american craft beer around the world untappd

Nearly, 89% of the brewing companies, either had stopped or slowed down their production, as their year-on-year (YoY) sales have declined in April. went down by 30.5% in May compared to the prior year. According to a study by the Brewers Association, the total brewery sales in the U.S. This has negatively impacted the global market. However, the global COVID-19 pandemic outbreak has resulted in the closure of various pubs, restaurants, taprooms, and bars by governments to maintain social distancing norms. The emergence of flavorful options has increased the consumption of such beverages as the consumers are always seeking innovative drinks.ĭeclined Craft Beer Consumption amid COVID-19 to Impede Market Growthīeer is regarded as a relaxing drink among consumers. The market is witnessing decent growth, especially in North America due to the constant modification and improvement in taste, along with the availability of numerous flavorful options in the region. The aforementioned product is one of the most consumed variants in the spectrum and has gained immense popularity in recent years. Advancements in beer brewing technologies have resulted in the emergence of wide-ranging products in the market. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.īeer has always been the oldest and most widely consumed alcoholic beverage around the world and has several health benefits if consumed moderately it contains iron, calcium, vitamin B, and fiber. The market is projected to grow from USD 102.59 billion in 2021 to USD 210.78 billion in 2028 at a CAGR of 10.83% in the 2021-2028 period. Based on our analysis, the global market will exhibit a lower growth of 6.70% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a negative impact on demand across all regions amid the pandemic. The global craft beer market size was USD 95.23 billion in 2020.

American craft beer around the world untappd