Craft Beer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Craft Beer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The craft beer market is projected to achieve considerable growth, registering a CAGR of 14.1% during the forecast period (2021 - 2026).

Key Highlights

• The demand for low-alcoholic beverages has been rising with the growing interest of health-conscious consumers. Wider choice of the new product range offered 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, the threat from other alcoholic beverages, like wine, is one of the major hindering factors to the craft beer market.

Impact of COVID-19 on the Market:

Key Highlights

• Pertaining to the worldwide restriction imposed on the functionality cafes and pubs, the mass consumption segment of craft beers i.e. on-trade channels incurred an extended downfall during the year 2020. However, as the situation of COVID-19 has gradually improved, with lesser restrictions being imposed on foodservice channels, craft beer market is likely to gain back its elevating consumption levels from this year.
• As the culture of Sit Home and Booze got on the rise throughout the pandemic period, the off-trade distribution segment witnessed a remarkable growth, as store and online alcohol sales soared across the world.

Key Market TrendsGrowing 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 in the United Kingdom, where the sales of off-licenses 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.

Asia-Pacific to be the Fastest Growing Region

Countries in the Asia-Pacific region, such as China and India, are expected to witness the fastest growth in the market, due to its increasing demand for beer, disposable income of the people, urbanized population, expansion of key companies in many countries and increasing craft breweries across the region. In China, a series of studies have been conducted to assess and enhance the efficacy, effectiveness, and feasibility of the enzymes used in brewing which results in developed and formulated products, thus boosting the craft beer market.

Competitive Landscape

AB In Bev, Heineken NV, Constellation Brands, The Boston Beer Company, and Sieera Nevada are some of the key players in the market with their product innovation, in terms of flavours 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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Anheuser
Busch In Bev
Constellation Brands
Heineken NV
The Boston Beer Company Inc.
Oskar Blues Brewery LLC
D.G. Yuengling & Son Inc.
New Belgium Brewing Company Inc.
The Gambrinus Company
Stone and Wood Brewing Co.
Sierra Nevada Brewing Co.

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