The global craft beer marketis expected to grow at a CAGR of more than 11% during the forecast period, according to Technavio's latest report.
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Technavio has published a new report on the global craft beer market from 2017-2021. (Graphic: Business Wire)
In this report, Technavio covers the market outlook and growth prospects of the global craft beer marketfor 2017-2021. The market is segmented based on product, which includes (IPA, seasonal, pale ale, amber ale, lager, wheat, bocks, fruit beer) and distribution channel (on premises and off premises).
The global craft beer market is highly fragmented based on several parameters, such as product type, regional and global vendors, distribution channels, and end-users. In terms of geography, much of the craft beer production and consumption is concentrated in countries like the US, the UK, Germany, Poland, France, Spain, Russia, and Canada. Brazil, Italy, Switzerland, China, Japan, Mexico, Australia, and South Africa are other major countries of the world wherein craft beer consumption is increasing steadily.
Technavio's food and beverages research analysts categorize the global craft beer market into the following segments by regions:
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Americas: largest craft beer market
"North America is the largest market for craft beer in the Americas, with the US and Canada being the largest consumers of craft beer products. The craft beer market in Latin America is still in the growth phase, but the market is projected to grow in the range of 20%-40% depending on countries of this region. For example, in 2016, the sales of craft beer grew by 25% in Chile, when compared to that of the previous year," says Manjunath Reddy, a lead analyst at Technavio for research on alcoholic beverages.
The rising disposable incomes of the consumers in developing economies of Latin America, the increasing value of exports of craft beer products from the US, shifting consumer preferences toward low-alcoholic content beverages, and the rising number of microbreweries are the major drivers that will impact the growth of craft beer market in the Americas during the forecast period.
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Craft beer market in EMEA
"The market for craft beer is growing exponentially in several countries in EMEA. The craft beer market in EMEA is booming, with the increasing number of consumers preferring exotic and innovative flavors of craft beers brewed in traditional style," adds Manjunath.
IPA is the most popular variant of craft beer that is widely consumed in EMEA. Pilsners are popular in Germany and Poland. The rising number of microbreweries and the increasing number of M&A by major players are the drivers that will impact the growth of the craft beer market in EMEA during the forecast period. The growing consumer preferences for premium products due to an increase in disposable incomes will also have an impact on the market growth.
Craft beer market in APAC
India, China, Japan, Vietnam, Singapore, Australia, South Korea, and New Zealand are the major countries in APAC where the growth potential for craft beer products is huge. Craft beer market in APAC is at a nascent stage, as it projected a growth of 12.9% in 2016. China is the largest market for craft beer products in APAC. While Japan is the fastest-growing craft beer market, as the country registered a growth rate of nearly 22% in terms of revenue in 2016.
The large population of China and India presents a huge market potential for craft beer vendors to popularize their beer products. Australia and New Zealand are the major markets for craft beers in the Pacific region. The craft beer revolution is thriving in Australia with the growing number of brewpubs and increasing exports of craft beer products from the US.
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