Vol 7, No 1 Jan 5, 2026

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NIQ Pkg Trends: Can Volume -3.6%, Bottles -7.7% for 52 Wks; Single Serves 20 Share of $$; 30pks +0.2 Share of Vol EXPRESS - Dec 29 Cans continued to outperform bottles in off-prem scans thruout most of 2025. While total beer volume slipped 4.7% for 52 wks thru Nov 29 in NIQ data, cans were off 3.6%, gaining 1.2 share to 73.6 share of beer volume. Bottle volume dipped nearly 8%, now just over 26 share of total beer/FMB/cider volume in these channels. Bottle prices still more than $6/case above cans on avg, up 1.5% to $35.89 for 52 wks thru Nov 29 vs yr ago, mostly due to prevalence of smaller pack sizes. Cans' avg price/case rose at a similar rate vs yr ago, +1.8% to $29.61.


NEW PRODUCTS: Barebells Adds Protein-Intense Milk Drinks to Expanding US Mix BEV INSIGHTS - Sep 29 On heels of launching protein soda under Barebells name, Vitamin Well Group now is adding protein-intense Milk Drinks line. New line packed in 12-oz sleek cans brings bounty of 24 g protein but just 2 g sugar thanks to base of ultrafiltered skim milk. It gets a sweetening lift from sucralose and ace-K. Line is available in Berry, Vanilla and Choco versions priced at $39.99 per 12-pk on DTC site. Core Barebells line, of course, is protein bars; Sweden-based Vitamin Well also markets Nocco-branded BCAA energy drinks. The Milk Drinks are produced in US. As we reported from NACS c-store expo, Vitamin Well not only has entered the burgeoning space populated by sparkling bevs using clear protein but also extended Nocco with an electrolyte subline.


Fed Judge Strikes Down MD "Delivery" Law, Opens Up Use of Common Carriers to All Small Brewers CRAFT - Dec 30 Exceptions to strict 3-tier requirements offered to in-state brewers must also be afforded to out-of-state producers, a fed judge in Maryland confirmed in a decision last week. During a 2-day bench trial earlier this mo, the state "failed" to "justify" a law restricting the ability to deliver beer directly to consumers solely to small in-state brewers, the judge wrote. Neither the broad "delivery" privilege, nor the requirement that brewers use their own employees can stand, the judge confirmed, functionally allowing small breweries nationwide to seek a permit to ship their beer to MD consumers thru common carriers. Crucially, the state started allowing direct shipments from out-of-state wineries back in 2011, the judge reminded, and "out-of-state beer producers should be permitted to do the same."


Bump's Yr in Review: "Growth Leaders"; BuzzBallz #1 EXPRESS - Dec 31 BuzzBallz family #1 growth leader with incremental growth of nearly $300 mil, looking across beer, wine and spirits yr-to-date thru 12/20 in NIQ data, published in Bump Williams' BWC Monthly Industry Update. Wine versions of BuzzBallz up $152 mil (#1 in wine) in a segment that's down significantly (see below). BuzzBallz spirits RTDs up $121 mil (#3) in spirits and BuzzBallz also has smaller malt-based versions. Amazingly, AB's Cutwater $$ surged more than Michelob family $$ in 2025 scans, tho only a fraction of Michelob's size. Cutwater $$ sales up $209 mil, while Michelob family up $185 mil in these channels. BuzzBallz growth over 50% greater than Michelob's. Cutwater not just #1 growth family in spirits, but "the #1 standalone growth family within any of the 3 major individual categories," wrote Bump. BeatBox grew $83 mil in wine, shows Bump. This acquisition gives AB "a leadership role in key growth drivers across all 3 major BevAl categories." AB also had #3 beer growth brand, Busch family up $61 mil.


Confirmed: Drinking Enhances Mood, Accelerates Bonding, But Expectations Matter ALCOHOL ISSUES - Dec 31 Tipping back a tipple or two together may in fact not only make you feel better (or less worse), but speed up bonding, even if you didn't know your companions before today. It's science! Compared to groups who only thought they were drinking, groups of three strangers who actually got tipsy together not only reported better moods, they spent more time talking and felt more socially bonded, according to research published earlier in 2025.

The work comes out of Carnegie Mellon's Behavioral Health Research Lab in Pittsburgh, which has long been a home for research into alcohol's emotional and social impacts. In fact, the school has invested millions of dollars of federal grants to establish lab conditions that more closely mirror real-life drinking settings to dig deeper into alcohol's impacts on social interaction, the school's Neuroscience Institute shared recently. This year alone, lead researcher Kasey Cresswell and others published two separate papers as part of the Behavioral Alcohol Research (BAR) Study, that carefully tracked the experiences of 393 young adults split into groups of three.


2025 Stock Price Review: AB and Heineken Rebound; Molson Coors Stumbles, STZ & SAM Down Again EXPRESS - Jan 2 Not as bad as 2024 when all the major beer co's recorded stock price declines, but not much to brag about in 2025 either as beer and other alc bevs remained under pressure. ABI (BUD) stock price shot up 28% in 2025 following a 21.6% drop in 2024, roughly even over 2 yrs. BUD price grew 7.6% in 2023. Heineken stock price grew 15.3% in 2025 following a 24.6% drop in 2024. No other major beer cos managed to grow stock price last year when the Dow rose 13% for the 2d consecutive yr, the S&P 500 was up 17% and Nasdaq gained 20%. Molson Coors (TAP) had been the best performer for the past 3 yrs (even in down yrs), but its stock price fell 18.6% in 2025 following a 6.4% decline in 2024. TAP price had increased double-digits in 2022-23. Constellation (STZ) stock price fell 37.6% last year to $137.96. That follows an 8.6% decline in 2024 and STZ stock price has dropped 3 of last 4 yrs. Boston Beer (SAM) stock price dropped 35% to $195.13 last yr, following a 13.2% drop in 2024.


2025 Stock Price Review: Mixed Bag, as Coke Thrives but PEP, KDP Sink; Energy Players Monster, Celsius, Guru All Soar; In Year of Protein, BellRing, Simply Good Foods Way Down BEV INSIGHTS - Jan 2 By broadest indexes 2025 was a great year to be an equity investor. Dow Jones index grew 13%, S&P 500 rose 12.3% and Nasdaq soared 20%. But much of that was fueled by tech players, particularly those involved in AI, and year played out more modestly for bevcos and CPG cos in general, as reflected in Dow Jones US Consumer Good Index that grew a mere 3.68%. Within that context how did bevcos fare?

We'll start with Big 3 CSD players. Coca-Cola (KO) was clear winner here, as its stock price grew 12.3% in 2025, up from a 5.7% gain in 2024 tho below its 24.5% increase in 2023. PepsiCo (PEP) stock prices fell 5.6% last yr following a 10.5% decline in 2024 as it struggled to hold its own vs KO and drew unrequested attention from activist investor Elliott, which had a few thoughts. That makes for two down yrs after PEP surged 53.7% in 2023. Keurig Dr Pepper (KDP) stock price down 12.8% in 2025 following a 3.6% dip in 2024. It was a mixed bag for KDP: robust performance on liquid refreshment bevs but struggles on Keurig Coffee, along with strategic pivot that landed with a thud on Wall Street.


Don't Miss BMI's Year In Beer Webinar on Jan 28! Gear up for 2026 with our annual Year in Beer Webinar, coming up in just a few weeks! Get an exclusive first look at 2025 tallies plus a rapid-fire roundup of the stats and stories that mattered most. Each registrant will get a copy of the insight-packed presentation plus access to a recording. Sign up today to cut through the clutter with this 60-minute webinar + Q&A.

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