Pune, Oct. 20, 2020 (GLOBE NEWSWIRE) -- The global craft beer market size is expected to reach USD 190.66 billion by 2027, exhibiting a CAGR of 10.4% during the forecast period. The modification and improvement in the taste of craft beer will foster healthy growth of the market, states Fortune Business Insights, in a report, titled “Craft Beer Market Size, Share & COVID-19 Impact Analysis, By Type (Ale, Lager, Pilsner, and Others), Distribution Channel (On-Trade and Off-Trade), and Regional Forecast, 2020 – 2027.” The market size stood at USD 89.25 billion in 2019.
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The report on the craft beer market contains:
- Grander insights into the market
- Meticulous scrutiny of the market
- Recent developments
- Notable information about eminent players
- Leading regions in the industry
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Market Driver:
Increasing Number of Microbreweries to Incite Development
The growing popularity of taprooms and brewpubs among millennials owing to the socializing trends will enable speedy expansion of the market. The emerging small and independent breweries to enhance beer production to serve the ever-rising demand of consumers will further propel healthy growth for the market. According to Brewers Association, small and independent brewers in the U.S. produced 26.3 million barrels in 2019, with volume growth of 4% than the prior year. However, the demand for other alcoholic craft beverages that have to go through vital distillation techniques to obtain high-quality liquor will subsequently impede the expansion of the market. Moreover, the availability of numerous flavors in alcoholic craft beverages such as grapefruit, plum, raspberry, lemon, and others can limit the adoption of craft beers in the near future.
Closed Bars and Breweries to Dwindle Market During Coronavirus
The lockdown in several countries has massively affected the hospitality industry. Hence, the closure of various pubs, restaurants, taprooms, and bars to maintain social distancing norms. According to a study by the Brewers Association, the total brewery sales in the U.S. went down by 30.5% in May compared to the prior year. The colossal drop in beer production and sales has negatively impacted the global market. Nearly, 89% of the brewing companies, either had stopped or slowed down their production, as their year-on-year (YoY) sales have declined in April. Nevertheless, the reopening of bars and pubs in the forthcoming months will help revive the sales and stabilize the market.
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Regional Analysis:
Rapid Urbanization to Favor Growth in Asia Pacific
The market in Asia Pacific is expected to experience rapid growth during the forecast period. The growth in the region is attributed to rapid urbanization and increasing disposable incomes of consumers. The growing demand for unique tastes will aid the expansion of the market in the region. North America is expected to hold a significant share during the forecast period owing to the expansion of craft breweries in the U.S. The surging popularity of new flavors will aid growth in the region. In addition, the increasing number of microbreweries with large volumetric production can have a tremendous impact on the market in North America
Key Development:
September 2020: Introduction of Fungtn, a low ABV medicinal mushroom craft beer, including IPA brewed with Lion’s Mane mushrooms for functional benefits
The Report Lists the key Companies in the Craft Beer Market:
- D.G. Yuengling & Son, Inc. (Pennsylvania, U.S.)
- Heineken N.V. (Amsterdam, Netherlands)
- The Boston Beer Company, Inc. (Massachusetts, U.S.)
- Constellation Brands, Inc. (New York, U.S.)
- Anheuser-Busch InBev (Leuven, Belgium)
- New Belgium Brewing Co. (Colorado, U.S.)
- Sierra Nevada Brewing Co. (California, U.S.)
- Duvel Moortgat NV (Puurs, Belgium)
- Bell's Brewery, Inc. (Michigan, U.S.)
- Dogfish Head Craft Brewery Inc. (Delaware, U.S.)
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/craft-beer-market-100736
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview on the Global Alcoholic Beverages Market
- Market Dynamics of the Global Beer Market
- Overview on Emergence of Small Breweries and its Impact on the Market
- Supply Chain & Regulatory Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and
- New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support Sales during the Calamity
- Global Craft Beer Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Ale
- Lager
- Pilsner
- Others ( Wheat Beer, Specialty Beer)
- By Distribution Channel (Value)
- On-Trade
- Off-Trade
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle
- East & Africa
- By Type (Value)
TOC Continued…!
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October 21, 2020 at 08:30AM
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Craft Beer Market to Reach USD 190.66 Billion by 2027; Launch of Medicinal Mushroom Beer Fungtn to Expedite Business, states Fortune Business Insights™ - GlobeNewswire
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