Global Craft Beer Market Forecast to Reach $293.4 Billion by 2032: Rise in 'Light' and Non-Alcoholic Craft Beers Carving a Niche in the Market
Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "Global Craft Beer Market Report by Product Type, Age Group, Distribution channel, and Region 2024-2032" report has been added to * ResearchAndMarkets.com's* offering.
In a significant development within the beverage industry, the global craft beer market is set to reach a staggering US$ 293.4 billion by 2032, from US$ 130.4 billion in 2023. This growth, registering a CAGR of 9.43% during the forecast period, is fuelled by the escalating demand for unique and artisanal flavor profiles among consumers. Advancements in brewing technology and a burgeoning trend towards health-conscious and low-alcohol beverages are also playing a pivotal role in shaping the industry's future.
*Regional Market Insights and Competitive Landscape*
Europe continues to dominate the craft beer market share, thanks to a deeply ingrained beer culture and proliferating variety of styles fueled by traditional and modern brewing methods. Simultaneously, the Asia-Pacific market is rapidly ascending the growth ladder, spurred by changing consumer preferences and rising income levels. In North America, the market is characterized by innovation and diversity in artisanal beer offerings, sustaining maturity in the industry. While the Latin American market is experiencing a surge driven by economic development and global influence, the Middle East and Africa exhibit potential for niche market growth.
The competitive landscape is marked by numerous microbreweries and brewpubs, with market incumbents expanding their portfolios through strategic collaborations and product innovations. Companies are increasingly leveraging digital platforms to fortify their customer engagement and market reach, catering to a growing segment that values sustainability and environmentally friendly practices.
*Companies Featured*
· Anheuser-Busch InBev SA/NV
· Bell's Brewery Inc.
· Constellation Brands Inc.
· D.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.
*Strategic Market Segmentation*
The comprehensive analysis of the market reveals significant trends across various segments, including product type, age group, and distribution channels. Ales are highlighted as the dominant product type segment, while the 21-35 years age group emerges as the largest consumer base, demonstrating a penchant for diverse and artisanal beverages. On-trade venues, such as brewpubs and restaurants, are cited as key distribution channels, affirming the critical role of the consumer experience in driving craft beer sales.
*Responding to Consumer Preferences*
The shift towards premium ingredients and local sourcing echoes consumer consciousness regarding quality and providence. Microbreweries and brewpubs are not only feeding the demand for exclusivity and innovation in flavors but also fostering community through immersive experiences. Health consciousness is another pivotal area, with the rise in 'light' and non-alcoholic craft beers carving a niche in the market and appealing to a broader audience.
*Outlook for Industry Players*
Craft beer market leaders continue to adapt, introducing novel flavors and styles to captivate an extensive range of consumer segments. Limited edition brews and collaborations are at the forefront of market dynamism. In maintaining a competitive edge, crafting an experience that resonates with consumer preferences for authenticity and quality is imperative.
Industry growth is underscored by a deepened understanding of shifting market dynamics, consumer trends, and strategic segmentation. Despite facing challenges like stringent regulations and high operational costs for smaller brewers, the market outlook remains robust with ample opportunities to innovate and connect with a diverse consumer base through digital engagement and sustainable practices.
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 136
Forecast Period 2023-2032
Estimated Market Value (USD) in 2023 $130.4 Billion
Forecasted Market Value (USD) by 2032 $293.4 Billion
Compound Annual Growth Rate 9.4%
Regions Covered Global
For more information about this report visit https://www.researchandmarkets.com/r/1tin83
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*Attachment*
· Global Craft Beer Market
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