The craft beer market During the projection period, is expected to grow at a CAGR of 14.1%. (2022-2028).
Due to COVID-19’s worldwide limits on operational cafés and pubs, the mass consumption segment of craft beers, i.e., on-trade channels, had a prolonged drop in 2020. When the limitations were lifted in late 2020, sales picked up again. During the pandemic, the off-trade distribution segment saw significant growth, with shop and online alcohol sales soaring around the world.
Low-ABV beers were always thought to be unpalatable, but craft brewers are giving them a new lease on life. The situation is far more prevalent in European countries such as Sweden, where brewers are attempting to influence the craft beer market. The craft beer industry is always changing, but breweries may plan ahead to be ready for whatever comes next craft beer market demand.
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With the growing interest of health-conscious customers, demand for low-alcohol beverages has increased. The market is being driven by a wider range of new product ranges offered by key players with improved flavour and low alcoholic content in beer for those with an ABV of 2.8 percent or less. The danger of other alcoholic beverages, such as wine, is, however, one of the primary impediments to the craft beer market.
Low-alcohol-by-volume preferences are on the rise (ABV)
With the increased interest from health-conscious consumers and a new and wider selection of alternatives with enhanced taste, sales of no-alcohol and low-alcohol beers have been rising. A greater awareness of alcohol unit consumption and customers’ eagerness to sample new beverages has resulted in a trend toward low-alcohol beers and ciders. Anheuser-Busch InBev, for example, is expanding its product portfolio by launching four non- and low-alcoholic beers in 2020. The alcohol concentration of these goods is less than 4%. In the United Kingdom, where sales of off-licenses and supermarkets have skyrocketed to new highs, this shift in trend may be seen in the demand for low-alcohol drinks by volume. In addition, low-alcohol beers with an ABV of 2.8 percent or less are now cheaper than their high-alcohol counterparts. Low-alcohol drinks, such as craft beer, would benefit from the cost reduction.
The market is dominated by North America.
A major portion of the craft beer market is served in North America. Craft beer’s popularity in North America has risen as the number of microbreweries has increased. The number of breweries in the United States has increased dramatically, increasing demand for craft beers. The number of craft breweries in the United States climbed from 8391 in 2019 to 8764 in 2020, according to the Brewers Association. Social media, as well as local events and promotions, play an important role in the artisan movement. Because of its rich and lively flavour, craft beer appeals to millennials in the region more than normal beer. The market players have come up with several product developments in response to the growing demand for craft beers among the young population, as well as the growing demand for low alcohol craft beers in the region. For example, Stella Artois, a subsidiary of Anheuser-Busch, debuted Liberte’, a non-alcoholic beer, in the United States in 2021.
Competitive Environment
AB In Bev, Heineken NV, Constellation Brands, The Boston Beer Company, Molson Coors Beverage Company, and Sierra Nevada Brewing Co. are some of the key players in the market. The market is highly competitive, considering the presence of many global and regional players. The regional brewers cater to a large portion of the craft beer market. Both the global as well as regional players have catered to the rising consumer demand for the product with their extensive product innovations in terms of flavors, packaging, and alcohol content.
Segmentation of the Market
The craft beer industry is divided into three categories: kind, application, and geography.
By Type
● Ales
● Pilsners and Pale Lagers
● Specialty Beers
● Other Types
By Application
● Online
● Offline
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Recent Happenings
• FrogBeer’s Incroyable brand released its first non-alcoholic craft beer product line in 2021. There were four 0.5 percent alcohol by volume (ABV) brews in the line.
• Brithop, a Buxton Brewery brand, debuted a new craft beer with a lively, fruity flavour in 2021, aimed at youthful consumers in the United Kingdom.
• BrewDog, a well-known Scottish craft brewer, expanded its operations in 2021 by building its first location in Mumbai, India.
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