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Description
Craft Beer Market was valued at $108,923 million in 2020 and is anticipated to grow at $186,592 million by 2027 recording a CAGR of 8.2% during the forecast period 2021-2027 due to increasing in the consumption of low alcoholic beverages and flavored beers, innovation of wide variety of flavors of craft beer products, rise in disposable income, and better availability of the products in developed and developing countries are anticipated to surge the market over the forecast years. Global craft beer market is surging owing to frequent product approvals and launchings by the market players. For instance, In June 2018, Kingfisher teamed up with Freedom, one of the UK’s original craft breweries to develop pale ale craft beer for its customers. Moreover, in January 2019, British Brewer launched light craft beer to promote smart drinking. Craft brewing is a broader term describing advancements in the industry that followed the late-twentieth-century microbrewing trend. Although the definition isn’t exact, it usually refers to small, independently owned commercial breweries that use traditional brewing processes and place a premium on flavour and quality. Craft brewers are defined as “small, independent, and traditional” by the Brewers Association, a US trade association interested in brand transparency. The brew masters may view the craft brewing process to be an art form. The Society of Independent Brewers (SIBA) oversees the “Assured Independent British Craft Brewer” programme in the United Kingdom, ensuring that any breweries using the Independent Craft Brewer emblem are small, independent, and manufacturing high-quality beer.
