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Market research analysts at Technavio identify the increasing demand from millennials due to their increasing spending capacity, as one of the primary growth factors for the craft beer market in the US. The growing demand for craft beer among consumers is inducing vendors increase their production capabilities. There is also an increasing demand for variety in flavors from the millennials. Owing to factors such as better quality, more varieties, availability on premise, and more seasonal offerings, there is a growing demand for craft beer from this population. This growing demand is inducing vendors to adopt new marketing strategies to gain more customers and capture major market shares. This market research report predicts that this market will grow at a CAGR of almost 18% by 2021.
The increasing investments from the market players towards increasing the production capacity and developing new products which will satisfy the changing taste and preference of the end consumer will be one of the major trends that will lead the market’s growth during the forecast period. One of the key vendors Anheuser-Busch InBev, has already made plans to make investments towards improving its production and distribution capabilities, packaging, and product innovations.
Owing to the presence of large vendors, this market appears to be highly competitive. The market players usually compete on factors such as product pricing, quality, innovation, reputation, and distribution. The change in consumer spending pattern, the regional, national, and local economic conditions, and demographic trends are some of the factors that affect the growth of the vendors in this marketspace.
The leading vendors in the market are -
The other prominent vendors in the market are Bell's Brewery, Brooklyn Brewery, Deschutes Brewery, Dogfish Head Craft Brewery, Minhas Brewery, New Glarus Brewing Company, Oskar Blues Brewing Holding, Stone Brewing, and SweetWater Brewing.
The IPA segment accounted for the major shares of this market during 2016. It is one of the famous and highly demanded beer in the US. Breakside IPA from Breakside Brewery, Heyoka from Half Acre Beer, Bodhi from Columbus Brewing, and Citrus Mistress from Hop Valley Brewing are some of the major products in this segment. Factors including the introduction of new flavors and the increased marketing and promotion campaigns by the market players, will contribute to the growth of this industry segment in the coming years.
During 2016, the on-premises segment accounted for major share in the craft beer market in the US. There is an increase in the number of breweries that are launching taste rooms at their premises. This will attract beer tourism which will increase the popularity of the region among the consumers. It has been observed that on an average, almost 10 million people visit craft breweries that organize beer tours and also provide accommodation facilities.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market segmentation by demography
PART 08: Market segmentation by distribution channel
PART 09: Market segmentation by type of brewery
PART 10: Decision framework
PART 11: Drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Appendix
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