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Craft Beer Boom: The Numbers Behind the Industry’s Explosive Growth

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All movements start with rebellion, and the craft beer revolution is no different.

Born from the frustration of mass-produced beer made from cheap ingredients, entrepreneurs went head-to-head with global brewery giants to showcase local and independent craftsmanship.

Suddenly, drinking beer became less about the alcoholic content and more about the quality and experience. Craft beer allowed for constantly changing flavors, recipes, and stories. With sales accounting for 24% of U.S. beer market worth over $114 billion, the global craft beer movement has been historic.

Which States Bring Home the Beer?

Today’s map from C+R research demonstrates the growth of the craft beer market, by ranking the U.S. states based on craft breweries per capita.
The Rise of Craft Beer in the U.S.

The data for this visualization comes from The Brewers Association—an American trade group of over 7,200 craft brewers, suppliers, and distributors, as well as the Alcohol and Tobacco Tax and Trade Bureau.

According to the data, Vermont has emerged as the craft beer capital of the U.S. with 11.5 breweries per 100,000 people. That’s equal to 151 pints of beer produced per drinking-age adult. Following closely behind are Montana and Maine, each with 9.6 breweries per capita.

You’ll notice that in Southern states such as Alabama, Georgia, and Mississippi, that there are only 0-0.9 breweries per capita. This is actually because of tighter liquor laws—for example, only 10 years ago, it was illegal to sell specialty beer in South Carolina that contained more alcohol content than a typical Budweiser.

Becoming a Brewery Nation

In 2008, there were only 1,574 breweries across the United States.

However, as you can see in the below data from the Brewers Association, the total amount of craft breweries, microbreweries, and brewpubs has climbed to 7,346 in just a decade.

20142015201620172018Change ('17-'18)
Regional Craft13517818620223013.9%
Microbreweries2,0762,6263,2513,9334,52215%
Brewpubs1,6031,8242,1022,3552,59410.1%
Total Craft3,8144,6285,5396,4907,34613.2%
Large/Non-craft4644671061041.9%
Total U.S.3,8694,6725,6066,5967,45012.9%

Of the three categories of craft beer, microbreweries have contributed the most to recent production growth. Last year, they accounted for 80% of this growth, up from 60% in 2017.

The term microbrewery refers to the maximum amount of beer the brewery can produce. For microbreweries, that number is 15,000 barrels (460,000 U.S. gallons) of beer per year. They also have to sell 25% or more of their beer on site, which is why we are witnessing a surge in breweries that double up as a restaurant or bar.

Comparing this data to figures on larger breweries available from the Breweries Association, it is clear that it is the larger, more established breweries that are feeling the heat. While their growth slows, more small breweries open, and sales are further cannibalized.

The Economic Impact of the Craft Beer Market

When it comes to pure dollars, C+R Research notes that Colorado comes in at #1 with an economic impact of $764 per person. Vermont is at the #2 spot with an economic impact of $667 per person, despite having a higher concentration of breweries per capita.

How do the rest of the states compare?
Economic Impact
The global craft beer market is expected to reach $502.9 billion by 2025—while the craft brewing industry contributed $76.2 billion to the U.S. economy in 2017, including more than 500,000 jobs.

Will Craft Remain a Growth Category?

While many argue that craft beer is approaching its peak, the data is promising. Experimentation with new processes and ingredients will continue to drive the market forward.

Craft brewers all over the world are tapping into the novelty factor by exploring weird and wonderful innovations, like deer antler-infused beer and take-home brewing kits.

While the overall beer market lagged in sales by 0.8% last year, the craft brew category grew by 3.9% using the same measure. Further, craft still only makes up 13.2% in total beer volume in the U.S., meaning there is still plenty of market share to gain.

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Ranked: Top 10 Single-Day Market Cap Gains

Nvidia broke the record for the largest single-day market cap gains after adding nearly $250B on Feb. 22, 2024.

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The 10 Biggest Single-Day Market Cap Gains

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Since the COVID-19 pandemic, U.S. tech stocks have led in terms of market cap gains, sometimes boosting their valuations by hundreds of billions of dollars in a single day.

In this graphic, we’ve ranked the largest single-day gains ever recorded, using data from Bloomberg.

Top 10 List

The top 10 list includes just 5 companies, and all are based in the U.S.

RankDateCompanySingle-day
Market Cap Gain
(USD billions)
1Feb 22, 2024NVIDIA$247.0
2Feb 2, 2024Meta$196.8
3Nov 10, 2022Apple$190.9
4Feb 4, 2022Amazon$190.8
5May 25, 2023NVIDIA$184.1
6Jan 28, 2022Apple$178.9
7Jul 31, 2020Apple$169.0
8Oct 28, 2022Apple$150.5
9Mar 13, 2020Microsoft$150.4
10Apr 26, 2023Microsoft$148.3

To put these massive gains into context, consider this: As of May 2023, the average market cap of an S&P 500 company was $30.4 billion.

Meta’s $197B Record Didn’t Last Long

On Feb 2. 2024, Meta set a new record for the largest single-day gain after reporting strong quarterly earnings, as well as announcing $50B in share repurchases and its first ever dividend payment.

This record lasted only 20 days, however, as Nvidia’s massive Q4 2024 earnings beat sent it to all-time highs. The firm is now nearing a $2T valuation, firmly placing it among the world’s most valuable corporations.

More on Nvidia’s Earnings…

Nvidia reported $12.3B in net income during Q4 2024, which is 769% higher than the same quarter last year. Revenues are also up 265% from last year, largely driven by demand for its AI chips like the H100 Tensor Core GPU.

Nvidia’s earnings have seemingly shifted the AI craze into another gear, boosting other chip stocks like AMD and Super Micro Computer (SMCI) to double-digit % gains for the day (Feb 22).

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