Rising interest of individuals for traditionally brewed beers is resulting in robust growth of craft beer market. This, along with rising disposable incomes, upsurge in global travel, and expanding distribution channels are catalyzing the demand for craft beers.
Expanding global travel is resulting in introduction to local products and tastes that are commonly not available. Food preparations and recipes of local drinks are gathering steam as individuals look for local tastes while traveling to interior places of parts of the world. Craft beer is one such product local to parts of Ireland, Nordics, and parts of Europe.
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Product Exclusivity renders High Price Factor Invalid
Economic growth in developing countries is a key factor behind growth of craft beer market. Well-travelled individuals in developing countries now look for remote places in parts of the world for a holiday. This class of individuals have a fancy for local crafts and local foods, and are drawn for experiences not found in popular holiday destinations. Serving this class of individuals, the demand for craft beer is witnessing stimulation.
On the downside, high cost of manufacturing and exclusivity of the product are some restraints to the growth of craft beer market. Mostly brewed in micro-breweries to cater to local or regional demand, craft beer industry remains one of the small arms of the overall beer market. This limits growth of craft beer market.
Nonetheless, exclusivity of the product mostly done with traditional recipes accounts for continued growth of craft beer market.
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The vendor landscape of the craft beer market is largely consolidated. The presence of a handful of dominant players features relatively high degree of consolidation in the craft beer market. Omer Vander Ghinste, Stone & Wood Brewing Co., Sierra Nevada Brewing Co., Chimay Beers and Cheeses, The Gambrinus Company, Vagabund, New Belgium Brewing Company, D.G. Yuengling and Son, The Boston Beer Company, Deschutes Brewery, Feral Brewing Co., Bell’s Brewery Inc., and Lagunitas Brewing Company are key players in the craft beer market.