Specialty beers, made from different fermentables and techniques, are bound to gain acceleration in the coming years. The trend which is supposed to gain traction in the specialty beer market is rising exports of beer from developed regions, such as the Americas to Europe. The growth of the specialty beer market is marked by the increasing demand of specialty beers which is influenced by the penetration of American beers in the European countries, thereby enlarging the beer market in these regions. Moreover, the rising demand for exotic, innovative and rear flavors of specialty beers could be a probable cause for the specialty beer market to grow. Adding to these aspects, factors such as increased disposable incomes in both developed as well as emerging economies, liking of beer taste, growing popularity of beer as a hangout drink, etc., are set to raise the bar of the specialty beer market, by impacting its growth in a much positive way. Europe region seems to be the most lucrative region for the specialty beer market. Specialty beer imports, in order to cope up with the demand for foreign beer brands in the emerging economies has accelerated the growth of the global specialty beer market.
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Specialty beers are regular beers brewed to obtain a classic taste and style with some new addition of flavors. The addition of herbs, fruits and spices along with miscellaneous flavorings like smoke, hot pepper and licorice, turns an ordinary or regular beer into a specialty beer. In this category of beers, unusual fermentation techniques and fermentables are used for their production.
Fruit Beers Show Dominance over Other Specialty Beer Types
The fruit beers segment by product type reflect a higher market share by revenue as of 2017, and are growing at a moderate rate. This type experiences the highest market share of 35.7% and this trend is expected to run the show by the end of 2022. Following fruit beers segment, the herb and spice beers segment is the second highest segment in terms of market share by revenue. Europe region can be considered as a good opportunity yielding region for the fruit beers and herb and spice beers segments.
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Herb and Spice Beers Segment Show Higher Growth Rate
The herb and spice segment are not only in second position with respect to market share by revenue, but reflect the highest growth rate as compared to other segments in product type and is anticipated to reflect a CAGR of 4.6% throughout the period of forecast, 2017 to 2022. As far as growth rate is concerned, following the herb and spice beers segment, the wassail segment comes next, but it has a low market share. The herb and spice beers segment is also expected to gain a high BPS by the end of 2022.
Europe Region is the Most Dominating
The Europe region shows higher market attractiveness index and can be considered as the most lucrative region for the specialty beer market. This region dominates other regions in terms of market share by revenue in 2017 and this trend is anticipated to grow throughout the period of forecast of 2017 to 2022. The growth rate in this region, however, as compared to other regions, is a shade less. The Asia-Pacific excluding Japan (APEJ) region is expected to report the highest growth rate throughout the period of forecast and is poised to register a CAGR of 3.9% during 2017 to 2022. Following APEJ, North America region also shows a higher growth rate as compared to Europe region. But this growth rate would not hamper much owing to Europe’s comparatively high market share in this market.
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