Within the world of craft beer, there is a community that is passionate about the style of beer and enjoys drinking it. People are drinking craft beer more frequently as a result of the allure of trying new types of beer.
Data Bridge Market Research analyses that the craft beer market was valued at USD 2.47 billion in 2021 and is expected to reach the value of USD 5.02 billion by 2029, at a CAGR of 12.3% during the forecast period of 2022-2029. The craft beer market report examines the current growth, which is being driven by the changing trend of gifting craft beers on special occasions.
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Some of the major players operating in the craft beer market are:
- Davide Campari-Milano N.V. (Netherlands)
- Diageo PLC (UK)
- Halewood International Limited (UK)
- Asahi Group Holdings, Ltd. (Japan)
- Accolade Wines (Australia)
- Bacardi Limited (Bermuda)
- Mike's Hard Lemonade Co. (US)
- Castel Group (France)
- Suntory Holdings Limited (Japan)
- Anheuser-Busch InBev SA/NV (Belgium)
- The Brown-Forman Corporation (US)
- United Brands Company, Inc. (US)
- PernodRicard SA (France)
- The Miller Brewing Company (US)
Global Craft Beer Market Scope
The craft beer market is segmented on the basis of product type, distribution channel and age group. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Ale
- Lagers
- Specialty beers
- Others
Distribution channel
- On-trade
- Off-trade
Age group
- 21-35 years old
- 40-54 years old
- 55 years and above
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Craft Beer Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Growing millennial population
The rising popularity of organic alcoholic beverages, as well as the growing millennial population, are driving the growth of the craft beer market.
- Rise in social media marketing
Rising disposable income, an increase in the number of female drinkers, and increased social media marketing are important factors acting as craft beer market growth determinants in the forecast period
Opportunity
The market's overall growth has been tempered by changing consumer lifestyles and preferences. Furthermore, rapid urbanisation and an increasing population are expected to accelerate the market's overall growth.
Restraints
On the other hand, the high excise duties may pose a significant challenge to the market growth rate during the forecast period. The fluctuation in raw material prices, on the other hand, is expected to stifle market growth.
This craft beer market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the craft beer market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
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