Craft brewery overcapacity bust (2010–2020)
The number of U.S. breweries surged from about 1,500 to more than 9,000 as craft beer boomed, then sales growth stalled. Tap handles and shelf space got crowded, and dozens of breweries closed or were sold as competition thinned the field.
Midsize breweries consolidated, with larger players buying smaller brands at discounted prices.
The industry settled into a smaller set of scaled survivors; boom-era capacity got retired.
Same pattern as cannabis: legalization opens a boom, overcapacity crashes prices, and high-cost producers exit while capital consolidates around survivors.
