(BUSINESS WIRE) The beer market in the U.S. is expected to post a compounded annual growth rate of over two percent during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rapidly increasing number of craft breweries. The segment covers an estimated 23.34 percent of the overall beer market in the U.S. Most of these breweries have introduced their own unique beers, providing customers with more opportunities to try new beer flavors. Thus, the demand for craft beer has led to the growth of the beer market in the US.
The growing popularity of flavored beer is attributable to the increasing volume of consumers in the U.S. beer market. Flavors set a beer apart from one another and act as a point of differentiation for the consumers, which is particularly key for millenials. Their preferences towards flavored beers has seen breweries adopting and incorporating newer flavors. For example, in April 2018, AB InBev launched Bud Light orange in an aim to capitalize on the popularity of flavored lagers.
“Along with introduction of new beer flavors, another major factor boosting the growth of the market is multicultural millenials. These millenials are open to experimenting with new products and flavors. The increasing demand for different beers styles and flavors among millenials is driving the growth of the craft beer segment in the beer market in the US,” says a senior analyst at Technavio for research on alcoholic beverages.
