Craft Beer Market To Witness High Demand Due To The Growing Inclination Towards Low Alcohol By Volume (ABV) Beer
The use of premium-quality raw materials for new flavors and styles is expected to contribute to growth to the global craft beer market, says Fortune Business Insights in a report, titled “Craft Beer Market Size, Share and Global Trend By Type (Ales, Pilsners and Pale Lagers, Specialty Beers, Others), By Distribution (On-trade, Off-trade), and Geography Forecast till 2026.” The dominance of small independent and private label breweries is fostering the growth of the craft beer brands.
KEY INDUSTRY DEVELOPMENTS:
-In January 2019, British brewer Gen!us released a light beer with the launch of a 3% ABV craft lager which it claims will promote ‘smart drinking’. Made with pilsner malts and three hop varieties, the can of craft larger is only 72 calories.
-In July 2018, Kingfisher teamed up with Freedom, one of the UK’s original craft breweries, to create a pale ale targeted specifically at the Indian food occasion. Bombay Bicycle uses New World hops such as Cascade and Chinook to give some citrus and tropical fruit notes to refresh the pallet.
Genius’ Launch of ‘Light’ Craft Beer to Aid Growth
British beer maker Genius announced a light craft beer brewed with three hop varieties and pilsner malts, containing only 72 calories. The launch of the new craft beer is likely to fuel demand among health-conscious and gym-goers due to the low-calorie content which will, in turn, enable growth of the global craft beer market.
The acquisitions between companies to launch craft beer is also supporting the growth of the global craft beer market. For instance, Kingfisher partnered with Freedom, The UK’s original craft breweries, to create a pale ale targeted precisely at the Indian food occasion.
Demand for Low Alcohol by Volume (ABV) Beer to Boost Market
The rising production of craft beer along to suit the changing consumption habits is driving the craft beer market. An increasing number of consumers are seeking innovative and flavorful options. This is a key factor contributing considerably to the global craft beer market. The premiumization inclination towards drinking less but better beer is also a prime reason responsible for boosting the global craft beer market.
The maturation phase of the beer industry has gradually improved by the flavorful revolution in the form of craft beer. The dominance of private label breweries and small independent breweries are making the market highly lucrative which is subsequently aiding in market growth.
The rising demand towards low alcohol by volume (ABV) beer along with the overall quality and safety profile of the craft beer is contributing positively to the global craft beer market. In addition, the utilization of premium-quality raw materials for the production craft beer in new styles and flavors is expected to offer huge growth opportunity during the forecast period.
North America and Europe to Remain Dominant in The Global Market
Geographically, the global craft beer market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. North America and Europe are presently leading the market and are predicted to dominate the global craft beer market during the forecast period.
The rapid expansion of small and independently-owned breweries in the U.S are leading to high sales of craft beer in the country which in turn is enabling the growth of the global craft beer market. The fragmented nature of artisanal craft breweries in Europe is offering a unique advantage wherein the offerings are tailor-made depending on consumer preference. This factor is boosting growth in countries such as the UK, Germany and others.
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