Supply and Demand *
As craft beer continues to surge in popularity around the world, breweries are scrambling to keep up with demand. While there’s no exact answer to how much demand there is for craft beer, industry expert generally agree that there’s a lot of it. In fact, according to stats from the Brewers Association, craft beer sales grew by more than 12 percent in 2017, reaching a value of $24.3 billion in the, which further went to increase to $26.8 billion in the US alone. That market growth has led some breweries to expand their production capabilities and generate market revenue beyond what they were able to do before. For example, Stone Brewing Company has recently announced plans to invest more than $100 million in its brewing facilities over the next three years. That will allow the company to increase annual production volume from its current level of 2 million barrels to 3 million barrels.
But while demand is high and production is expanding that doesn’t mean that everyone can get their hands on craft beer. In fact, according to SkyQuest Technology Consulting, the number of U.S. craft breweries has grown by only 8 percent since 2016, while the number of brewpubs has increased by 17 percent in the regional craft beer market. That means that a large part of the market still remains vacant for craft brewers.
The craft beer market in Germany is booming, and the country is now the leading producer of craft beer in Europe, with an estimated market size of $4.8 billion in 2020. This is thanks to a number of factors, including a growing interest in artisanal and unique beers, as well as increased awareness about health benefits of drinking craft beer. One of the biggest driving forces behind the growth of the German craft beer market is the country’s rich history and culture of brewing. Germany has a long tradition of brewing high-quality beers, and this has helped to create a global reputation for German craft brewers. In addition, German brewers are very innovative and often develop new styles of beer that are not found elsewhere.
The German craft beer market is also benefiting from strong marketing campaigns by major breweries. These campaigns aim to educate consumers about the different types of craft beers available and to promote the health benefits associated with drinking craft beer. In addition, major breweries are also investing in new craft breweries, which is helping to drive innovation and growth in the German craft beer market.
Italy is another key producer of craft beer, with a market share of almost 20% in Europe. Moreover, Italian brewers are able to produce high-quality beers thanks to the favorable climatic conditions and the availability of quality ingredients. In recent years, the market has been growing rapidly, thanks to the increasing demand for artisanal beers.
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*India is Becoming the Most Potential Craft Beer Market and is Poised to Grow at a CAGR of 25%*
India has seen an increase in craft beer sales as a result of changing tastes. Consumers want fresh flavors and ingredients, rather than the regular mainstream styles. With the booming economy, sales of all alcohol are rising. In 2010, annual sales of beer in India amounted to $1.4 billion. By 2016, this number had doubled and reached $2.8 billion and now it is generating sales of over $10 billion as of 2021.
There has been a change in the way people drink beer in India. Years ago, beer was only preferred by the elite, but now more and more people are drinking it, even though it's low in alcohol content. This is replacing alcoholic hard liquor as the primary drink for Indian people. The India beer craft market is witnessing a shift from mass-produced beer to small brews made with fresh ingredients. However, it is not fully developed industry. Craft Beer needs much care and support from the Indian government.
Craft beer has increased as a trend in India. The influence of the Western culture could be seen in Indian society, mainly among the millennials, who are drinking craft beer more than regular alcohol. Considering the health benefits over bottled beers, people are switching to craft beer. This is leading the microbrew industry to face some challenges due to strict regulations in markets.
As the industry has grown, customers and brewers alike have realized the potential of craft beer. Cities across the country are now accepting this unique product. In some brewing cities, entrepreneurs are dreaming of opening their own breweries to cater to these increasingly popular preferences for tasting different flavors.
*Top Players Company Profiles*
· Anheuser-Busch InBev (Belgium.)
· Beijing Enterprises Holdings Limited (China)
· Carlsberg Group (Denmark)
· Dogfish Head Craft BreweryInc (US)
· Heineken Holding NV. (Netherlands)
· Squatters Pubs and Craft Beers (US)
· Sierra Nevada Brewing Co (US)
· Diageo PLC (UK)
· United Breweries Limited (India)
· The Boston Beer Company, Inc (India)
*Related Reports in SkyQuest’s Library:*
Global Beer Market
Global Cider Market
Global Champagne Market
Global Ready to Drink Cocktail Market
Global Hard Seltzer Market
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