The Size of the North America Craft Beer Market is worth US $ 45.03 million in 2022, and it is estimated that it will reach a valuation of US $ 121.69 million by the end of 2028, registering at an annual growth rate of 22% between 2023 and 2028. The rising prevalence of home-made beer among American consumers is expected to lead the local market.
Craft beer is a type of beer that is independent, small and made from traditional beers. Usually, it is made with traditional ingredients such as malted barley, sometimes non-traditional ingredients are added by originality. Craft beers have most of the number of alcoholic beverages in beer that tastes of fermentation and innovative or traditional ingredients. Sellers in this market compete primarily in terms of price, product differentiation, distribution, promotion and quality.
Consumers' preference for low alcohol and premium levels, and exotic flavor profiles is increasing, which is expected to lead the North American craft beer market in the future.
Significant changes in the social lifestyle of the local population have contributed mainly to the growth of the North American craft beer market. The increase in disposable income has increased the demand for premium and expensive beer among consumers. Higher incomes not only increase the demand for more expensive products but also increase the demand for diversity. Therefore, it is not surprising that the craft beer market has expanded as imports have increased significantly in developed countries for decades. The demand of health-conscious consumers increases, the demand for drinks with low alcohol content increases. The market is dominated by the new range of products offered by the main players, whose taste is good and the alcohol content is low, with an ABV of 2.8% or less. Consumer preference for low alcohol and premium levels is increasing, and exotic flavor profiles are expected to lead the global craft market in the future. The governments of countries like Canada, the United States and Mexico are encouraging the integration of new breweries and the production of craft beer due to the positive contribution of the industry to economic development and job creation.
However, as awareness of the different styles and flavors of craft beer increases, more energy will be provided to the global craft beer market in the coming years. But strict government regulations on liquor sales and tax increases can hamper the growth of the North American craft beer business.
Based on the segments, the North American craft beer market is divided into Brewpubs, Microbreweries, Regional Craft Breweries and Contract Brewing Companies. Of these segments, the microbreweries and regional craft breweries are gaining traction across the world.
Based on the product type, the North American craft beer market is segmented into Amber Ale, Amber Lager, Indian Pale Ale and Others. Of these, Amber ale accounted for a higher craft beer market share. Over the years, many beer-consuming consumers have developed a particular affinity for traditional beers such as Amber Ale, Pale Ale, etc. This perception of consumers has led some of the key players in the global beer market to reintroduce different types of traditional beer to the market.
The distribution channel in this regional market is segmented into on-site and off-site networks. On-Trade accounted for a larger market share of the North American craft beer market. The distribution segment includes stores such as bars, restaurants, coffee shops, clubs and hotels. The supply and selling of goods in the on-trade market are entirely different from the strategy and practice used in the off-trade market. In the on-trade segment, the bar/restaurant manager and the professionals working play an essential role in the sales process. Consumers are looking for more comfortable and stylish experience in commercial premises, including breweries, tasting rooms and tiki bars. This factor motivates the rise in pub and bar culture among millennials. This, in turn, promotes the growth of the overall craft beer market.
Geographically the North America Craft Beer Market is segmented into US, Canada and Rest of North America. The North American market is expected to witness remarkable growth as consumer preferences for homemade beer over the conventional beer rises. The United States craft beer market is presumed to have the largest market share, whereas Mexico craft beer market will become the fastest-growing region in the North American market.
Chimay beer and cheese have almost exclusive rights in the craft beer market worldwide, especially in the North American nations.
Key Players in the Market:
Major Key Players in the North America Craft Beer Market are
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