Canadian beer rebounds (TAP)
Total beer volumes in Canada increased by 0.8% in February, rebounding from eight consecutive months of decline. Domestic beer volumes increased by 1.2%, improving from a 6.9% decline in January. Imported beer volumes decreased by 1.8%, but improved from a 10.4% decline in January. Before February, imported beer volumes had been reduced by double digits in seven of the previous eight months. Beer volumes in Canada have been declining since 2022, but Molson Coors has gained share in the country.
Beer Distributors Index rebounds (STZ)
The National Wholesalers Association’s Beer Purchasers’ Index (BPI) rose to 53 in March from 48 in February. However, only two of the beer segments were in expansion territory. The BPI is a diffusion index where a reading over denotes expansion and below 50 denotes contraction.
- Imports were 66, up 4 points YOY, but down from 68 in February.
- Craft was 36, up from 28 last year and well above the 22 reading in February.
- Premium lights were 53, up from 47 last year and up slightly from 52 in February.
- Premium regular was 47, up ten points from last year and down slightly from 48 in February.
- Below premium was 47, down from 53 last year and down slightly from 48 in February.
- FMB/seltzer was 34, up from 21 last year and 28 in February.
The at-risk inventory measure was 47, down 1 point from February. Distributor inventories have been contractionary for five consecutive months. Constellation Brands remains the only growth story in beer.
