Over past few years, craft beer has been able to give stiff competition to other alcoholic products. Its consumption is further supported by introduction of rare, exotic, and innovative flavors of craft beer. While some players are introducing new flavors to enhance their visibility in the market, new players are coming up with innovative flavors to carve their niche in the craft segment. For instance, in September 2017, Dunkin’ Donuts collaborated with North Carolina-based Catawba Brewing Company to produce a small batch of craft beers incorporated with the flavor of craft coffee. Introduction of new and innovative flavors coupled with rising awareness regarding the availability of wide range of flavors and styles of craft beer can provide an upthrust to the market.
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Increasing production of craft beer has a positive impact on a country’s economic development and employment generation. As a result, governments of countries such as New Zealand, Australia, Mexico, U.K., Belgium, and China are encouraging its production and development of new breweries. Countries, including Belgium, Australia, New Zealand, U.S., and Germany are the major craft beer producing sights, contributing more than 65% of the overall production in terms of both volume and value. Belgian is the most popular beer in these countries owing to its clean taste, rich aroma and flavor, and premium quality.
Spiraling demand for pale ale, India pale ale, and amber ale is likely to propel the market. The balanced composition of raw materials such as hops, malt, yeast, and water in these drinks is boosting consumer inclination toward them. Rising disposable income is contributing to the sales of craft beer across the globe. Consumer willingness to pay extra for delectable brews is anticipated to work in favor of the market.
Advancements in the brewing process along with the use of superior quality raw materials have been instrumental in improving the overall characteristics of the product. Despite a sharp rise in the demand for grains such as barley, wheat, and hops for the production of craft beer, alternative applications of raw materials are expected to dampen the bargaining power of brewers.
Breweries require substantial capital investments for installing equipment such as mash tuns, bottling systems, fermenters, and boil kettles. In addition, the equipment often require continual repair and maintenance. All these factors, collectively, add to the cost of the final product. High cost of craft beer can hamper growth prospects.
The global craft beer market has been segmented on the basis of product, application, and geography. Based on product, the market can be categorized into lagers and ales. By application, the market has been bifurcated into off-trade and on-trade.
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In terms of geography, the craft beer market has been divided into Europe, North America, Southeast Asia, Japan, China, and India. Europe and North America will account for a sizeable cumulative share in the global arena throughout the forecast period (2017 to 2022). High consumption coupled with rising consumer inclination toward flavored brews is supplementing the growth of the regions. Soaring preference among consumers for craft beers to mainstream beer is also one of the primary factors driving the regional markets. Presence of major producing countries in the regions will escalate the growth of the market.
Some of the key companies in the craft beer industry are The Boston Beer Company, New Belgium Brewing Company, Deschutes Brewery, Lagunitas Brewing Company, and D.G. Yuengling and Son.
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