In present-day scenario, consumer lifestyle is showing an impact on the food consumption patterns of individuals. Breweries are growing in prominence, and they are representing the upsurge of craft beer business in the beer industry. The non-profit trade group the Brewers Association is protecting and promoting many small and independent U.S. brewers in order to satisfy the rise in demand for craft beer. Craft breweries hyper-focus on consumer trends and in innovating more drinks have resulted in the emergence of new alternatives drinks. On the other hand, the prevalence of these drinks are making consumers of spirits and wines shift towards craft beer, which is catapulting sales in the craft beer market.
India Pale Ales (IPA) is the most dominant style of craft beer experiencing propitious growth these days. Increased adoption of IPA in California, Colorado, New Jersey, and Virginia is growing sales of IPA, and thus helping grow the craft beer market. The proliferation of Craft Lager is also influencing craft beer sales, as the drinkers are more interested in lighter styles such as lagers, blond ales, wheat, and kolsch. As a result, the global craft beer market size stood at $33.3 billion in 2018, and is projected to grow at a healthy CAGR of 15.8% throughout the forecast period 2019-2025. The report covers Craft Beer Market Size by Product type and Application, Craft Beer Market share by top 5 companies and also the market share by start-ups during the forecast period
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A drastic change has been effected in the craft beer landscape due to the rise in establishment of small and local breweries. Craft beer sales are shifting to cans as they keep beer fresh and enable easy storage. Moreover, they are portable, which increases their popularity among a large number of consumers. Taprooms are also playing a vital role in providing the craft beer to consumers and also boosting up the income stream as well. On-trade distribution application is growing at a faster CAGR of 13.8% during the forecast period. This on-trade distribution is going to become crucial in the forecast period because higher revenue for the craft beer market is being generated from hotels, restaurants, brewpubs, and breweries rather than from retail outlets such as supermarkets, hypermarkets, wines and spirits shops, and convenience stores.
Craft Beer Market Trends:
Prevalence of the Online Channel
People buy groceries using the Internet, and this trend is also gaining ground in the craft beer market. Online sales of beer have increased radically in recent times. For instance, TapRm is the most recent online craft beer sales platform, which is connecting breweries straight to customers. It is currently operating in New York State and is aiming to combine traditional beer distribution through brick and mortar shops with e-commerce. This on-trade expansion has become the major factor to influence the online websites to establish their footprints in the craft beer sales. E-commerce is the another distribution channel which is helpful for the growth of craft beer market through online beer sales. This transformation of craft beer sales associated with consumers’ beer buying behavior is leading many small craft brewers to shifting a high percentage of their sales online as it is easy to reach a larger audience in the current beer industry. Subsequently, this trend is benefiting the brewers in terms of higher profits, and resulting in increased consumer convenience.
The Higher Purchasing Power of North American Countries
The increasing disposable income of rising population are also leading to an upsurge in the craft beer market revenues. Lower prices coupled with a wide variety of flavors is influencing the population to shift to craft beer. The household disposable income of North American countries and Americans leisure spending for craft beer are reflecting an upsurge in the craft beer market of this region. According to the Organization for Economic Co-operation and Development, the U.S. household disposable income data has experienced an annual growth rate of 2.3%, whereas Canada has accounted for a growth rate of 3.6% in the year 2017. In the U.S., craft breweries count has increased from 6,490 to 7,346, which represents a 13.2% increment in the same. According to the brewers association, the U.S. craft beer sales volume growth noted as 3.9%, which accounts for 25.6 million barrels, as of 2018. This U.S. craft beer sales volume holds a share of 13.2% in the U.S. beer market volume. Increase in the craft production is especially from microbreweries. Retail dollar sales of craft beer has increased by 7% and reached $27.6 billion that account for more than 24% share in the U.S. beer market. These above-mentioned statistics are contributing to expansion of the North American craft beer market. The unprecedented growth in disposable personal income allows people to spend a substantial amount of money on luxuries such as craft beer. Thus, with the growth of household disposable income, the North America craft beer market is surely going to experience a major thrust.
Craft Beer Market in North America Region:
North America accounts for the largest share of 58.4% in the global craft beer market, among other regions in 2018. The U.S. is providing more beer styles and brands than any other country in the world. In 2018, the availability of beer brands in the U.S. increased due to a rise in the number of breweries, which reached 7,000 from 6,266 between 2017 to 2018. This is attributed to growth of small and independent craft brewers in the U.S. In 2017, craft brewers accounted for a volume share of 12.7% and $26 billion craft retail dollar value growth. Additionally, the brewery association’s support for small and independent breweries in the U.S. is also boosting sales of craft beer in the country. All these factors together are contributing to growth of the North American craft beer market.
Major Players in Craft Beer Market:
Bell's Brewery, Inc., Deschutes Brewery, D. G. Yuengling & Son, Boston Beer Co., New Belgium Craft Brewery, The Gambrinus Company, Sierra Nevada Brewing Co., Stone & Wood Brewing Co., The Lagunitas Brewing Company, and Feral Brewing Co. are some of the primary players operative in the global craft beer market. These companies have been continuously concentrating on product launches and new breweries in order to strengthen their portfolio and their foot prints in respective geographies.
Craft Beer Breweries Business Strategies:
·In August 2019, Anheuser-Busch InBev (ABI) has acquired Platform Beer Co. - the fastest growing regional craft brewery in the U.S. This platform beer company has its presence in Cleveland, Cincinnati, Columbus, and Ohio. During 2017, this company stood as one of the fastest-growing craft brewing companies. Now, it joined ABI’s “Brewer’s Collective” craft division. This acquisition is intended to build a strong product portfolio of craft beer varieties, and also to satisfy the increased number of craft beer consumer’s thirst to drink more beer-adjacent beverages such as canned cocktails, hard seltzer, and other bubbly hybrids.
·In 2018, Sufferfest Beer Company launched a low calorie, low carbohydrate, and low-alcohol beer called Repeat Kolsch in the U.S. It is brewed with bee pollen, and it acts as a premium craft alternative to the macro breweries’ low-calorie summer beers.
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The Global Craft Beer Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.Craft beer is the beer produced traditionally, production of craft beer is limited as it is a part of microbrewery industry.
Microbrewery industry is the industry which produces brewery in very small quantity compared to large-scale corporate breweries.
Craft beer is very expensive, the reason for its expensiveness is that it is produced by very old traditional brewing methods and the cost to manufacture it is very high.
Chief craft beer establishments are owned by individual as it is tallied under small-scale industry sector.
Craft beer market is witnessing robust development due to the increasing interest of people to drink traditionally prepared drink and interest to spend money on it.The report classifies the market into different segments based on type and application.
The Global Craft Beer Market Report, with its deep industry analysis of the market, estimates the market size bifurcated into segments and regions.
The Craft Beer market share and growth, trends estimated at the end of 2027 give a fair idea of the new opportunities coming up in the market.
The detailed key player's profile and market share analysis give a better understanding of the competitors and their business strategies.Base Year: 2020Estimated Year: 2021Forecast Till: 2027The report classifies the market into different segments based on type and product.
These segments are studied in detail, incorporating the market estimates and forecasts at regional and country levels.
The segment analysis is helpful in understanding the growth areas and potential opportunities of the market.Get | Download FREE Sample Report of Global Craft Beer Market @ https://www.decisiondatabases.com/contact/download-sample-3652A special section is dedicated to the analysis of the impact of the COVID-19 pandemic on the growth of the Craft Beer market.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
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The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
The new report on the Cutlery market provides estimations of the size of the global market and share and size of key regional markets during the historical period of 2015 – 2019.
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