Growth in the booming U.S. craft-beer industry is slowing. But don’t expect big brewers to benefit much.

For the past half-decade or so hoppy lagers and ales from niche brands have taken substantial market share from mainstream beers such as Anheuser-Busch InBev’s Budweiser and Bud Light. Craft brews now account for about 14% of the U.S. market by volume, up from about 6% in 2009, according to research house Sanford C. Bernstein. Since craft beer is more expensive, its share of the market’s value is closer to a fifth.

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