Craft brewers and their industry are seeing an explosive growth in their market.
A new report from the National Brewers Association found that craft beer sales are on track to surpass $1 billion by 2021.
And there’s plenty more to come.
According to the report, craft beer is expected to account for about 7% of the overall beer market by 2021, and the industry is projected to become the sixth largest U.S. beer market in 2021.
The report estimates that by 2020, craft breweries will account for more than $8 billion in annual sales, and will add more than 5,000 jobs.
This growth is expected even though the craft beer industry is growing by about 7%.
“We are at the peak of a new era,” said Adam Kiesecker, president and CEO of the Brewers Association.
“We have a whole new market, we have new brands that are emerging, and there are a whole bunch of new opportunities that are opening up for craft beer in this market.”
Kieseker said craft beer will be the second-biggest beer market after the U.K. craft beer market.
The Brewers Association also predicted that the craft market will grow by about 15% in 2021, with more than 3.2 million new beer licenses awarded.
Craft beer’s future is bright, and that is great news for craft brewers and the country as a whole.
“Craft beer has a big impact on how people consume beer,” Kiesa said.
“The craft beer boom has been a real game changer, and we are in for a good ride.”