The use of premium-quality raw materials for new flavors and styles is expected to contribute to growth to the global craft beer market, says Fortune Business Insights in a report, titled “Craft Beer Market Size, Share and Global Trend By Type (Ales, Pilsners and Pale Lagers, Specialty Beers, Others), By Distribution (On-trade, Off-trade), and Geography Forecast till 2026.” The dominance of small independent and private label breweries is fostering the growth of the craft beer brands.
Gen!us’ Launch of ‘Light’ Craft Beer to Aid Growth
British beer maker Gen!us announced a light craft beer brewed with three hop varieties and pilsner malts, containing only 72 calories. The launch of the new craft beer is likely to fuel demand among health-conscious and gym-goers due to the low-calorie content which will, in turn, enable growth of the global craft beer market. The acquisitions between companies to launch craft beer is also supporting the growth of the global craft beer market. For instance, Kingfisher partnered with Freedom, The UK’s original craft breweries, to create a pale ale targeted precisely at the Indian food occasion. Bombay Bicycle uses New World hops such as Cascade and Chinook to give some citrus and tropical fruit notes to refresh the pallet. The recent launch of craft beer by market key player along with rising demand for low-calorie craft beer are contributing significantly to the global craft beer market.
Demand for Low Alcohol by Volume (ABV) Beer to Boost Market
The rising production of craft beer along to suit the changing consumption habits is driving the craft beer market. An increasing number of consumers are seeking innovative and flavorful options. This is a key factor contributing considerably to the global craft beer market. The premiumization inclination towards drinking less but better beer is also a prime reason responsible for boosting the global craft beer market. The maturation phase of the beer industry has gradually improved by the flavorful revolution in the form of craft beer. The dominance of private label breweries and small independent breweries are making the market highly lucrative which is subsequently aiding in market growth. The rising demand towards low alcohol by volume (ABV) beer along with the overall quality and safety profile of the craft beer is contributing positively to the global craft beer market. In addition, the utilization of premium-quality raw materials for the production craft beer in new styles and flavors is expected to offer huge growth opportunity during the forecast period. However, high prices and restrictive regulatory framework is likely to hinder the growth of the global craft beer market.
North America and Europe to Remain Dominant in The Global Market
Geographically, the global craft beer market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. North America and Europe are presently leading the market and are predicted to dominate the global craft beer market during the forecast period. The rapid expansion of small and independently-owned breweries in the U.S are leading to high sales of craft beer in the country which in turn is enabling the growth of the global craft beer market. The fragmented nature of artisanal craft breweries in Europe is offering a unique advantage wherein the offerings are tailor-made depending on consumer preference. This factor is boosting growth in countries such as the UK, Germany and others.
In the Asia Pacific, the market for craft beer is showing significant growth owing to rising demand for refreshing flavorful craft beer in countries such as New Zealand and Australia. Nevertheless, India and China are expected to be regional hotspots in the forthcoming year due to the robust consumption patterns and rapid emergence of small independent breweries in the tier-1 cities of both the countries. These factors are predicted to generate high growth opportunities in the region.
Source: https://www.fortunebusinessinsights.com/industry-reports/craft-beer-market-100736
