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US craft beer production market to reach $4.1 billion
Companiesandmarkets.comAug 08, 2012 17:16 BST
The US craft beer production market has been forecast to rise at a compound annual growth rate (CAGR) of 5% through to 2017, to reach a market value of $4.1 billion.
Revenue within the industry grew at CAGR of 8.4% to $3.2 billion over the past five years, including a predicted growth of 7.4% in 2012.
Growth within the US craft beer production market can be put down to a consumer shift to drinking at home during the recession, as opposed to on premises, which has benefited companies in the industry because it is easier to place products on retailer shelves than in restaurants or bars that offer a limited selection of alcoholic beverages.
Despite an often limited distribution reach and high price points, craft beer has increased in popularity among US beer drinkers.
In 2010, craft brewers represented 4.97% of the volume of the total US beer market, and in 2011, that number climbed further to 5.68%.
In 2011 a total of 250 new craft breweries opened, with only 37 closing. In the five years to 2012, the number of enterprises was anticipated to grow at a rate of 7.7% to 2,017 firms, its highest number in 125 years.
This rampant expansion has also justified many new hires. As a result, industry employment is estimated to grow at a 6.9% average rate per year to reach 12,643 people in 2012.
2012 figures estimate US craft beer production Dollar sales were up 14% in the first half of 2012, while volume of craft brewed beer sold jumped 12% during that same time period.
Barrels sold by craft brewers for the first six months of 2012 are at an estimated 6 million. Despite a number of challenges, including decreased overall beer sales, the mid-year numbers show signs of continued growth for craft beer production.
For more information on the US craft beer production market, see the latest research: US Craft Beer Production Market Report
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