The craft beer has become quite popular since the last decade, and prominent companies have already increased their regional presence to increase their market share in the global craft beer market. FactMR reveals that the global craft beer market is likely to reach peak maturity levels, and is expected to grow at a healthy CAGR of 7% in the forecast period. This notable growth is mainly influenced by the dominance of small and independent brewers, which will significantly increase during the forecast period.

FactMR also found that increasing consumer demand for premium and flavored craft beer is fueling the growth of the craft beer market through 2029. Increasing consumer inclination towards craft beer products combined with exceptional taste is expected to increase in the upcoming future.

Craft brewers are already introducing craft beer in various flavors, and are focused on using advanced technology for malt ingredient production which is expected to create lucrative opportunities for the global craft beer market. A new study conducted by FactMR also finds that, globally, fruit additive based and unfermented craft beer have significant demand. Moreover, among various products, pale ales account for more than 25% demand in the total craft beer market. It has also been seen that more than 67% of consumers prefer to drink craft beer through independent regional craft brewing companies. The number of craft breweries in the US is increasing tremendously, mainly in California, Florida, Colorado, North Carolina, New York, Oregon, and Pennsylvania.

The quality of raw materials such as wheat, barley, and maize is a crucial factor for craft beer production. Barley and wheat offer various benefits, and produce is not restricted to a particular type or grade, and both species are known to adapt to a range of climatic conditions. Hence, the easy availability of quality raw material is also creating lucrative opportunities for the craft beer market at the global level. An increasing number of lounges and bars is also influencing the craft beer market to a great extent. Furthermore, according to the brewer’s association, the new brewpub opening has been significantly increased since the last four years in various regions.

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The FactMR study also envisages that the craft beer market experiences intense competition from the local and domestic level layers, and is highly fragmented. Majority of the market is dominated by microbreweries, brewpubs, and regional craft breweries. International players are starving to increase their market share in the craft beer market by introducing new products with versatile packaging to attract consumers. Top companies mainly prefer to offer their products by online retailers, liquor store and brick & mortar stores. Additionally, the rapidly increasing travel and leisure industry is pushing the craft beer market on account of the fact that customers like to consume their favorite drinks on-the-go.