How Much Is the Craft Beer Market Worth?

You might have heard that the craft beer market is overflowing with potential, but have you ever wondered just how much it's truly worth?

As you sip on your favorite brew, consider the intricate web of factors that contribute to the market's value.

From consumer preferences to global economic shifts, the craft beer industry is a fascinating tapestry waiting to be unraveled.

But before you raise a toast to its success, let's explore the figures and trends that underpin its worth.

Key Takeaways

  • Craft beer retail dollar sales reached 28.4 billion USD in 2021.
  • Craft brewery sales rose by 8% to 24.8 million barrels.
  • Craft beer accounted for just under 27% of the $100 billion U.S. beer market.
  • The craft beer industry is projected to be worth USD 23.1 billion by 2027.

Craft Beer Market Growth Trends

Craft beer market growth trends indicate a remarkable increase in retail dollar sales and total volume sales, positioning the industry for continued expansion in the coming years.

Craft beer production has seen a significant uptick, with total beer sales by volume increasing by 1% in 2021. Craft brewery sales rose by 8% to 24.8 million barrels, showcasing the surging demand for craft beer.

Moreover, the global beer market is projected to grow at a compound annual growth rate of 7.0% from 2022 to 2030, reaching a staggering USD 1.25 trillion by 2030. This growth trajectory is mirrored in the market share of craft beer, as it accounted for just under 27% of the $100 billion U.S. beer market in 2021, with independent brewers' share of the U.S. beer market by volume increasing to 13.1%.

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Craft beer's impressive performance in sales and market share underlines its rising popularity and consumer preference. As the craft beer volume continues to surge, the industry is poised for sustained growth, making it a pivotal player in the global beer market.

Economic Impact of Craft Beer

The surge in craft beer production and sales has had a significant economic impact, with retail dollar sales reaching 28.4 billion USD in the U.S.

  1. Craft beer accounted for just under 27% of the $100 billion U.S. beer market in 2021.
  2. Craft beer volume growth in the U.S. was 0.1%, indicating the steady demand for craft brews.
  3. Younger consumers are increasingly interested in purchasing craft beer through the direct-to-consumer channel, showcasing a shifting consumer behavior.
  4. The global beer market is projected to grow at a compound annual growth rate of 7.0% from 2022 to 2030, reaching USD 1.25 trillion by 2030, indicating a positive trajectory for the craft beer market.

Craft beer has become a significant contributor to the overall beer market in the United States, with sustained growth in volume and dollar sales. This growth hasn't only positively impacted craft brewers but has also influenced the beer industry as a whole. With the evolving preferences of younger consumers and the projected global market growth, the economic impact of craft beer is set to continue its upward trajectory, providing substantial opportunities for independent brewers and contributing to the overall economic landscape.

Factors Influencing Market Value

Experiencing a steady 0.1% volume growth in 2021, the craft beer market in the United States continues to wield a significant influence on the overall beer industry, accounting for just under 27% of the $100 billion U.S. beer market.

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Several key factors contribute to the market value of craft beer. Brewery openings play a crucial role in the expansion of the craft beer market, with new entrants adding to the variety and choice available to consumers. Additionally, the level of competition among craft beer brands and companies impacts the market value. The sales of craft beer are influenced by factors such as branding, marketing strategies, and distribution channels.

Moreover, the total beer consumption trends and shifts in consumer preferences play a pivotal role in shaping the market value of craft beer. Understanding these factors is essential for companies operating in this industry, as it provides insights into the dynamics of the market and opportunities for growth.

Craft beer market research is imperative for businesses to adapt to changing consumer demands and maintain a competitive edge in this dynamic and evolving market.

Craft Beer Market Worth in 2021

With craft beer retail dollar sales reaching 28.4 billion USD in 2021, the market continues to shape the dynamics of the overall beer industry in the United States. This substantial figure reflects the robust demand for craft beer among consumers and its significant contribution to the beverage market. Craft brewery sales surged by 8% to 24.8 million barrels, underscoring the sector's remarkable growth and resilience.

Moreover, the craft beer segment accounted for just under 27% of the $100 billion U.S. beer market in 2021, demonstrating its substantial share and influence. Additionally, the total beer sales by volume increased by 1% in 2021, with craft beer playing a pivotal role in driving this expansion.

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As the craft beer market continues to evolve, these figures emphasize its enduring worth and impact on the overall industry landscape.

The 2021 craft beer market worth:

  1. Craft beer retail dollar sales reached 28.4 billion USD.
  2. Craft brewery sales rose by 8% to 24.8 million barrels.
  3. Craft beer accounted for just under 27% of the $100 billion U.S. beer market.
  4. Total beer sales by volume increased by 1% in 2021.

Projected Value for Craft Beer Industry

Expect the craft beer industry to reach a projected worth of USD 23.1 billion by 2027, showcasing a steady growth trend in the coming years.

The craft beer market is expected to expand globally, with an annual Compound Annual Growth Rate (CAGR) from 2024 to 2031.

North America currently leads the market, holding about 60% of the share.

The top five manufacturers in the craft beer industry are highly competitive, commanding a significant market share.

Notably, the global beer market is projected to grow at a compound annual growth rate of 7.0% from 2022 to 2030, reaching a staggering USD 1.25 trillion by 2030.

As the industry advances, factors such as raw materials, production in the US, and the preferences of younger consumers, particularly Gen Z, will play vital roles in shaping market segments and retail dollar value.

Sierra Nevada Brewing and other major players are expected to continue influencing the market, contributing to the projected value of the craft beer industry.