Currently, the Asia-Pacific market has the largest share and is expected to grow at a compound annual rate of 10 or 50% during the forecast period. Currently, the Asia-Pacific market has the largest share and is expected to grow at a compound annual rate of 10.50% during the forecast period. China and India are likely to have significant sales. The craft beer industry in China has increased by 250%, with more than a thousand craft breweries operating in the country, contributing to the growth of the region's market.
Many consumers consider beer to be a relaxing drink. To maintain social distancing, governments closed many bars, restaurants, taverns and pubs during the global COVID-19 pandemic. This had a negative impact on the global market. According to the May study by the Brewers Association, total sales of breweries in the United States.
UU. It fell by 30% in May compared to the previous year. Nearly 90% of beer companies interrupted or slowed down their production, as their year-on-year sales declined in April. And with the cancellation of orders by distributors, more than 85% of craft breweries were forced to close their breweries in the U.S.
This negatively affected most local craft breweries. The market has recovered tremendously due to the opening of taverns and the ease of production. This revival has caused significant changes in market trends, and our report contains a detailed analysis of them. Green technology, changing customer preferences and increasing socialization are contributing to market growth.
The increase in socialization, especially among millennials, has increased their visits to taverns and breweries. The increase in small, independent breweries has also contributed to this increase. While alcoholic beverages are popular around the world, there are many other artisanal alcoholic beverages, such as gin and whiskey, that are hindering market growth. Because of consumers' willingness to experiment with new types of artisanal spirits, there is a growing preference for these spirits.
The other artisanal alcoholic beverages are also more varied than the alcoholic beverage and are subject to various distillation methods to produce high-quality liquor. The market is also limited by the availability of many flavors in artisanal alcoholic beverages, such as grapefruit and raspberry, lemon and others. Customers prefer alternatives to low-alcohol beer during the forecast period. As consumers become more concerned about their health, they are attracted to low-alcohol beverages.
Sales of non-alcoholic and low-alcohol beers are increasing due to increasing competition for new, better-tasting products. Ciders and beers with low alcohol levels have enjoyed increasing popularity due to greater awareness of alcohol consumption and the desire to try new beverages. This trend can be seen in the volume of low-alcohol beverages in the United Kingdom, which has recorded record sales in supermarkets and without licenses. Low-alcohol beers, those with less than 2.8% alcohol, are also cheaper.
Low-alcohol beer could be more popular in craft beer and offer an important growth opportunity. Craft beer will record significant growth, while non-commercial channels are preferred and millennials are North America's key target to lead revenues, while APAC leads growth. North America represents an important part of the craft beer industry. Craft beer has experienced an increase in popularity due to the growing number of microbreweries.
Demand for craft beer has increased exponentially due to the rise of U.S. breweries. Market consolidation to strengthen competition during the forecast period The global market is largely dominated by key players, such as The Boston Beer Company, Heineken NV and Constellation Brands, Inc. Craft beers are mostly rich in flavor and of good quality.
These beers taste different from regular aqueous beer, which is generally mass-produced. The craft beer market is segmented by type, distribution channel and geography. Depending on the type of craft beer, the scope includes ale beers, pilseners and pale lagers, specialty beers and other types. By distribution channel, the market is further segmented into distribution in and out of commerce.
By geography, the market is segmented into North America, Europe, Asia-Pacific, South America and the Middle East and Africa. For each segment, market size and forecasts have been based on values in millions of dollars. The several key ideas presented in the report are an overview of related markets, recent industry developments, such as mergers, 26% and acquisitions, the regulatory scenario in critical countries, and the main trends in the craft beer industry. This is due to a number of factors, including the growing interest in craft and unique beers, as well as a greater awareness of the health benefits of drinking craft beer.
It also offers a detailed analysis of the craft beer market with the market size and growth rate for all possible segments of the market. This has led to an increase in the number of millennials who adopt the culture of bars and pubs, which in turn has boosted the growth of the craft beer market. The influence of Western culture can be seen in Indian society, mainly among millennials, who drink craft beer more than regular alcohol. Therefore, the growing number of microbreweries and small independent breweries has been a crucial factor driving the growth of the craft beer market worldwide.
Depending on the type of product, the North American craft beer market is segmented into Amber Ale, Amber Lager, Indian Pale Ale and others. The growing inclination of consumers towards these artisanal spirits, due to their willingness to try new variants of artisanal beverages, has increased their consumption. To keep up with the trend, craft beer producers have begun to focus on strengthening their online presence. The region's millennials are more interested in craft beer than regular beer because of its rich and vibrant flavor.
These new breweries have boosted exports that led for the first time to the stabilization and incremental growth of the craft beer industry. The craft beer market has been boosted by the growth of independent breweries, as well as by the support of small businesses. One of the main driving forces behind the growth of the German craft beer market is the country's rich brewing history and culture. Significant changes in the social lifestyle of the local population have mainly contributed to the growth of the North American craft beer market.
In the past, low-alcohol beers were mostly considered bland, but now craft brewers are restarting them. .