The craft beer industry in Australia is booming, with craft brewers creating a number of new styles of beers to be sold in pubs and restaurants across the country.
Craft beer is now worth $US1.7 billion ($1.3 billion) and growing at more than 20 per cent per year.
Craft brewers have been able to capture a huge chunk of the craft beer market, which accounts for more than half of the total beer sales in Australia, with more than 60 per cent of the market in the first half of 2017.
Craft brewers have also been able with the new laws introduced in the US, where they can now brew up to eight different types of beer, with an average of 50 litres per batch of beer per brewery.
Craft breweries can now sell more than 50 per cent more beer than they did before, which means more opportunities for craft brewers to make money from beer.
Craft brewers are also seeing a significant rise in beer sales outside of Australia, particularly in New Zealand, which has been one of the fastest-growing beer markets in the world, according to the New Zealand Beer Marketing Association.
Craft beers can also attract consumers from the US and Europe, with sales in those markets now outpacing those in Australia.
There are currently only six craft breweries in Australia with more planned over the next five years, and while craft beer sales are still a relatively small portion of the Australian beer market they are expected to grow significantly in the future.
According to Beer Magazine, the number of craft brewers in Australia rose from just under 20 to nearly 40 over the past decade, with the industry forecast to grow to more than 160 by 2020.