LONDON--(BUSINESS WIRE)--The beer market in the US is expected to post a CAGR of over 2% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rapidly increasing number of craft breweries. Over the years, the demand for craft beer has grown significantly in the US. The segment covered an estimated 23.34% of the overall beer market in the US. The growth of the craft beer market in the US has also increased the number of craft brewers in the US in various states. The increasing and rising rapid expansion of breweries in the US has contributed to an increase in the availability of beer in the market. Most of the breweries have introduced their own and unique beers. This has given customers increased opportunity to try new beer flavors. Thus, the demand for craft beer has led to the growth of the beer market in the US.
This market research report on the beer market in the US 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the introduction of new beer flavors as one of the key emerging trends in the beer market in the US:
Beer market in the US: Introduction of new beer flavors
The growing popularity of flavored beer in the US is attributable to the increasing volume of consumers in the beer market in the US. The introduction of new flavors in the craft beer segment has led to a boost in the beer market in the US. Flavors set a beer apart from one another and act as a point of differentiation for the consumers. The millennials, one of the largest demography in the US population, is a targeted segment of breweries. The preference of millennials towards flavored beers has seen breweries adopting and incorporating newer flavors in their beer offerings. For example, in April 2018, AB InBev launched Bud Light orange, an orange flavored Light in an aim to capitalize on the popularity of flavored lagers. Thus, the increasing demand for new flavors is expected to lead to the introduction of new flavored beers during the forecast period.
“Along with introduction of new beer flavors, another major factor boosting the growth of the market is multicultural millennials. These millennials are open to experimenting with new products and flavors. The increasing demand for different beers styles and flavors among millennials is driving the growth of the craft beer segment in the beer market in the US,” says a senior analyst at Technavio for research on alcoholic beverages.
Beer market in the US: Segmentation analysis
This market research report segments the beer market in the US by product (craft beer and non-craft beer).
The non-craft beer segment led the market in 2017 with a market share close to 77%, followed by the craft beer segment. However, during the forecast period, the craft beer segment is expected to register higher incremental growth as compared to non-craft beer, which will see a commensurate decline in its market share.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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