Dublin, July 05, 2019 (GLOBE NEWSWIRE) -- The "Craft Beer Market - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The craft beer market is forecasted to reach USD 107.85 billion by 2024, registering a CAGR of 14.1% during the forecast period (2019 - 2024).
The demand for low-alcoholic beverages has been rising with the growing interest from health-conscious consumers. Wider choice of new product range offered by key players with improved taste and low alcoholic content in beer for those of 2.8% ABV and less is driving the market. Increasing penetration of craft beer among Asian consumers is expected to drive the market. However, threat from other alcoholic beverages, like wine, is one of the major hindering factors to the craft beer market.
Key Market Trends
Growing Preferences for Low Alcohol By Volume (ABV)
There is a growing preference for low alcohol by volume beverages and the sales of no-alcohol and low-alcohol beers have been rising with the growing interest from health-conscious consumers and a wider choice of new ranges with improved taste. There is a trend toward low-alcohol beers and ciders, which is attributed to a growing awareness of alcohol unit consumption and the customers' willingness to try new beverages.
This shift in trend is witnessed in the demand for low alcohol drinks by volume at United Kingdom, where the sales of off-licences and supermarkets have soared to a record high. Another driving factor is that the low-alcohol beers are now cheaper than their high alcoholic equivalents, for those of 2.8% ABV and less. The cost reduction would drive the market for low-alcohol beers, such as craft beer.
Ales Remains the Fastest Growing Segment
Many craft beer breweries and microbreweries have opened worldwide, particularly over the last ten years, with major breweries also producing their own range of craft-style beers. Natural ingredients, such as water, barley, yeast, and hops have been involved in the production process, since its outset. In the most mature and some emerging markets, consumers are starting to drink less-but-better' beer, generally with a higher barley and malt content. Ales style craft beer has clearly upheld its position in the craft beer market from decades.
The rapid growth in the US craft beer has displaced some of the demand for the darker lagers and ales, brewed in the United Kingdom, Ireland, and Germany. Sour Ales, Imperial Porters, Golden or Blonde Ales, Kolsch, and Shandies are among some of the other top-growing craft beer styles for 2018.
AB In Bev, Heineken NV, Constellation Brands,The Boston Beer Company, Sierra Nevada are some of the key players leading in the market with their the product innovation, in terms of flavors and packaging. In the past, low ABV beers have been mostly considered as tasteless, but are now getting a reboot by craft brewers. The scenario is much prominent in European countries like Sweden, where brewers are seeking to bring changes to the craft beer market. The craft beer industry is constantly changing, but with planning, breweries can prepare themselves for what the craft beer market demands.
Scope of the Report
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 By Type
5.1.3 Other Types
5.2 By Distribution Channel
5.2.1 On-trade Channels
5.2.2 Off-trade Channels
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Key Strategies Adopted
6.4 Company Profiles
6.4.1 Anheuser-Busch In Bev
6.4.2 Constellation Brands
6.4.3 Heineken NV
6.4.4 The Boston Beer Company Inc.
6.4.5 Oskar Blues Brewery LLC
6.4.6 D.G. Yuengling & Son Inc.
6.4.7 New Belgium Brewing Company Inc.
6.4.8 The Gambrinus Company
6.4.9 Stone and Wood Brewing Co.
6.4.10 Sierra Nevada
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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