What Is Actually Craft Beer Marketing Size?

In 2020, the global craft beer market was worth US$95.23 billion. The global impact of COVID-19 has been unprecedented and overwhelming, with markets negatively impacting demand in all regions amid the pandemic. Based on our analysis, the global market will grow by 6.70% in 2020. The market is projected to grow from $102.59 billion in 2021 to $210.78 billion in 2028, at a CAGR of 10.83% from 2021 to 2028. The CAGR increase is due to the return of demand and growth in this market to pre-pandemic levels once the pandemic ends. Beer has always been the oldest and most widely consumed alcoholic beverage in the world and has several health benefits when consumed in moderation. Contains iron, calcium, vitamin B and dietary fiber. Advances in beer brewing technology have resulted in a wide variety of products on the market. It is one of the most consumed subspecies on the spectrum and has gained tremendous popularity in recent years. The market has seen considerable growth, particularly in North America, due to the constant change and improvement of flavors and the availability of numerous flavor options in the region.  Consumers are always looking for innovative beverages, leading to increased consumption of such beverages. 

Most countries in the world are experiencing rapid urbanization and improving financial conditions. This has resulted in an overall increase in people's disposable income. In addition, this has resulted in a shift in consumer tastes, especially among young serious drinkers in developed countries such as Europe and North America, to modern beers that differ from traditional beers and rums. In addition, beer is a globally consumed, produced and traded alcohol that also attracts young people. In addition, constant innovation in tastes, flavors, packaging, etc., has gradually pushed the population towards sophisticated, understated, high-quality beverages. 

In recent years, the number of breweries has increased significantly. As the number of consumers consuming alcohol continues to grow, there is also a need for different flavors in the consumer mindset. Consumers are constantly looking for new flavors of beer to discover their beer preferences. With many established global players in the market, national players such as Czech Republic, Mexico, Costa Rica, Argentina, Chile, India and Caribbean countries are expanding their product portfolios to offer consumers new products doing. As the number of local players grows, so does the need for more breweries. Market players are therefore focusing on partnerships to open their own breweries in various international markets to make their products available in these markets. The trend of consuming local beer will lead to an increase in the number of breweries, which is expected to boost the beer market during the forecast period. However, alcoholic beverages are known to be addictive when consumed in excess and have health-promoting effects. The growing number of consumers suffering from alcoholism has become a major concern for governments in various countries. As a result, many governments have enacted strict rules and regulations governing the sale and distribution of these products. Additionally, there are restrictions on advertising and promotion of such products, limiting the marketing strategies available to manufacturers. In addition, some governments also support campaigns and non-governmental organizations (NGOs) that condemn the consumption of such beverages. These factors and others are major obstacles to the growth of the market.

The beer industry is segmented by type, packaging, category, production and region. By variety, the market is divided into lagers, ales, stouts & porters, malts, and others. Based on packaging, the market is segmented into jars, metal cans, and others. Based on category, the market is segmented into budget, premium, and super premium. By production, the market is segmented into macrobreweries, microbreweries and craft breweries. In terms of regions, the market is studied in North America, Europe, Asia Pacific, and LAMEA.

Based on type, the beer market is segmented into lagers, ales, stouts & porters, malts, and others. The lager segment accounts for a large beer market share. However, the ale segment is projected to grow at the highest CAGR during the forecast period of the beer market. Lager is one of the most consumed beers in the world. Additionally, the bottom fermentation technology used in brewing keeps the lager fresh.