India is becoming the most potential craft beer market and is poised to grow at a CAGR of 25%.
The craft beer market is booming and there are plenty of opportunities for businesses looking to get in on the action.
A study by SkyQuest Technology has found that craft beer market is seeing renewed interest, with more and more people considering it as an option for drinking. Craft brewing has a long history, dating back to the early 1800s when people began making their own beer. Today, craft brewing is a thriving industry, with several thousand breweries operating around the world.
The Brewer’s Association has just released data that says the industry has bounced from losses due to Covid Pandemic. Things are looking much better since the storm has passed, hopefully for good. The craft beer industry grew by 7.9% in 2021. The market is mostly driven by increased number of people going out and spending time in bars, pubs, and restaurants, but the mass closings of various venues still inflicted significant damage to the industry.
India has seen an increase in craft beer sales. Consumers want fresh flavors and ingredients, rather than the regular mainstream styles. With the booming economy, sales of all alcohol are rising. In 2010, annual sales of beer in India amounted to $1.4 billion. By 2016, this number had doubled and reached $2.8 billion and now it is generating sales of over $10 billion as of 2021.
There has been a change in the way people drink beer in India. Years ago, beer was only preferred by the elite, but now more people are drinking it, even though it’s low in alcohol content. This is replacing alcoholic hard liquor as the primary drink for Indian people. The India beer craft market is witnessing a shift from mass-produced beer to small brews made with fresh ingredients. However, it is not fully developed industry. Craft Beer needs much care and support from the Indian government.
As the industry has grown, customers and brewers alike have realized the potential of craft beer. Cities across the country are now accepting this unique product. In some brewing cities, entrepreneurs are dreaming of opening their own breweries to cater to these increasingly popular preferences for tasting different flavors.
AI to play a role
The craft beer market is growing fast, and artificial intelligence (AI) seems to be playing a big role in that growth. NOLA Brewing is a small brewery that’s been around for over 14 years. They’re known for their unique beers and experimental brewing techniques. But the biggest challenge they face is distribution. The company created the beer in association with The Australian Institute for Machine Learning (AIML) and Barossa Valley Brewing (BVB).
San Francisco-based startup Brewbound has acquired AI startup iBeers, which will be used to analyze data about craft beer sales. Brewbound CEO and co-founder David Zieve told The New York Times that the acquisition was “an important step in our ongoing effort to provide our customers with the most comprehensive and accurate information about the craft beer market.”
Brewbound isn’t the only company looking to use AI in its craft beer business. In March, Seattle-based Elysian Brewing announced that it had partnered with AI startupreveally to develop a tool that will help brewers track their beer sales on social media. And last year, San Diego-based Stone Brewing Co. teamed up with data visualization company Tableau to create an AI-powered platform that will allow brewers to see how their beers are performing on social media.
AI is making waves in the craft beer industry, and NOLA Brewing is leading the way. The first AI-created craft beer, the AI Blonde Ale, was launched on June 20 to coincide with CVPR, the world’s premier computer vision event.