Craft Beer Market Global Information by Type (Ale, Lager, Stouts & Porters and others), Ingredients (Malt, Yeast, Enzymes, Hops and others) and Region – Forecast to 2023
pune, India – January 10, 2019 —
Craft beer is also known for the health benefits it offers, for instance; moderate consumption of craft beer reduces the risk of weight gain among women, reduces the risk of Cardiovascular Disease, Hypertension and Heart Failure. Simultaneously, craft beer is a rich source of silicon, essential to increase bone mineral density, preventing osteoporosis, the risk of diabetes and Alzheimer. Craft beer comes in various flavors and with many health benefits which, along with the improving economic conditions substantiates the market growth to an extent, triggering and stimulating the demand on the global level.
Craft beer market offers growth opportunities at a great deal, owing to the huge popularity of craft beer, which is the third most popular drink after water and tea. Its consumption is high especially among youths, the genre that is an enthusiast of experimenting with the various available flavors of the beer. The market witnesses a significant rise in the number of breweries, meeting the exceeding consumers’ demand. This presages that the market is on the constant rise.
Additional factors contributing to the market growth is the increasing demand for malt as a raw material in the food sector. Malt is one of the vital raw material required in the production of craft beer, helps in good digestion and is the good source of sweetness, flavor, and colors. Also, innovations in enzyme technologies that are being used for manufacturing craft beer have also supported the growth in this market over the past couple of years.
On the other hand, craft beer being produced through traditional brewing methods, it is crafted in the microbrewery, where the production is low-scale, compared to the large-scale corporate breweries. Resultantly, craft beer is way expensive, which acts as a headwind to the market growth, restricting its sale to the elite class consumers. However, the craft beer market is witnessing a dynamic development due to the increasing interest of people to drink traditionally prepared drink.
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Major Key Players Review:
Several large and small players having regional and global presence form the competitive landscape in the market. These players compete on the quality, market reach, financial resources, and pricing, whereas, innovation, brand reinforcement, and mergers & acquisitions remain the prevalent trends for the leading players operating in the global Craft Beer market. The market will witness fierce competition due to the expected extensions in product & service and product innovations.
Prominent players at the forefront of the market competition are Bell’s Brewery (US), Deschutes Brewery (US), Yuengling & Son Inc. (US), Boston Beer Co. (US), New Belgium Craft Brewery (US), Duvel Moortgat USA (US), and Sweetwater Brewery (US). Profiling them in its analysis MRFR finds out the strategies helping them to sustain their positions in the market.
Industry/ Innovation/ Related News:
August 11, 2018 – US – Gov. Bruce Rauner, current Governor of Illinois, US signed a measure that will cut costs and bureaucratic red tape for craft breweries across Illinois. The measure put forth by the Illinois Craft Brewers Guild, a non-profit organization, involved in promotion, development and expansion of the craft beer sector in Illinois, is expected to enable craft breweries to transfer the beer they produce directly to their pubs, thus avoiding a distributor’s markup.
The MRFR analysis is segmented into four main dynamics, for an enhanced understanding;
By Types: Comprises Ale, Lager, and Stouts & Porters among others.
By Ingredients: Malt (barley, wheat and rice), Yeast and Enzymes among others.
By Regions: North America, Europe, APAC and Rest-of-the-World.
The sub-segment – Ale dominates the segment, however, due to the rising demand for innovative beer, lager beer is estimated to register the highest CAGR during the forecast period.
The sub-segment – Malt dominates the segment; however, Hops will be the highest growing segment at the end of the forecast period.
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North America craft beer market will retain its dominance throughout the review period, growing at 6.88% CAGR from 2017 -2023. Factors substantiating the market growth in the region include high per capita income, the presence of several brewers and the innovation they bring to their brew. Latin American countries offer ample opportunities for expansion to major players.
In Europe, the favorable brewing instructions have steadied the consumption volume, which fell meaningfully in the past two years. Emerging economies are also gaining significant importance for the major international beer brands. Increased sales in Latin America and Asia have empowered producers to economize out complete sales growth.
Asia-Pacific region emerging as one of the lucrative markets for the craft beer will register 7.40% CAGR during the forecast period (2017-2023). Countries such as China, India, Japan along with the other ASEAN countries, will witness a considerable growth owing to the improving economic conditions that are increasing consumers’ purchasing power.
The high consumption of alcoholic beverages in some of the developing economies along with the growing demand for Craft Beer especially in China and India is expected to substantiate the market growth during the assessment period.
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This news is published on Reuters.