Tridge summary
The US craft beer industry experienced a slight decline in production in 2023, producing 23.4 million barrels, down 1% from the previous year. Despite this, the industry managed to increase its market share to 13.3%, showing resilience in a declining overall beer market. The pandemic and subsequent challenges such as rising costs, supply chain issues, and increased competition have impacted the industry. However, mid-year surveys suggest a small volume decline for 2024 due to a volatile economy and shifting consumer preferences. Despite these challenges, craft brewers are finding growth through offering unique experiences in taprooms, exploring low and no alcohol beers, and experimenting with sour beers and other trends. The Brewers Association stresses the importance of innovation and meeting consumer expectations to find success in the competitive beverage market.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The US craft beer industry once enjoyed meteoric growth rates: but the picture has been less rosy over the last few years. In 2023, the industry produced 23.4 million barrels of beer, a decline of 1% from 2022. However, this volume loss has to be taken in context of the overall beer industry, which declined 5.1%: meaning craft beer effectively increased its market share to 13.3%. So how is the picture shaping up for 2024? Craft beer enjoyed impressive growth throughout the 90s and 2000s (at times boasting double-digit growth rates). But by 2019 it was already turning into a more mature market with steadier growth rates (4% volume growth in 2019, against a backdrop of industry declines of 2%). The pandemic, however, hit the sector hard. Being small businesses by definition, craft brewers were among the most vulnerable companies. Many rely on taprooms and the on-trade, which had to close during the peak of the pandemic (as a result, craft beer production dropped 9% in 2020.) The ...
Source: Beveragedaily
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