Key players in the Global Craft Beer Market are emphasizing to enhance their investment in product development in order to extend the product line. Also, the companies are also inclined to increase their footprint across the world by acquiring local and regional players. Apart from that, the companies are introducing their products in the developing economies in order to penetrate in the untapped market.
Moderate consumption of craft beer decreases the risk of weight gain among women, reduce risk of hypertension, cardiovascular disease and heart failure. It is rich source of silicon, which plays an important role in increasing bone mineral density and prevents osteoporosis, risk of diabetes and Alzheimer. Young consumers are primarily interested and attracted to spend on craft beer consumption owing to higher disposable income, diversity in terms of flavors and health benefits associated with it. All such factors trigger and stimulates the demand of craft beer at the global level. Globally the market (Volume) for Craft Beer is estimated to grow at the rate of about 13.8 % from 2017 to 2024.
Craft brewery is a brewery that manufacturers small amounts of beer, typically much smaller than large-scale commercial breweries, and is autonomously owned Malt beer brewed with traditional methods and ingredients, inspired by classic styles, however unlike commercial beer, craft beer is not pasteurized. Brewed by small, independent breweries, craft beer offers a huge range of colors, flavors, and texture. Asia-Pacific and other developing regions serve as the engine of global growth and exhibits an excellent further growth prospects for the global craft beer market. Healthy growth and climbing income levels will continue to boost demand of craft beer and product innovation. Rising middle class population in emerging markets such as Asia-Pacific and Latin America are raising the customer expectations resulting in resetting strategic imperatives for industrial manufacturers in these regions. These factors will support the growth of craft beer market, and will grow at a CAGR of 13.8 %
Major Key Players
This report includes a study of strategies used in the market, mergers and acquisitions, multiple product launch by craft beer market players. It further includes product portfolios and developments of leading major players which includes
Bell's Brewery (U.S.)
Duvel Moortgat USA (U.S.)
Sweetwater Brewery (U.S.)
Boston Beer Co. (U.S.)
Deschutes Brewery (U.S.)
Yuengling & Son Inc. (U.S.) and
New Belgium Craft Brewery (U.S.)
The craft beer business is highly competitive and huge. Economies of scale include factors leading to fall in average cost of production as the value of output increases. The initial investments in Craft Beer Market are high including high equipment costs; however, the revenues are also high considering to high demand for craft beer and growing trend of different regional specific. Production costs for Craft Beer are typically higher because of skilled labour inputs, maintenance cost and food safety testing & certification.
APAC is projected to grow at the fastest rate in the coming years owing to increasing demand for craft beer from the young working-class population. Rising disposable income, especially working class consumers, has significantly contributed to the growth of the craft beer market in Asia Pacific. Furthermore, the increasing number of bars, pubs, and lounges serving in-house craft beer across Asia Pacific has also supported the growth of the craft beer market in the region. In addition, the ever-growing population of the region has also boosted opportunities for the craft beer market. With the growing acceptance of Western culture in the region, the future of the beer market seems prosperous in Asia Pacific.
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Hops based segment is anticipated to grow at highest CAGR in the Global Craft Beer market throughout the forecast period of 2020-2024. The lager beer segment is projected to register the higher growth rate during the forecast period of 2020 to 2024.
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