Hundreds of new craft beer breweries open in the UK
A total of 430 new craft breweries opened in the year to the end of December 2017 as the market share of niche beers continues to rise, according to UHY Hacker Young.
The figures demonstrate a slight decrease from 2016, which saw a record 520 new brewery openings.
But the openings show the passion for craft is continuing, with increased spending power among millennials believed to be a key driver of growth in the market.
There were 506m pints of craft beer consumed in 2017, representing roughly 6.5 per cent of the total UK market, according to the Society of Independent Brewers.
But UHY Hacker Young warned funding for new breweries remains difficult, with many firms forced to issue shares through crowdfunding in order to expand. Issuing too many shares to fund expansion could dilute the stake of the original founders, the accountancy firm warned.
Last year Ellon-based Brewdog raised £23m in its fifth crowdfunding round, while London-based Five Points and Hop Stuff have also used crowdfunding to raise money in recent months.