Craft Beer continues to thrive as drinkers happy with the luxury product
THE number of breweries has increased by 8 per cent to around 1,700 in the past year amid a surge in popularity of craft beers, research shows.
Breweries are becoming increasingly profitable and targets for acquisition
Breweries are becoming increasingly profitable and targets for acquisition, said accountancy group UHY Hacker Young.
Drinkers are prepared to pay premium prices for a luxury product such as craft beer, which has driven increased sales of food, said the report.
A growing trend in the industry was an increase in microbreweries, according to James Simmonds of UHY Hacker Young.
Increasing popularity has transformed many microbreweries into highly profitable businesses
He said: “Craft beer is leading the way in the surging popularity of artisan products and has pushed aside other brands in high street bars.
"Many are now firmly established household names.
The increase in microbreweries is a growing trend
“This increasing popularity has transformed many microbreweries into highly profitable businesses for entrepreneurs looking for a niche position in the food and drinks market.
“As a result of their success, microbreweries across the UK have also become attractive acquisition targets for larger breweries.”