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Craft Beer Market to grow at 14.1% CAGR to reach $107.85 Bn by 2024 – Global Industry Analysis by Type (Ales, Lagers & Other), Distribution Channel (On-trade and Off-trade), Regions, Trends and Forecasts: Orbis Research

Orbisresearch.com has published “Craft Beer Market-Growth, Trends and Forecast (2019-2024)” research study to its database.

/EIN News/ -- Dallas, Texas, Sept. 13, 2019 (GLOBE NEWSWIRE) -- Rapidly changing standards of living, huge urbanization, growing popularity of beer, high disposable income, increasing use of alcoholic drinks are some major factors driving the global craft beer market growth.

On the other hand, several health issues occurring due to beer consumption, legal rules, beer alternatives availability, and huge taxation are some key factors hindering the growth of the global craft beer market. In addition, an increase in demand for imported beer, growing popularity of craft beer, and new products with different flavors is expected to offer several lucrative opportunities for the global craft beer market growth. 

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The craft beer market is segmented by type, distribution channel, and geography. Based on the type of craft beer, the scope includes: Ales (pale, strong, Indian, brown, and Scottish styles), Lagers (Pilseners and Pale Lagers), and other types, which include wild/sour beer, wheat beers, stouts, bocks, hybrid, and other specialty beers. By distribution channels, the market is further segmented into on-trade and off-trade distribution. the off-trade distribution channel includes bars, restaurants, clubs and pubs, and similar channels. The off-trade distribution channel retailers are supermarkets/hypermarkets, speciliaty stores, wholesalers, and online channels.

The craft beer market is forecasted to reach USD 107.85 billion by 2024, registering a CAGR of 14.1% during the forecast period (2019 - 2024). The demand for low-alcoholic beverages has been rising with the growing interest from health-conscious consumers. Wider choice of new product range offerred by key players with improved taste and low alcoholic content in beer for those of 2.8% ABV and less is driving the market. Increasing penetration of craft beer among Asian consumers is expected to drive the market. However, threat from other alcoholic beverages, like wine, is one of the major hindering factors to the craft beer market.

Key Market Trends

Growing Preferences for Low Alcohol By Volume (ABV)

There is a growing preference for low alcohol by volume beverages and the sales of no-alcohol and low-alcohol beers have been rising with the growing interest from health-conscious consumers and a wider choice of new ranges with improved taste. There is a trend toward low-alcohol beers and ciders, which is attributed to a growing awareness of alcohol unit consumption and the customers' willingness to try new beverages. This shift in trend is witnessed in the demand for low alcohol drinks by volume at United Kingdom, where the sales of off-licences and supermarkets have soared to a record high. Another driving factor is that the low-alcohol beers are now cheaper than their high alcoholic equivalents, for those of 2.8% ABV and less. The cost reduction would drive the market for low-alcohol beers, such as craft beer.

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Ales Remains the Fastest Growing Segment

Many craft beer breweries and microbreweries have opened worldwide, particularly over the last ten years, with major breweries also producing their own range of craft-style beers. Natural ingredients, such as water, barley, yeast, and hops have been involved in the production process, since its outset. In the most mature and some emerging markets, consumers are starting to drink ‘less-but-better’ beer, generally with a higher barley and malt content. Ales style craft beer has clearly upheld its position in the craft beer market from decades. The rapid growth in the US craft beer has displaced some of the demand for the darker lagers and ales, brewed in the United Kingdom, Ireland, and Germany. Sour Ales, Imperial Porters, Golden or Blonde Ales, Kölsch, and Shandies are among some of the other top-growing craft beer styles for 2018.

Competitive Landscape

AB In Bev, Heineken NV, Constellation Brands, The Boston Beer Company, Sieera Nevada are some of the key players leading in the market with their the product innovation, in terms of flavors and packaging. In the past, low ABV beers have been mostly considered as tasteless, but are now getting a reboot by craft brewers. The scenario is much prominent in European countries like Sweden, where brewers are seeking to bring changes to the craft beer market. The craft beer industry is constantly changing, but with planning, breweries can prepare themselves for what the craft beer market demands.

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Major points from Table of Contents:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY
3.1 Market Overview

4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters 5 Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers
4.3.3 Threats of New Entrants
4.3.4 Threat of Substitute Product and Services
4.3.5 Competitive Rivalry in the Industry
Continued…

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