Increase in disposable income, changing consumer preferences, rise in youth population & average number of female drinkers, and surge in number of on-premise distribution channels fuel the growth of the global craft beer market.
Craft Beer Market by Product Type (Ale and Lager), Distribution Channel (On-Trade and Off-Trade), and Age Group (21–35-Year-Old and 40–54-Year-Old, and 55 Years and Above): Global Opportunity Analysis and Industry Forecast, 2018–2025.” According to the report, the global craft beer industry garnered $108.91 billion in 2018, and is estimated to reach $186.59 billion by 2025, growing at a CAGR of 8.0% from 2018 to 2025. The report also provides an in-depth analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and wavering market trends.
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Drivers, restraints and opportunities-
Rise in disposable income, changing consumer preferences, increase in youth population & average number of female drinkers, and surge in number of on-premise distribution channels drive the growth of the global craft beer market. On the other hand, volatile raw materials prices and taxation & higher excise duties on imported as well as local beer check the growth to some extent. However, introduction of organic alcoholic beverages, rise in number of millennial populations and upsurge in social media marketing are expected to create a number of lucrative opportunities in the near future.
The lagers segment to lead the trail by 2025-
Based on product type, the lagers segment contributed to nearly three-fifths of the global craft beer market share in 2018 and is expected to dominate during 2018–2025. Target customers’ rise in preference for different types of traditional beer fuel the growth of the segment. The ale segment, on the other hand, is projected to grow at the fastest CAGR of 8.8% throughout the study period. Rise in the disposable income among consumers around the world as well as easy availability of ale have driven the growth of the segment.
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The off-trade segment held the largest share in 2018-
Based on end-user, the off-trade segment held the lion’s share in 2018, garnering nearly two-thirds of the global craft beer market. Increase in the craze for purchasing beer from retail outlets such as hypermarkets, supermarkets, convenience stores, mini markets, kiosks, and wines & spirits shops has spurred the growth of the segment. At the same time, the on-trade segment would cite the fastest CAGR of 8.6% by 2025. Rise in inclination toward hopping bars, restaurants, coffee shops, clubs, and hotels has propelled the growth.
North America to rule the roost in terms of revenue-
Based on geography, North America accounted for more than one-third of the global craft beer market revenue in 2018 and is projected to lead the trail by 2025. Ongoing consumer shift in preferences and tastes has encouraged the brewers in the region to introduce varieties in alcoholic beverages. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 5.70% till 2025. People in the region are increasingly attracted to premium products & services and are more likely to buy craft beer of imported IPAs as well as imported brands.
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Leading market players-
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