According to the research report titled ‘Global Craft Beer Market Size study, by Type (Specialty Beers, Ales, Pilsners and Pale Lagers, Others), by Distribution (On-Trade, Off-Trade) and Regional Forecasts 2020-2027‘, available with Market Study Report, global craft beer market was valued at USD 193.6 billion in 2019 and is expected to grow with a CAGR of 8.7% during 2020-2027.
 

Inclination of young consumers towards craft beer owing to higher disposable income, alongside availability of variant of flavors are propelling the market growth. Rising number of breweries is also contributing to the growth of global craft beer market.
 

Independent & minor breweries brew discrete batches of beer called as craft beer. It is usually brewed from yeast, malt, hop, and enzymes, resulting into wide range of flavors. Craft beer has high content of silicon that helps in lowering the risk of diabetes and Alzheimer, averts osteoporosis, and increases bone mineral density.
 

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According to credible sources, in 2018, Bira91 raised USD 50 million from Sofina and USD 4.3 million from Sixth Sense Ventures. Further, Witlinger who setup its bottling unit in Chhattisgarh had raised an undisclosed amount of funding from two HNIs and sold a small stake to raise USD 7 million in 2018. Such ventures and expansion strategies by major contenders are stimulating the global craft beer market outlook. However, short shelf life of the product is a major factor hampering the market growth over the forecast period.
 

Based on beer type, global craft beer market is segmented into ales, specialty beers, pilsners & pale lagers, and others. With respect to distribution type, the industry is divided into on-trade and off-trade.
 

Moving on to regional overview, global craft beer market is segmented into North America, Asia Pacific, Europe, Latin America, and rest of the world. Among these, North America market is predicted to generate substantial revenues by the year 2027, owing to increasing alcohol consumption and preference for craft beer in the region.
 

Parallelly, Asia-Pacific craft beer market is anticipated to exhibit highest growth rate over 2020-2027, owing to rising disposable income and growing investment in craft beer development & manufacturing in the region.
 

Key players operating in global craft beer market include Radeberger Brewery, Carlsberg Group, Heineken N.V., Erdinger Brewery, Lasko Brewery, Diageo Plc, Oettinger Brewery, Bavaria N.V., and Anheuser-Busch InBev.