The global craft beer market is anticipated to reach nearly USD 503 billion by 2025. The market is expected to grow at a CAGR over 19.9 % during the forecast period (2014 to 2025). Factors that drive growth are demand for lower alcohol by volume (ABV) and availability of assorted styles & flavors of craft beer. In addition, preference for craft beer from countries such as Australia, South Africa, Brazil, and New Zealand may fuel the global market. Furthermore, proliferation of craft breweries to cater to this demand can support market expansion.
Governments of the UK, New Zealand, Australia, Mexico, Belgium, and China encourage craft beer production and incorporation of new breweries. Prospects of economic growth & employment opportunities and willingness of consumers to pay more for better-tasting brews drive this decision.
The global craft beer market is categorized as per distribution and regions. On the basis of distribution, the segments are on-trade and off-trade. On-trade distribution held around 50% of global share in terms of volume in 2015. This dominance is attributed to high consumption of craft beer in bars, clubs, and restaurants of developed countries. Off-trade distribution on the other hand, may witness significant growth in developing countries, due to lower spending capacity of consumers.
In-depth research report on global craft beer market - http://www.grandviewresearch.com/industry-analysis/craft-beer-market
On the basis of regions, the market is divided into Middle East & Africa (MEA), North America, Central & South America, Europe, and Asia-Pacific. Europe is expected to hold the largest share during the forecast period. High consumer preference for flavored beers over other alcoholic beverages propels regional growth. In addition, growing demand for pale ale and India pale ale (IPA) is anticipated to positively impact the demand for craft beer in Europe. The U.K. & Germany are the major consumers of craft beer. These regions accounted for over 25 % of overall market in terms of revenue share in 2015.
MEA is expected to grow at a healthy CAGR over 28.9 % till 2025, due to high product demand from South Africa & Brazil. Availability of low ABV craft and an extensive range of flavors drive growth of the market in these economies. Furthermore, rising popularity of craft beer in United Arab Emirates (UAE) is also expected to propel market growth in the near future.
North America is anticipated to witness rapid growth from 2015 to 2022. This is attributed to the shift in customer preference from ordinary beer to craft beer. The U.S. is expected to hold the largest market share over the forecast period. Mexico on the other hand, may emerge as the fastest-growing region.
The Gambrinus Company, The Boston Beer Company, Stone & Wood Brewing Co., Chimay Beers and Cheeses, and D.G. Yuengling & Son are major companies operating in the global craft beer market. Recently, Cape Brewing Company produced highly advanced can fillers in partnership with Swedish brewery, Åbro. They are manufactured with the help of advanced aluminium processing technology and they also have strong seals. These highly advanced, quick-chilling, portable, and sustainable can fillers retain flavor & taste of beverages.