(Entertainment-NewsWire.com, August 08, 2018 ) Craft Beer Market was worth USD 125.07 billion in 2018 and estimated to be growing at a CAGR of 21.3%, to reach USD 328.44 billion by 2023. Craft brewery produces small amounts of beer unlike the typical large scale production breweries and is independently owned. It started in United Kingdom in the 1970’s producing craft beers alongside regular beers and it quickly spread to Europe and other parts of the world later.
Craft beers produced by craft breweries are typically known for the most part described by their accentuation on quality, flavour and brewing techniques. Sellers in this market compete primarily on elements like price, product differentiation, distribution, promotion and quality.
Global Craft Beer Market is driven by factors like rising demand for low alcohol by volume drinks and flavoured beers, growing awareness of consumers about various flavours and styles of products, rising disposable income, rising consumption of alcohol and rich beer culture in a few European countries. However other factors like high price of craft beers as compared to ordinary beers, their production requiring a lot of clean water and health concerns since they are produced by pressurised tanks with caustic chemicals are some restraints for this market. These factors may act as growth hurdles for the Craft Beer Market in certain regions. The Global market for Craft Beer is broadly categorized by style of production into amber ale, amber lager, IPA (Indian pale ale) and others. By segments this industry is segmented into brewpubs, microbreweries, regional craft breweries and contract brewing companies. These breweries differ in the percentage of beer sold off-site. By distribution the market is divided into on-trade and off-trade. Off-trade sales of these beers are on the rise in developing countries since the per capita income is less and price of beers is high compared to on-trade sales. IPA segment accounted for the largest share in Europe in the year 2018 owing to various exotic flavours available in this segment.
Some of the major competitors dominating the Global Craft Beer market are The Boston Beer Company, The Gambrinus Company, D.G. Yuengling and Son, Stone & Wood Brewing Co., Chimay Beers and Cheeses, Sierra Nevada Brewing Company and Lagunitas Brewing Company.
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