Below is a brief excerpt from a complimentary research note written by our Consumer Staples analysts Howard Penney and Daniel Biolsi. If you are an institutional investor interested in accessing our research email firstname.lastname@example.org
With sales accelerating during the pandemic, hard seltzers now have $2.8B in annual off-premise sales, as seen in the following chart. In 2019 on-premise sales were $1.2B.
For the week ended June 27, hard seltzer sales grew 187% and now represents 10.7% of beer category sales. White Claw and Boston Beer’s Truly dominate the hard seltzer category.
Despite the new offerings from Natural Light and Corona, White Claw and Truly have maintained their market share. We are starting to see several craft brewers enter the hard seltzer category as well.
However, it may be a challenge for the craft brewers to take share from the category leaders since they compete in beer by offering more flavor at the expense of calories, which is turned on its head in hard seltzer.