Microbrewery equipment market size to grow by USD 14,923.15 million between 2022 and 2027; North America to account for 35% of the market growth - Technavio
NEW YORK, March 21, 2023 /PRNewswire/ -- The microbrewery equipment market size is estimated to grow by USD 14,923.15 million between 2022 and 2027, accelerating at a CAGR of 15.85% during the forecast period. North America will account for 35% of the market growth during the forecast period. In North America, craft beer consumption is rising as people are interested in consuming different types of alcohol for different occasions. Their buying and drinking decisions are influenced by limited edition or seasonal craft beers, prices, localities, and happy hours. Therefore, increasing consumption of craft beer is supporting the growth of the global market. Such factors will drive the growth of the market in this region during the forecast period. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) ? Request a report sample
Key Driver ? The shift in consumers' tastes and preferences is notably driving the market growth. Consumers prefer locally produced beer as they feel a sense of pride in associating themselves with a beer produced in a particular region. Locally brewed beer is also available in unique styles and flavors, which attracts consumers to buy such beer. As a result of the popularity of locally brewed beer, many craft brewers are trying to brand their beer by associating it with a state or region. Even brewpubs and local restaurants are emphasizing local products and flavors. Hence, these factors are expected to drive the growth of the global market during the forecast period.
Major Trend ? The increasing on-premises craft beer consumption is an emerging trend in the market. Owing to the growing popularity of pubbing and nightlife among millennials, there has been a significant increase in on-premise consumption of alcoholic beverages, such as craft beer. Also, microbreweries offer varied types of craft beer with respect to flavors and ingredients to attract consumers. Various microbreweries are expanding their presence by developing new venues for craft beer production, which substantially increases the demand for microbrewery equipment. Therefore, these factors are likely to fuel the growth of the market during the forecast period.
Market Challenge ? The presence of substitutes is a major challenge impeding the market growth. The craft beer market and the beer market are facing intense competition from other types of alcoholic beverages such as wine and spirits. Wine has many health benefits, such as it prevents cancer and helps overcome obesity. This encourages a large number of health-conscious individuals to switch from other alcoholic beverages to wine. To sustain in the growing competitive market, craft beer manufacturers and equipment providers need to experiment and introduce new varieties of beer and rebuild consumers' trust and interest in craft beer. Thus, such factors are expected to hinder the growth of the market during the forecast period.
The Microbrewery equipment market is segmented as below:
Product Type Outlook (USD Million, 2017 - 2027)
Fermentation systems
Mashing systems
Cooling systems
Filtering systems
Others
Type Outlook (USD Million, 2017 - 2027)
Automatic
Manual
Semi-automatic
Region Outlook (USD Million, 2017 - 2027)
North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Rest of Europe
APAC
China
India
Middle East & Africa
Saudi Arabia
South Africa
Rest of the Middle East & Africa
South America
Chile
Brazil
Argentina
Based on the product type, the market will witness significant growth in the fermentation systems segment. The fermentation systems segment is expected to register the highest growth in revenue share during the forecast period. Water, malt, hops, and yeast are used for fermentation. The unprocessed and boiled beer is first brought to normal temperature. After that, yeast is added to start the fermentation process. The fermentation process takes the longest time compared with the other processes involved in the production of craft beer. Hence, microbreweries require many fermentation systems to store large volumes of unprocessed craft beer, which increases their adoption. Such factors will increase segment growth during the forecast period.
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Microbrewery equipment market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our Microbrewery equipment market report covers the following areas:
We provide a detailed analysis of around 15 vendors operating in the market, including ALFA LAVAL, ATS Automation Tooling Systems Inc., Criveller Group, Della Toffola Spa, GEA Group AG, Hypro Engineers Pvt. Ltd., KASPAR SCHULZ GmbH, KRONES AG, LEHUI, Malt Handling LLC, MEURA SA, Norland International, Paul Mueller Co. Inc., Portland Kettle Works, Pro Refrigeration Inc., Rite Engineering and Manufacturing Corp., Shanghai Equipment Co. Ltd., Specific Mechanical Systems Ltd., SpectraA Technology Solutions Pvt. Ltd., and BrauKon GmbH
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist microbrewery equipment market growth during the next five years
Estimation of the microbrewery equipment market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the microbrewery equipment market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of microbrewery equipment market vendors
Related Reports:
The dark beer market is expected to increase by USD 25,898.47 million from 2022 to 2027, and the market's growth momentum will accelerate at a CAGR of 10.67%. The market is segmented by distribution channel (Off-trade and On-trade), packaging (cans and bottles) and geography (North America, Europe, APAC, and Middle east and Africa).
The craft beer marketis forecast to increase by USD 79.02 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.22%. The market is segmented by product (India pale ale, seasonal craft beer, pale ale, amber ale, and other craft beer) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
Exhibit 177: Validation techniques employed for market sizing
Exhibit 178: Information sources
13.5 List of abbreviations
Exhibit 179: List of abbreviations
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