Craft Self-Cannibalizing?

Dear Client: In a report on the latest all outlet Nielsen data, the 4 weeks to May 16, UBS beverages research asked whether U.S. craft is starting to self-cannibalize. It points out that the biggest craft brewers lost share this period (likely just among smaller brewers, of course -- the overall segment is still up 15% in dollars and a full dollar share vs. YA). This has actually been going on with the largest brands for quite some time. But