KNBWY - Operating breweries peak all-time high in 2020 craft beer production and revenue dropped

With the pandemic impacting most of the economic sectors, the beer sector contracted 3% between 2019 and 2020 and it experienced its first production decline.However, number of new breweries have climbed to all-time high (8,764 in 2020); as per Craft Brewing Industry Production Report craft beer producers churned out 23.1M barrels (-9% Y/Y) of beer in difficult circumstances in 2020 and craft's share of the total beer market dropped to 12.3% from 13.6%.2020 revenue dropped 22% Y/Y to $22.6B led by major decline in draught sales.In 2020, only 346 breweries closed while 716 new enterprises joined the market."...in a year where U.S. draught sales were down more than 40%, small brewers found new ways to connect with their customers and keep their businesses running." Despite the impact of Covid-19, the future looks bright for the American craft beer sector with Bart Watson, chief economist at the Brewers Association stating that "many small breweries will remain

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Operating breweries peak all-time high in 2020, craft beer production and revenue dropped