Craft beer industry sees worst ever slump in 2023 production

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Economic Growth News

Economic Data,Colorado

The -1% production decline for 2023 is the worst on record, new data. shows

The -1% production decline for last year is the worst on record since the association began tracking industry numbers in the late 1970s

The overall beer industry, led by mega-brewers like Anheuser-Busch and Molson Coors, saw -5.1% production volume, though its retail sales increased 3%.The closing rate increased to 4%, or 418 breweries, and openings decreased for the second consecutive year.The intrigue: Pennsylvania's Yuengling is the largest craft producer in the nation, followed by Boston Beer and California's Sierra Nevada Brewing.Lower beer sales at taprooms and brewpubs helped drive the negative trend. Also, breweries are making roughly 50% of their capacity, most likely the lowest number on record.from Athletic Brewing, said Bart Watson, the association's vice president of strategy and chief economist.

 

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