World: Global craft beer industry forecast to grow to US$107.9 bln by 2031
The global craft beer industry is forecast to grow to US$107.9 billion by 2031, according to a new market report, The Drinks Business reported on August 25.
Four years ago, the global craft beer was reportedly worth US$107.9 billion, so the anticipated change represents a 10.49% annual growth rate from 2018 to 2031 and the growth was attributed to the rising demand, despite the sector having endured a significant impact from the pandemic.
The analysis shows that the global market experienced a lower growth rate in 2020 than the average annual growth between 2017 and 2019. However, due to post-lockdown measures, which led to increased production capabilities as well as more technologically-advanced production techniques, growth is still expected.
Craft beer growth in Asia has been aligned with the growing demand for unique flavours due to the rapid urbanisation. Additionally, the Asia Pacific market holds the largest share and is expected to grow at a CAGR of 10.49% over the forecast period.
According to the report, the market growth for craft beer in Europe has been supported by the rising demand for premium products and the increase in craft beer consumption taking root. The findings show that high demand from the Middle East & African markets is also expected to experience strong growth.
Flavourful and strong beer varieties are set to emerge to boost industry growth. These are to include fruit and spice, honey-flavoured beers as well as new “tart and funky flavours”. Additionally, consumers are likely to see the subtle flavours of “lavender, elderflower, chamomile, and elderflower” balance and complement other flavours.
The data states that consumers are increasingly attracted to innovative flavours and new ingredients for beers and that this will, in turn, boost the sector’s growth over the coming years. The report outlines how due to the adapting trends, breweries are now refining their beer production to meet flavour demands.
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