High focus on R & D sector has led to innovations in product line of the craft beer. New varieties and product development have attracted more consumers towards the craft beer and its sale surged globally. For instance, coffee flavored beer and blended beer are found to have high popularity in the Europe. In addition, since the blending tend to lower the shelf-life of the product, they are manufactured and retailed under the craft beer verities. U.S., U.K., Germany and France are amongst the major developed countries holding a major share in the craft beer market. Branding and promotion of flavored variety of craft beer is supporting its sale on a global level. Thus due to growing demand for preservative free, globally the market for Craft Beer is estimated to grow at the rate of about 7.02 % from 2017 to 2023.
The trend of consumption of craft beer began in western world and spread to other regions rapidly. Looking at the economic development at global level and specifically for BRIC countries, the increasing purchasing power of consumers, trends of healthy consumption leading to changes in consumption basket of consumers are likely to remain significant. The increasing consumption of craft beer is driven by this desire to socialize and spend some quality time with family and friends. The craft beer is considered fresh and is preferred by mass consumer especially in developed countries and the trend is spreading across the globe.
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This report includes a study of strategies used in the market, mergers and acquisitions in craft beer market, multiple product launch by craft beer market players. It further includes product portfolios and developments of leading major players which includes
The global Craft Beer market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these, North America is expected to retain its dominance throughout the forecast period. The market is projected to grow at a steady pace in the review period. APAC will be the fastest growing region in the Craft Beer market and high growth in emerging economies such as China, India, Japan and ASEAN countries. Latin American countries, offers ample opportunities for expansion to major players. The high consumption of processed and convenience food products in growing economies of Asia-Pacific and Latin America.
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Global Craft Beer market is segmented by raw material, type and region
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To view the original version on ABNewswire visit: Craft Beer Industry 2017 Key Growth Drivers, Challenges, Demand, Upcoming Trends and Foresight to 2023
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