No one thinks the industry can sustain this growth indefinitely. If craft beer grows at 10% a year for 100 years then there would be 13,000 times as much beer around. That's more than we can possibly produce or consume. But "this growth can't continue forever" doesn't mean "bubble". A bubble is when something is out of line with the fundamentals. So a stock bubble is when the stock is priced higher than it's actually worth. A wheat bubble would be when more wheat is being produced than consumed (like pre-dust bowl). There's no indication that more beer is being produced right now than people are willing to consume. As I said upthread and none of the beer who continue to use the word "bubble" seem to have noticed, it's perfectly possible to imagine craft beer plateauing, and reaching a rate of growth consistent with population growth but not above it. That would mean that, despite growth slowing, there was never a bubble. That's not a bubble, that's creative destruction. No one says that there's a restaurant bubble, but that's probably the market segment with the most failure in it. That wasn't a bubble, that was people seeing a way they could make money and going for it, also known as "capitalism".