Good riddance 2023. We won’t miss you. Beer shipments have fallen by 5% in the first three quarters of 2023 and are tracking to fall below 200 million barrels for the year, the lowest in over 20 years.
David Steinman, vice president and executive editor of Beer Marketer’s Insights told NBC that beer shipments have not fallen below the 200-million-barrel mark since 1999. “It was a tough year for beer,” he said.
The global brewers managed to remain inoculated from the dramatic decline in US beer sales for two reasons. Big brewers have been able to raise prices above inflation levels and beer sales have maintained growth in most other global markets.
Craft brewers on the other hand have not faired as well, with a surge in acquisitions, mergers and closures over the last 12 months.
The decline in beer sales has been well documented, as evolving consumer tastes merge with an abundant array of new alcohol beverages choices now flooding the market. Craft brewers have also been impacted by the rising costs in doing business, supply chain issues and a consumer shift to sweeter beverages.
More on the story here.