Australia’s largest independent beer company has suffered its first drop in sales in 24 years, as the number of people drinking beer in Australia hits a 50-year low.

Sales have also tumbled for Coopers Brewery as smaller craft brewers pave their way into core markets in New South Wales, Queensland and Victoria.

While profits grew by four per cent to $34 million, beer volumes fell by 9.1 per cent.

Managing Director Dr Tim Cooper tells Ross Greenwood “it’s a challenging time”.

“We hope to bounce back… we’re grateful that we had 24 years of growth.”

Dr Cooper says it’s a “competitive marketplace” so the need to “keep innovating” is vital.

“Gone are the days where you could… just rely on selling one or two different brands.”

Click PLAY below to hear the full interview