Whether it is artists, professional athletes or musical artists, the historic figures who adapted as their career skills changed were able to celebrate elongated fanfare thanks to this flexibility. In the beverage market, hard seltzers were the star of new product development for a few years, but as the market has become more saturated, experts note that change might be in order as the beverage alcohol segment experiences deceleration from its years of growth.
“Beer seltzers, the biggest contributor to [the ready-to-drink] (RTD) category, has slowed from plus 42% for the three-year [compound annual growth rate] (CAGR) to plus 1% in [last 52 weeks] ending April 17, 2022,” say Ravee Krishnan and Ryan Toenies, client insights consultants for Chicago-based Information Resources Inc. (IRI). “Spirits seltzers, the second smallest contributor to RTD category, happens to be the second biggest contributor to RTD growth. As the segment doubled (plus 125%) in the latest 52 weeks, High Noon contributed to more than two-thirds of the growth. It will be interesting to watch this space. Will High Noon sustain this growth? Will other brands capitalize this segment’s growth?”