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The global craft beer market size is expected to reach USD 190.66 billion by 2027. The increasing consumer inclination towards innovative drinks will spur opportunities for the market, mentioned in a report, titled “Craft Beer Market Size, Share & COVID-19 Impact Analysis, By Type (Ale, Lager, Pilsner, and Others), Distribution Channel (On-Trade and Off-Trade), and Regional Forecast, 2020 – 2027.” The market size stood at USD 89.25 billion in 2019 and is expected to exhibit a CAGR of 10.4% between 2020 to 2027.
Release of Bira 91 in the Uk to Promote Expansion
Bira, a renowned beer brand of India in big cities such as Mumbai, Delhi, and Bangalore offering flavourful beers for millennials at an affordable price than other craft brands. It was originated by B9 Beverages, with breweries in Belgium, which is now shifted to India. The company announced three beers under the Bira 91 brand that will be available in the UK. The flavorful beers will include, INDIAN PALE ALE: caramel malts, tropical, balanced, and bright’ brew finished with Pomelo fruit and New World hops with an abv of 4.5%, WHITE ALE: a cloudy wheat beer that comes in at 4.7% abv will be a moderate take on Belgian-style wheat beers, BLONDE LAGER: this lager brewed with two-row malted barley and finished with noble hops with crisp, and clean taste. It has 4.5% abv. These three ranges will be available in 330ml bottles with cans and a draught version on keg in the pipeline. The company plans to build its Indian heritage and its global sponsorship in the International Cricket Council to spread awareness of the beer. Thus, enlarging its production capacity and distribution across countries.
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Launch of Strong Beers to Spur Demand
The introduction of numerous varieties of strong and flavorful craft beers such as honey-flavored, fruit & spice, sour, tart & funky, and malty & sweet flavors will boost its popularity and therefore, spur opportunities for the market. For instance, the added floral flavors such as chamomile, lavender, and elderflower add a subtle taste and smooth quality to the beers, along with balancing and complementing its flavor characteristics. The infusion of innovative flavors and new ingredients in beers will improve the prospects of the market in the forthcoming years. The enhanced sales and consumption of beers owing to new flavor options will enable speedy expansion of the market.
Rising Focus on Product Improvement by Eminent Players to Fortify Market
The major players such as The Boston Beer Company, Heineken NV, Constellation Brands, Inc., and Anheuser-Busch InBev, are actively in the industry are focused on strengthening presence in the global market. The adoption of strategies such as new product launches, incorporating new ingredients, and process improvements for their existing beverages will consolidate their position in the market. The prominent players are emphasizing strategic mergers to establish a strong footprint in the market. For instance, in May 2019, The Boston Beer Company and Dogfish Head Brewery signed a definitive merger agreement to enlarge its production for future developments.
The Report Lists the Main Companies in the Craft Beer Market:
Further Report Findings:
The global Craft Beer Market is Segmented into:
Value (USD Billion)
By Type, Distribution Channel, and Geography
By Distribution Channel