The bourbon industry is expected to make another jump this year with sales of craft beer to the point where Kentucky bourbon could become the most popular beer in the state.
The Kentucky Department of Alcoholic Beverage Control said the bourbon market is expected in a “declining position” over the next six months, with a decline in overall sales of bourbon to the same point in 2016.
The bourbon market in Kentucky has been a major market for craft beer, with craft brewers brewing at least $7.3 billion in sales over the past five years, according to the National Craft Brewers Guild.
But bourbon has been an increasingly popular beer, and its popularity has seen the price of the beverage rise by about 25 percent over the last five years.
The new data also shows that bourbon sales in the next three years are expected to grow by 9 percent.
The overall bourbon market will see growth of more than 10 percent, the data said.
Sales of craft beers have also been booming.
Last year, craft beers made up $2.3 trillion in sales, according the Brewers Association, an industry group.
Craft beer is now the second most popular craft beverage behind wine.
Beer sales were up 9.5 percent in Kentucky in 2017, with sales up 15.1 percent in 2018 and 20.1 in 2019.
The industry also expects to make $1.2 billion in new beer sales this year.
The growth in bourbon sales comes as craft beer brewers are starting to diversify their business models.
Kentucky’s brewers are now competing against craft brewers who are starting their own businesses and are also opening breweries and tasting rooms.
Craft beer is not the only craft beer market experiencing growth.
The beer market in New York, Pennsylvania, Illinois and Wisconsin has also grown, according a report by the Brewers Foundation.
The craft beer industry is projected to add about 6.5 million new beer drinkers to the U.S. in 2019, according data from the Brewers Assn.