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This week we bring you the very first of our Industry Insight interviews, a Q&A with Luca Lorenzoni- contributor to  the Horizons 2024 report. and speaker at our Industry Expo & Conference in July 2025. 

After CEO roles at Camden Town Brewery and Northern Monk, Luca recently founded PATH Advisory and is working with some of the very best and most disruptive businesses in beer and drinks.  He’s got a brilliant perceptive on the industry and its future that I think can benefit the sector. We hope you find it useful.

Greg Wells: To kick things off, what do you see as the key trends, issues, or challenges shaping the beer industry at the moment?
 

Luca Lorenzoni: That’s a difficult question, there are a few noteworthy trends. If I had to highlight two, the first would be the cost of capital. Five to ten years ago, there was significant investment interest in the beer industry. Crowdfunding and favourable bank loans were more accessible. Now, the landscape has shifted, making it harder for breweries to secure financing. This change means planning the future of a brewery is now a much more careful balance between top line, bottom line, and capital allocation.
 

The second trend revolves around what I call “customisation culture.” Initially, craft beer emerged as a reaction against uniform macro beers. It fostered a loyal following because it broke the mould of one solution for everyone, but has since struggled to adapt to the continuously evolving customisation desires of consumers. Consumers got a taste that beer could be more than what they’d been offered, and now there is an expectation that regardless of what they desire, there should be a solution tailored to them. I don’t believe beer has responded fast enough to how to consumer has evolved. 
 

GW: Interesting points. How do you see the cost of capital evolving over the next few years? With interest rates fluctuating, what might be the lasting impacts?
 

LL: In the short term, breweries need to be more focused on where money is spent. For simplicities sake, let’s say there are 3 ways to invest resources: small fires, medium fires, and big fires. Small fires are small wins that won’t change the course of the business, but should slightly improve performance. Enough of these done right creates a strong base for a business. Big fires are higher risk, higher reward game changers. Medium fires are everything in between and generally require a lot of investment for the return you get. I believe there will be a lot less medium fires…there needs to be. The focus will be small fires and big fires. For instance, Left Handed Giant’s taproom is a prime example of a big risk with potentially high rewards. In contrast, companies like Track Brewing illustrate the importance of solid fundamentals. Their approach prioritises long-term sustainability over rapid growth, ensuring they remain a viable entity for decades to come.
 

GW: Absolutely, that makes sense. So how can breweries and professionals—founders, marketers, and sales teams—adapt to these challenges? What opportunities do you see?
 

LL: It’s crucial for breweries to shift their focus from what’s beneficial for them to what consumers genuinely want (not what they say they want, but what they really want!). Regardless of whether you want to focus on the core craft beer consumer or look to appeal to new audiences, understanding that consumer’s purchase behaviour today is the key. I believe if you take the top 100 performing independent businesses in the UK, 95% of them will be on that list because their main strength is understanding their consumer.

GW: In Beer, who do you think is doing this well?

LL: Breweries like Track, Floc and Verdant are examples of understanding that core craft beer audience. They don’t compromise on quality, but each of them are exploring ways to evolve their businesses to how that consumer has evolved – through taprooms/new sites, additional styles, new hop varieties, more community focus. Vault City and Jubel, on the other hand, have embraced risk and experimentation, pushing boundaries in unique ways. These breweries are navigating the complexities of the current market by staying responsive to what consumers are seeking. However, I think all those examples are succeeding on product and aesthetics. I think when it comes to how breweries communicate to consumers (mediums used, tone, etc), we are too risk averse, and a bit dated.
 

GW: Speaking of navigating complexities, we’re looking forward to your talk at our conference in June, which focuses on financial performance and benchmarking for breweries. Why do you believe this topic is crucial, and what should attendees expect to gain?
 

LL: Financial performance hasn’t always been a focal point in our industry, primarily because the growth was so rapid and top-line sales were the priority. Now that the landscape is more competitive, financial sustainability has become a hot topic! Being a relatively new industry, and because finances are always a bit of a sensitive topic, my goal is to talk through some ways to gauge financial performance. Essentially, giving people the ability to answer whether they are doing well, and if not, what does good look like. 
 

GW: That sounds incredibly valuable. Now, for a lighter question: what beer or brewery are you loving right now?
 

LL: I always find this question tricky! I recently moved to Italy, where hazy beers are quite scarce, which has reignited my appreciation for them. During my time in Scotland for Vault City’s Big Swally Festival, I really liked what Verdant had pouring. It’s hard to choose just one, but their quality is consistently impressive.

To hear Luca at the We Are Beer Industry Expo & Conference, and see his contributions to our Horizons trends report, become a We Are Beer Industry Member. Find out about it all and sign up here.