The global craft
beer market is expected to
reach USD 502.9 billion by 2025, according to a new report by Grand View
Research, Inc. The market is expected to witness substantial growth over the
forecast period on account of the rising demand for low alcohol by volume (ABV)
and flavored beer.
The government in countries
including Australia, New Zealand, Belgium, Mexico, China, and the UK are
promoting the production of craft beer and incorporation of new breweries on
account of the positive contribution of the industry towards economic
development and employment generation coupled with the willingness of the
consumer to pay extra for better tasting brews.
Australia, Belgium, Germany, U.S.
and New Zealand are the major craft beer producing countries with over 65% of
the overall production in terms of value as well as volume. Belgian is the most
preferred beer among the major craft beer consuming countries owing to the
premium quality, clean taste and rich flavor & aroma of the brews.
Furthermore, the number of
brewers in the global market is growing significantly on account of the rising
demand for the product. As a result, the demand for grains such as barley,
wheat, yeast, sugar, and hops is increasing substantially. However, the
alternative applications of the raw materials are expected to lower the
bargaining power of the brewers.
The demand for the pale ale, IPA,
and amber ale is growing as these three craft products are widely preferred by
the consumers owing to the balanced composition of the raw materials in the
product including malt, hops, water, and yeast.
U.S. craft beer market revenue, by distribution,
2014-2025 (USD Billion)
Browse full research report on Craft
Beer Market
Further key findings from the report suggest:
- On-trade
distribution of craft beer accounted for over 50% in 2015 of the overall
volume share, which is primarily attributed to the high consumption of the
product in restaurants, bars, and clubs in developed economies including
UK, Australia, and Belgium.
- Off-trade
distribution of the product is expected to witness significant growth in
developing economies as the consumer spending power in these countries is
low with high price of the product in on-trade distribution outlets as
compared to its counterpart
- Europe is
expected to account for the largest market share in terms of volume owing
to the high consumer preference for flavored beer over other alcoholic
spirits. In addition, increasing demand for IPA and pale ale in the region
is expected to have a positive impact on the market growth.
- Middle East
& Africa is expected to grow at a CAGR of 28.9% owing to the
increasing penetration in South Africa. The growing consumer awareness
about the wide range of flavors and styles of the product is expected to
be a crucial factor for market growth in the country.
- Key players
in the industry include The Boston Beer Company, The Gambrinus Company,
D.G. Yuengling and Son, Stone & Wood Brewing Co. and Chimay Beers and
Cheeses. These major players compete on the basis of acquiring new markets
and increasing their product portfolio.
For more information: http://www.grandviewresearch.com
No comments:
Post a Comment