The craft beer business is booming, but one of the nation’s biggest alcoholic beverage companies has no plans to get in on the action.
Rob Sands, chief executive of beer and wine distributor Constellation Brands (STZ), is not interested in buying up any of the nearly 2,500 craft breweries that have sprung up across the nation in recent years.
“People expect one of the big guys to get in and roll up the craft business,” Sands said in a recent interview. “But it’s not clear that’s a good strategy.”
For fans of locally made beer, that may come as a bit of a relief. But it’s also a bit surprising considering the explosive growth craft beers have experienced in recent years.
Related: Small craft breweries hit it big
Craft beers made up nearly 8% of the overall beer market by volume in 2013, up from 3.7% in 2007, according to the Brewers Association. The group estimates that craft brews had a retail value of $14.3 billion last year.
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