In 2012, 13 million barrels of craft beer were produced, up more than 71 percent from 2006, according to an article recently published in the Business Insider. That 13 million barrels represents an impressive 10 percent of the domestic beer market, and one report predicts spending on craft beers will grow to $3.9 billion by the end of 2013. Today, craft beer constitutes almost half of all beer consumed in the great state of Oregon.
The craft beer boom can be seen on a very local level. Raise your hand if there’s brewery in your home town? I bet most of you have your hands up. Chances are good that your local brewery didn’t exist a couple of years ago. The U.S. now has roughly 2,400 craft breweries. In 2012, more than 400 craft breweries were launched, with 1,500 more in the planning stages.
According to the article, beer economists and brewers alike are now beginning to wonder, when will this hoppy beer bubble bust? After a smaller craft beer boom tapered in the mid ‘90s, 300 breweries went belly up. And overall beer sales were down 1 percent last year. Experts say new breweries have little room for national growth and will likely be “splitting a smaller pot.”
In 2012, 43 breweries shut down, up 37 percent from 2011. Beer geeks now wonder if we’re at the beginning of the bust after the glorious beer boom.
Luckily, there’s something you can do to keep the bubble from busting. Drink more beer.