Craft beer sales are expected to reach US$ 87 Bn as of 2022, according to a recent report by Fact.MR. The industry is forecast to grow at a CAGR of 6.9% over the forecast period of 2022-2032, reaching US$ 174.68 Bn by 2032.
In the course of the previous five years, the market expanded steadily at a CAGR of nearly 5%, valued at over US$ 81 Bn by the end of the period. Despite declining prospects in 2020 due to COVID-19, growing reliance on instant beverages during lockdown drove major e-commerce companies to partner with leading beverage manufacturers, enhancing the availability of craft beer across a wide range of adult demographics.
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Many factors are involved in creating the perfect beer or ale. It can be difficult to define what craft beer is, but small, independent breweries are usually the ones producing unique products. A variety of flavors is used for attracting customers, including honey, fruits, tart, sweet and sour, funky flavors and spicy.
Key Takeaways from the Market Study
Craft beer's growing demand for natural ingredients and flavors, in conjunction with increased health consciousness, is resulting in an increase in the use of natural flavors, says a Fact.MR analyst.
Competitive Landscape
Manufacturing companies can increase revenue and market share through strategic collaborations by meeting consumer demand and increasing production. The end-user can benefit from eco-friendly products thanks to the emergence of new products and technologies.
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Key Segments Covered in the Craft Beer Industry Survey
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Why is North America emerging as an important hub for Craft Beer?
North America is likely to hold the largest share of the growing demand for craft beer until 2032. The variety of independent microbreweries and the production of craft beer in a large volume has become the major reason behind the success of craft beer in the American market.
Independent breweries and the support of small businesses have helped boost the market for craft beers. They have greatly contributed to the development of this market. According to Fact.MR, a 36% market share is anticipated for the North American craft beer industry.
Data from the Brewers Association shows Colorado and Vermont to be the state's most economically impactful craft beer drinking states. Among states with more than 21 adults, Colorado ranks first in economic impact per capita with $764, while Vermont is second with $681. These numbers represent the overall output of the craft beer industry in each state based on the 21+ population.
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