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It’s been said that “it ain’t over, till it’s over” but now a national beer trade organization is saying that after decades of double-digit growth craft beer’s successful run might in fact be over.
Here’s the deal…
It was the first year of zero-growth with the exception of 2020 when the pandemic devastated much of the US economy, wreaking havoc in particular on most businesses in the hospitality sector. In 2021 craft beer bounced back posting 8% growth only to fall back to ‘ground zero’ in 2022 according to the Brewers Association, the Boulder, Colorado-based trade group representing small and independent (read: craft) brewers.
And when Bart Watson, chief economist of the Brewers Association, took to the stage to present his state of the industry address at the 2023 Craft Brewers Conference in Nashville he did his best to keep things positive while at the same time acknowledging that the industry had “matured” and lost its once red-hot momentum.
“Years of double-digit growth are well in the rearview mirror,” Watson told the more than 12,000 conference attendees.” And unless something changes, I don’t think we’re going to see them again anytime soon.”
Watson went on to tell a stunned room to expect slow to no growth looking forward, noting that craft brewers, at least as defined by the Brewers Association, experienced only 1.2% growth in the past six years.
“At one time, the Brewers Association had a stated goal of craft beer representing 20% of the overall beer industry,” according to Forbes. “But with the announcement of no growth in 2022, that percentage may have peaked at its current 13% by volume, though it does represent 25% of the beer market by dollars, since craft beer is generally more expensive than the beer sold by the large multi-national brewers.
So fasten your seat belts beer lovers, because 2023 is already shaping up to be a watershed year for the once-unstoppable craft beer industry.
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And while we’re at it there’s also this….
