The Europe Craft Beer Market was worth the US $ xx million in 2022, and it is estimated that it will reach a valuation of US $ xx million by the end of 2028 with an annual compound rate of xx% between 2023 and 2028.
Craft beer is a traditional beer produced in a small brewery. Ale, lager, and specialty beers are some of the common types of craft beers. Craft beers are that kind of beers which are processed using the traditional or non-traditional mechanism. Craft Beer is small breweries that produce significantly less beer than large commercial breweries, independently owned and focused on quality, taste, and brewing skills.
Europe Craft Beer Market Growth:
With the growing interest of health-conscious consumers, the demand for low-alcohol beverages is increasing in the European Craft Beer market.
Recent Developments in Europe Craft Beer Industry:
Growing consumer awareness of low alcohol content based on the availability and volume ratio of different styles and flavors of craft beer will drive the growth of the European Craft Beer market for years to come. There has also been a shift in consumer preferences, and it is now leaning more towards regular beer. The governments of European countries are promoting the production of craft beer and the integration of new breweries, taking into account the positive contribution of the industry to economic development and job creation, together with the willingness of consumers to pay more for a better tasting beer. The growth of this market is accelerating as the number of breweries, lounges, and bars increases. The growth of millennials is expected to create favorable opportunities for the European Craft Beer market during the forecast period. The significant growth of the European Craft Beer market has increased the availability of technical equipment and capital, allowing for small-scale brewing. In the early stages, entrepreneurs had great difficulty finding the right equipment to finance the brewery and regularly using capital equipment designed for other craft beer industries. However, over the years, the Craft Beer sector has witnessed an increasing adoption of improved technologies and equipment specifically designed for Europe Craft Beer. Beer consumption per person is quite high, and craft beers cannot be expected. Furthermore, consumers, mainly in Europe, prefer fine craft beers. The growing populations of Generation X and Generation Y also drove the demand for European Craft Beer. In order to provide a decent pale ale, manufacturers are focusing on hops. The constant change in the lifestyle around the world offers numerous opportunities in the European Craft Beer market. This brings good news to the main market players in the business sector. A growing young population and a growing number of female drinkers are driving the growth of the European craft beer market. In addition, the consumption of these beverages has exploded as the number of restaurants and bars has exploded because people prefer to drink on the premises rather than on the premises. Growing consumer preference for ABV (low alcohol) beer is driving the European Craft Beer market. Demand is expected to increase over the forecast period as consumer awareness of the different flavors and styles of craft beer paired with a low alcohol content (ABV) increases. More and more craft beer enthusiasts from the UK, Spain, Germany, and France are also expected to have a positive impact on the Europe Craft Beer market. The growing popularity of organic alcoholic beverages and the growing millennial population is expected to drive the growth of the European Craft Beer market. Some of the other factors, such as the increase in disposable income, the increase in female drinkers, the increase in social media marketing, and changes in consumer lifestyles and preferences, are expected to drive the market of the European Craft Beer in the forecast period from 2023 - 2028.
Fluctuations in raw material costs, high craft beer costs, and high excise duties are expected to hamper the European Craft Beer market growth during the mentioned forecast period. The threat from other alcoholic beverages like wine is one of the biggest impediments to the European Craft Beer market.
Europe Craft Beer Market Segmentation Analysis:
By segment, the Europe Craft Beer market is segmented into microbreweries, regional craft breweries, breweries, and contract breweries.
On the basis of product, the market is segmented as Ale and Lagers by type of product. Of these types of products, beer took a larger share of the craft beer market. The ale segment is subdivided into brown ale, pale ale, porter, Scottish style ale, and stout.
By distribution channel, the Europe Craft Beer market is divided into Off-Trade and On-Trade. Retail distribution refers to the sale of alcoholic beverages in restaurants, clubs, bars, pubs, and other distribution channels in the hotel industry. Commercial craft beer is more expensive than commercial beer. As a result, the craft beer market in developed countries is growing significantly due to the high growth of the hotel industry coupled with the high spending capacity of consumers. The on-trade distribution market is expected to show significant growth in developing and emerging economies due to the purchasing power of low to medium-priced consumers.
On the basis of age-group, the 21-35 years segment is projected to hold the highest shares of the European craft beer market.
Impact of COVID 19 on the Europe Craft Beer Market:
With regard to global restrictions imposed on functional cafes and pubs, the craft beer mass consumer sector (for example, commercial channels) expanded the decline during 2020. However, as the COVID-19 situation gradually improved, restrictions were lowered. The European Craft Beer market imposed on catering channels is expected to rebound from rising consumption levels this year. During the epidemic, as the "Sit Home and Booze" culture grew, sales of spirits in stores and online increased worldwide, resulting in significant growth in the out-of-trade distribution sector.
Europe Craft Beer is expected to have the largest market share in terms of value and volume. Major companies are planning to expand in Europe due to the growing demand for craft beer in the region, which is expected to play an important role in the growth of the regional craft beer market in the future. Craft beer consumption is high in European countries such as the UK, Belgium, Germany, and the Czech Republic. This is due to the variety of flavors of the product due to the premium spirits made in Belgium and Germany. Belgium is the beer of choice among major craft beer consumers due to its superior quality, clean taste, rich flavor, and aroma. High consumption combined with consumer preference for flavored beer is expected to drive growth in the craft beer market over the forecast period. Germany's craft beer market is holding the dominant shares of the market. United Kingdom craft beer market shares are propelled by increasing consumers of this spirit, accounting for more than 25% of their share of total revenue. It is also expected to have a positive impact on the European market as consumer awareness of different styles of beer increases and the penetration rate increases in countries such as Spain and France. Spain's craft beer market is accounted for holding the highest shares of the market following the UK craft beer market. France is anticipated to hit the highest CAGR in the coming years.
Key Players in the Market:
Major Key players in the Europe Craft Beer Market are
Carlsberg Group, Anheuser-Busch InBev, Heineken N.V., Diageo PLC, Lasco Brewery, Erdinger Brewery, Radeberger Brewery, Oettinger Brewery, and BAVARIA N.V.
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