The study says the U.S. craft beer market was valued at $29.03 billion in 2022 and will reach $52.47 billion by 2028, growing at the 10.37% CAGR during the forecast period.
In 2022, the US craft beer market was valued at 26.42 million BBL and is expected to reach 44.38 million BBL by 2028, growing at a CAGR of 9.03% by volume during the forecast period.
Among the factors "U.S. Craft Beer Market" cites to support its growth projections are:
- The rise in demand for strong and flavorful craft beer caused a surge in the number of craft breweries in the US.
- The number of small breweries in restaurants, bars, and pubs is rising, the report says, adding that many companies offer franchises of craft beer in the U.S.
- The U.S. food industry's demand for craft beer for food pairing is rising. Thus, vendors can focus on offering high-quality craft beer for the food industry.
- Social parties are popular among the millennial population. They prefer different tastes and flavorful craft beers. Thus, vendors can launch innovative products to attract the millennial population and gain revenue. Ale craft beer can be made easily in less time. Therefore, the demand for ale from restaurants, pubs, and bars is high.
The use of high-quality natural ingredients is common in breweries to increase beer's aroma, taste, and flavor. The US craft beer market in the US witnessed significant growth due to increased overall demand for beer in the market, rise in demand for low-calorie beer, presence of large- and small-scale breweries, rise in demand for strong and flavorful beer, growth of off-trade distribution channel, the increased trend of parties, and a rise in a number of craft breweries.
D.G. Yuengling & Son, Inc., Boston Beer Co., Sierra Nevada Brewing Co., Duvel Moortgat, and Constellation Brands, Inc. are leading players with strong market penetration, the report says. New Belgium Brewing Company, The Gambrinus Company, Stone Brewing., Monster Beverage Corp. also have a noteworthy presence in the market.