The global craft beer market size is expected to be valued at USD 141.66 thousand units in 2024 and reach USD 272.75 thousand units by 2029, growing at a CAGR of 14% from 2024 to 2029.
Global Craft Beer Market Report Scope:
- Market Size (2029): USD 272.75 thousand units
- Market Size (2024): USD 141.66 thousand units
- CAGR (2024 to 2029): 14%
- Base Year: 2023
- Forecast Period: 2024 to 2029
- Segments Analysed: By Product Type, Distribution Channel, Age Group, & Region
- Geographies Covered: North America, Europe, APAC, Latin America, Middle East & Africa
- Key Market Players Profiled: Anheuser-Busch InBev, Heineken NV, The Boston Beer Company Inc., D.G. Yuengling& Son Inc., Sam Adams, Constellation Brands, Sierra Nevada, The Gambrinus Company, Chimay Beers and Cheeses, Stone & Wood Brewing Co. and Vagabund. Are playing a dominant role in the global craft beer market.
The craft beer market share is esteemed to have the highest growth rate due to the increasing disposable income in urban areas. Rapid urbanization and increasing spending on alcoholic beverages, especially in developed and developing countries, greatly increase the growth rate of the market. Alcoholic beverages, when consumed at a moderate pace, have many advantages as they contain fiber, iron, calcium, vitamin D, and others. Various technological developments in the beverage industry are adding fuel for the launch of different beer brewing styles that are ascribed to promote the market growth rate. The demand for beer has been growing for many years, and now, with the latest technologies, the style of brewing beer is even more attractive to consumers. The easy availability of beer in many stores is propelling the growth rate of the craft beer market. There are around 9,709 breweries in the US, and the demand for craft beer is increasing steadily every year. In 2022, 24.3 million barrels of beer were sold by US craft brewers collectively, which is expected to go beyond by 2025. This further adds market value, especially in emerging countries. Despite the new challenges faced due to COVID-19 in 2020, the demand for craft beer is growing continuously, which is augmented to fuel the market share in the coming years. Acquisitions, collaborations, mergers, and new product launches by the top key players are likely to outrage the market growth rate in the forecast period 2024-2029.
In addition, the launch of new flavored craft beer products according to the consumer preferences ranking is showcasing huge growth opportunities for the craft beer market. An increasing number of brewpubs and taprooms in urban areas is likely to accelerate the market share. The emergence of the social media trend is ascribed to bolstering the growth rate of the craft beer market. The content creators are majorly interested in promoting the new brewpubs and others that reach the target audience easily.
People’s preference to consume varied alcoholic beverages like gin, rum, whiskey, and wine, with different ranges available in the stores, slightly limits their share of the market. Easy availability of craft beverages, which are produced with different flavors like grapefruit, lemon, and others, are attracting many consumers and eventually impeding the market growth rate. The shifting trend to focus on health and wellness and ignoring craft beer beverages will eventually lead to a decline in market value.
Browse full details of the report @ https://www.marketdataforecast.com/market-reports/craft-beer-market.
SOURCE: Market Data Forecast (Press Release / OpenPR)
PHOTO CREDIT: Market Data Forecast