Craft Beer Market To Grow $47.79 Billion By 2024

Technavio , a leading technology research and advisory company, just released a report that suggests that craft beer’s run is far from over.

According to its latest report, the global craft beer market worldwide could soar almost13% by 2024. The majority of that growth (51%) will take place in the US and Canada, with England and Europe also seeing significant advances over the next three years.

Unlike the Boulder-based trade organization the Brewers Association which defines craft brewers as largely small and independent operations, Technavio takes a much broader approach that includes craft properties now held by major brewing conglomerates like Anheuser-Busch InBev and Heineken, so there’s that.

But this report still provides a bullish perspective which is welcome, especially for an industry which has been battered by the economic impact by COVID-19.

Questions that Global Craft Beer (2020-2024) Market Report Addresses

• Based on segmentation by product, which is the leading segment in the market?
  Based on the product, the market saw maximum growth in the India pale ale segment in 2019.
• What are the major trends in the market?
  The rising population of millennials worldwide is the major trend in the market.
• At what rate is the market projected to grow?
  The market is projected to grow at a CAGR (compound annual growth rate) of almost 13% during the forecast period.
• Who are the top players in the market?
  Anheuser-Busch InBev SA/NV, Asahi Group Holdings Ltd., Carlsberg Breweries AS, D.G. Yuengling & Son Inc., Diageo Plc, Duvel Moortgat NV, Heineken NV, Kirin Holdings Company Ltd., New Belgium Brewing Co., and The Boston Beer Co. Inc. are the major players in the market.
• What is the key market driver?
  The market is driven by new product launches.
• How big is the North American market?
  North America dominated the market with a 51% share in 2019.

And you can download the full report HERE.