As per our research report, the global Craft Beer market size is estimated to be worth USD 104 Billion in 2022 and is projected to reach a value of USD 243.15 Billion in 2030, growing at a fast CAGR of 11.2% from 2023 to 2030.
The COVID-19 pandemic has had a staggering effect on markets everywhere. Because of the contagious nature of the virus, governments everywhere established a lockdown. This ensured that nothing but essential businesses were kept open. The restaurants, bars, pubs, and breweries were completely shut down initially. Even after opening, they were allowed to function at less than optimal capacity. Due to this, the sales of craft beer were severely affected. The market suffered severe losses but it did not go through the worst of the impacts. Alcohol is drunk to even out mental temperaments which were very unstable during a global pandemic. Therefore, despite observing an overall market decline, the craft beer industry could be able to get back to its pre-pandemic shape and make a total recovery during the forecast period.
Craft beers are a relatively new invention compared to aged whiskies, wines, and other alcoholic beverages. They have a low alcoholic percentage making them more convenient for casual consumption. Also, the recent manufacturing of the beers provides a person with several different flavour options that suit their tastes. The beers are available in several different notes of flavours ranging from fruity flavours like citrus or berries, calming and soothing flavours like chamomile and lavender, alongside strong flavours like spicy, sour, malty or honey laced, and many more. This range of availability paired with low alcoholic percentages ensures that the market for consumption is very wide. This helps it to grow and flourish further. The craft beer market proposes a wide variety of flavours and strength selections to attract an even broader audience than what was previously believed to be possible.
The up-and-coming popularity of social media has led to a rise in aesthetic restaurants and bars. The alcohol connoisseurs or regular folk looking for new places to try out are driven towards the craft breweries, microbreweries and taprooms. These places have built up expertise in selling and producing top-quality craft beers. The beers paired with the socialization aspect of these establishments make them very popular. This ensures that the craft beer market is growing. Furthermore, more and more people are turning towards adopting healthier lifestyle standards and making sustainable choices. New manufacturing methods for craft beers ensure that the water usage in production is kept to a minimum along with reducing after-production wastage which makes them a relatively greener choice. The non-alcoholic versions of craft beers attract the health-conscious crowd.
Craft beers were considered artisanal products for a long time. They were a labour of love like many other alcoholic beverages found across the globe. This made them more expensive. The costs of craft beers were noticeably higher compared to regular beers or their other alcoholic counterparts which made them difficult to sell. Ingredients for the production are also relatively more expensive which makes it even more costly. Due to this, the small breweries are affected the most and thus the market share is also affected. Old-school customers consider this to be a non-traditional form of alcoholic beverage and thus try to avoid it. These factors end up restraining the growth of the market.
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