Craft Beer Sales Soar, Set to Triple by 2017
Thursday, 31 January 2013 11:49
Unlike its domestic and imported-beer counterparts, craft beer has been able to defy overall beer market trends and continue expansion during the economic downturn and subsequent slow recovery. Who’s drinking the most craft beer? Older Millennials.
While the economic downturn has affected consumer spending across many sectors, craft and craft-style beers are defying recessionary trends with an impressive upward trajectory. Indeed, latest research by Mintel on the craft-beer market in the United States shows that sales of craft beer nearly doubled between 2007 and 2012—increasing from $5.7 billion in 2007 to $12 billion in 2012.
Moreover, the trend toward craft-beer options is set to enjoy robust growth through 2017, with Mintel forecasting the segment to grow to $18 billion by 2017—a result that will see the segment tripling in the decade between 2007 and 2017.
“While the craft and craft-style beer category remains a small segment of the $78 billion U.S. beer industry, the category has been able to stabilize the overall beer industry, which has experienced volume declines in the domestic and imported-beer categories since 2008,” says Jennifer Zegler, beverage analyst at Mintel.