Microbrewery Equipment Market, 35% of Growth to Originate from North America, Technavio
NEW YORK, April 18, 2024 /PRNewswire/ -- The global microbrewery equipment market size is estimated to grow by USD 14923.15 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 15.85% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 35%.
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North America is expected to play a pivotal role in propelling the global microbrewery equipment market
Geographic Landscape:
The North American market for microbrewery equipment is growing, with a projected 35% contribution to global market growth. Craft beer consumption is a big driver, with folks in the US and Canada especially keen on trying different varieties. Factors like limited editions, price, and happy hours sway their choices. The demand for high-quality craft beer, like ales, is also rising. With over 8,200 craft breweries and 2,000 microbreweries in 2019, the region is buzzing with activity. More bars, pubs, and restaurants are offering craft beer, boosting the need for microbrewery equipment. This trend is set to fuel market growth in North America.
Research Analysis
The microbrewery equipment market is increasing due to rising beer consumption and growing demand for high-quality craft beers. Craft brewers invest in state-of-the-art equipment for milling, mashing, fermentation, and packaging to meet consumer tastes and preferences. With increasing interest in home brewing and unique flavors, there's a surge in investment in cellar and outdoor expansion. Health benefits of beer, such as antioxidants and heart health, drive demand. However, virus transmission concerns have led to a focus on sanitation and contactless delivery. Despite challenges, the market continues to grow, fueled by innovation, consumer demand, and the timeless appeal of beer culture.
Market Drivers
The microbrewery equipment market is increasing thanks to changing consumer preferences. Craft beer sales are soaring because people love trying new flavors like Vidalia onion, guava, chocolate, and coconut. Locally brewed beers are especially popular because folks feel proud supporting their region. Plus, local brews often come in unique styles, drawing even more fans. That's why many brewers are branding their beer with a specific state or region. Even brewpubs and restaurants are getting in on the action, offering local flavors. These trends are expected to keep driving the global market forward.
Market Overview
The market for microbrewery equipment is influenced by beer drinkers' demand for flavorful craft brews. Craft breweries, though smaller in scale, cater to this demand, offering unique flavors. However, virus transmission concerns have had a detrimental effect on the industry, impacting both production and consumer demand. Macro breweries, operating on a larger scale, also face challenges amid these circumstances. Despite setbacks, craft brewers continue to play a significant role in the global economy, adapting to changing consumer preferences and safety measures. As beer consumption evolves, the microbrewery equipment market must remain agile to meet the demands of both brewers and consumers in a post-pandemic world.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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