Texas On-Premise Alcohol Beverage Tax Receipts Exceed 2019 Levels (SAM)
Texas reports its alcoholic beverages sales tax receipts monthly. In November, alcoholic beverage receipts increased 46.5% YOY. Compared to October, receipts increased 8.6% month over month, as seen below. November 2021 was also 18.2% higher than October 2019. November’s $140.6 million of tax receipts were the highest monthly total in the past three years despite the month not being one of the strongest seasonally.
In Texas, bars were shut down in mid-March 2020 and allowed to re-open on May 22. In late June, bars were shut down again, then re-opened again in October 2020 by the county. Since June, bars were also allowed to reclassify as restaurants as long as food sales exceeded alcohol sales.
On-Premise Industry following Texas’ lead? (BUD)
The Texas on-premise industry has been operating with fewer government restrictions for longer than most states. On-premise alcohol sales are still well below 2019 levels reflecting COVID-19 concerns impacting other states and the slow recovery earlier in 2021. As seen in the following chart, beer volumes have been catching up to 2019 levels in recent weeks.
Tim Hortons featuring Chobani oat beverage (CHO, QSR)
Tim Hortons announced that Chobani oat beverage is now available across Canadian restaurants. Tim Hortons is also featuring two specialty drinks made with the oat beverage for a limited time. Since mid-November, Tim Hortons has been featuring oat milk but announced that Chobani would be the supplier on Monday. Tim Hortons dominates the Canadian coffee market with a 70% share. Starbucks carries Oatly as its primary oat milk supplier, SunOpta as a backup supplier, and Planet Oat supplies Dunkin’.
Oat milk is currently only found on 1.7% of restaurants’ menus, according to Datassential. 67% of Americans know about oat milk, but only 29% have tried it. Chobani filed its S1 on November 17.
