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Molson Coors Eyes Beyond Beer Growth
3 Dec
Summary
- Molson Coors plans to acquire more non-alcoholic beverage brands.
- Alcohol consumption has fallen to an all-time low in the U.S.
- The non-alcoholic beer market is projected to reach $34.98 billion by 2029.
Molson Coors Beverage Company is actively pursuing a strategy to broaden its non-alcoholic beverage offerings, signaling a significant pivot in its business approach. Company executives have indicated that while beer remains core, there will be an increased focus on 'beyond beer' products to capitalize on changing public drinking habits and appeal to a wider consumer base.
This strategic redirection comes as alcohol consumption in the United States has notably declined. Data reveals that only 54% of U.S. adults now consume alcoholic beverages, prompting breweries and craft beer manufacturers to innovate by introducing new non-alcoholic or near-beer options. The global non-alcoholic beer market is anticipated to reach a substantial $34.98 billion by 2029.
Molson Coors has already begun this transition by producing non-alcoholic versions of its popular brands and plans to strengthen its zero-proof portfolio. The company also acquired a minority stake in Fever-Tree, a U.K.-based beverage company, earlier this year. This move is seen as a potential blueprint for future acquisitions aimed at expanding its non-alcoholic range, reflecting a broader industry trend where competitors like Anheuser-Busch are also reporting significant growth in their non-alcoholic drink revenues.
