Revised Craft Production Data, Plus Chats with Victory and Odell

Was craft brewers’ 2025 less bad than we thought? 

The Brewers Association (BA) issued a revision to its annual production report, which places the industry at -4%, up from previously published -5.1%. In this Brewbound Podcast episode, Zoe and Jess break down what the changes mean for the challenged craft beer industry, as well as several middle-tier deals and recent scan data.

This week’s featured interviews highlight Victory Brewing co-founder Bill Covaleski and director of brewing operations Joe Slavick, as well as Odell Brewing CEO Eric “Smitty” Smith. Both conversations were recorded during the Craft Brewers Conference in Philadelphia in April.

Covaleski and Slavick discussed the Downingtown, Pennsylvania-based craft brewery’s 30-year journey, from its self-distribution in its early days to the formation of its parent company Artisanal Brewing Ventures (ABV) 10 years ago. 

Victory, which Covaleski founded in 1996 with childhood friend Ron Barchet, distributed its own beer for nearly four years, Covaleski said. The experience inspired Victory to band with fellow Pennsylvania breweries to oppose a bill that would have outlawed the practice – a legislative episode that spurred the formation of the Brewers of Pennsylvania state guild.

“It was phenomenally important because no one wanted to pay what they needed to pay for our beer at a wholesale level,” he said. “We had to go out and prove that there was a market for it, and then, all of a sudden, they got it.”

Victory was an early trendsetter in craft breweries’ march toward mulit-brand platforms, which have become near ubiquitous. It merged with Lakewood, New York-based Southern Tier Brewing in 2016 to form ABV, backed by Ulysses Management LLC. 

ABV added Brooklyn, New York-based Sixpoint Brewery in 2018, and Nellysford, Virginia-based Bold Rock Hard Cider in 2019. 

“From a business standpoint, it hits a lot of different avenues,” Slavick said of ABV’s brand recruitment. “They did a really good job of being selective of who they brought in, when they brought them in.”

In 2025, ABV was the 11th largest craft brewer by volume in the country, according to data from the BA. Its output declined 6% year-over-year (YoY), to 238,697 barrels, excluding hard cider and other non-beer offerings. 

Odell was the country’s 31st largest craft brewery by volume last year, declining 9% YoY, to 89,364 barrels. 2026 opened with a “good Q1” as the Fort Collins, Colorado-headquartered craft brewery focuses its attention on its core offerings, Smith said. 

“We had a pretty large portfolio and so it takes some time – you can’t cut everything at once,” he said. “It’s been that slow, methodical getting rid of brands, getting rid of packages, putting our emphasis on the right brands at the right time in the right places.”

For Odell, that has meant a laser-focused on flagship Odell IPA in 6-packs, 12-packs and 19.2 oz. single-serve cans in the convenience channel. To bolster that beer, the company has also launched Mountain Standard IPA, Hazer Tag hazy IPA and MDRN IPA.