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Global Specialty Beer Market Is Predicted To Increase To A Valuation Of US$ 48 Billion By The End Of 2033– Fact.MR

FACT.MR
·5-min read
FACT.MR
FACT.MR

The Rising Demand For Exotic, Innovative, And Rear Flavors of Specialty Beer Could Be a Probable Cause for the Specialty Beer Market to Grow

Rockville, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Growing At A High-Esteem CAGR Of 11%, The Worldwide Specialty Beer Market Is Anticipated To Increment From A Valuation Of US$ 17 Billion Of Every 2023 To US$ 48 Billion Toward The Finish Of 2033.

Key Trends:

  • Breweries across the globe are offering innovative specialty beer and a large variety of options available across the globe.

    • For instance, cannabidiol was invented as a non-psychoactive component of the cannabis plant. Moreover, customers are also attracted to CBD-infused beer as these comprise of low caloric content.

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Recent Developments:

  • Key firms in the market are using e-commerce channels to launch various varieties of beer. Consumers are also buying beer through various online distribution channels. Companies are also focusing and significantly investing in marketing campaigns and celebrity endorsements.

  • Also, key beer companies are launching new flavours and variants to attract customer’s attention. For instance:

    • Bira 91, one of the premium beer brands collaborated with Far Yeast Brewing Company, one of the most innovative brewing companies. The company had launched its first Gose-style beer, Yuzu Gose Sour.

Competitive Landscape

Key specialty beer producers are concentrating on introducing and creating a wide array of products in various flavors to attract a huge client base and increase brand loyalty. Top specialty beer suppliers are actively focusing on the use of novel ingredients and process enhancements for the quality control of their current beverages. Specialty beer producers are maintaining product standards and managing the supply chain management.

For instance :

  • In 2022, Sonnen Hill Brewing introduced a limited-edition fruit beer produced from Ontario fruit and barley and raspberry and blackberry. A good mix of funk, acidity, and fruit was maintained during the product's primary fermentation in stainless steel for more than a year and a half.

  • Molson Coors

  • Boston Beer Company, Inc.

  • Sierra Nevada Brewing Co.

  • Bell's Brewery

  • Stone Brewing Co.

  • Deschutes Brewery, Inc.

  • Heineken Holding N.V

  • Duvel Moortgat NV

  • SweetWater Brewing Company, LLC

  • North American Breweries Inc.

  • Diaego Guinness USA Inc.

  • D.G. Yuengling & Son, Inc.

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Drivers:

  • Rising demand for exotic and innovative flavors of specialty beer is one of the factors contributing to the growth of the market. Specialty beer is preferred among consumers due to its flavor, authenticity, and brand recognition.

  • Millennial generation commonly prefers moderate but high-quality alcohol consumption. Specialty beer is preferred by millennials as it offers health benefits over mass-produced beer. Also, the rising trend of socializing and gatherings, among millennials and working professionals is expected to boost the growth of the specialty beer market.

  • Recent key developments in the beer brewing industry led to the launch of a new variety of beer products. The high availability of a vast range of beers has ultimately boosted the adoption of specialty beers in the market.

Product Segmentation:

  • By Product :

    • Fruit Beer

    • Herb & Spice Beer

    • Smoked Beer

    • Wassail

  • By Fermenting Style :

    • American Sour

    • Belgian Fruit Lambic

    • Flanders Red Ale

    • Belgian Gueuze

  • By Distribution Channel :

    • On-trade

    • Off-trade

  • By Region :

    • North America

    • Europe

    • Asia Pacific

    • Latin America

    • Middle East & Africa

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Regional Landscape:

  • By region type, Europe occupies a substantial share of 50% of the total share due to a rise in microbreweries in the region. The rise in demand for unique flavours is expected to fuel the market growth in the region.

  • In Europe, Germany is expected to occupy a substantial share of the market due to the high demand for craft beer across the cities. Also, beer consumption is a common trend witnessed in various cultural events in the country.

  • Market growth in the US is driven by strong consumer preference for specialty beers with distinctive flavours. Also, the rise in the growth of millennials has led to a high preference for flavoured beer.

  • Asia Pacific is expected to witness an impressive CAGR during the forecast period due to high sales from China and India. Growing purchasing power of the middle-class population

Check out more related studies published by Fact.MR Research:

Global Craft Beer Market - The global craft beer market was estimated to have a valuation of US$ 76.3 Bn in 2020 and have reached US$ 81.64 Bn in 2021. The market is going to witness a steady CAGR rate of 6.9%, during the forecast period 2022-2032.

Tea Beer Market Growth - Demand is gaining popularity in North America, due to an increase in the consumption of beer and the rising inclination of consumers toward tea and beer. Various mergers and acquisitions by manufacturers in this region are driving the growth of tea infused beer market.

Beer Stabilizer Market Introduction - The global consumption and production of beer has witnessed a phenomenal growth over the past decade and is highly anticipated to witness the same over the next decade.

Global Non-Alcoholic Beer Market - Worldwide consumption of non-alcoholic beer is estimated to increase at a CAGR of 7.2% from 2023 to 2033. In 2023, the global non-alcoholic beer market stands at US$ 20 billion and is estimated to reach a market size of US$ 40 billion by 2033.

Demand For Specialty Malt Market - The Specialty Malt Market Is Expected To Recover By The End Of Last Quarter Of 2020 Registering An Upsurge In Demand In The Mid-Term Forecast. An Influx Of Brewing Industries Is Likely To Create Notable Demand For Specialty Malt.

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