The brewing industry is one of Canada’s oldest, and has undergone substantive transformations in recent decades. After a period of consolidation that culminated in the mid-1980s, only ten Canadian breweries remained, of which three controlled more than 95% of the market. As a result of further worldwide M&A activity, the industry is now dominated by three major multinational players. These control 90% of all Canadian retail sales, and account for more than 70% of industry revenue in 2018. Although the industry has enjoyed steady growth in recent years and continues to have a positive outlook, much of this growth can be ascribed to the increasing popularity of craft beer. According to a recent industry report, this shift in consumer tastes from mainstream light and premium brands towards craft beer is not only a Canadian phenomenon, but has also taken hold in Europe and the United States. While there is no universal definition of craft beer, it is typically associated…
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