The U.S. beverage market saw performance driven by pricing changes versus volume in 2025, according to data presented from S&D Insights LLC during the State of the Industry webinars with Beverage Industry. The market research firm projected that total U.S. beverage market volume declined 0.8% in 2025, however, revenues made up for that decline, with retail dollar projected growth up 4.2%.

S&D Insights found that most large mass market refreshment beverage categories struggled in 2025, with the exception of bottled water and energy drinks, which saw volumes up 1.3% and 9.7%, respectively. Carbonated soft drinks saw volume stabilize with the category down 0.1%. Among the emerging non-alcohol beverage categories, protein drinks and probiotics fared well with volume up 9.5% and 17.3%, respectively. In total, volume sales for non-alcohol beverages were relatively flat (up 0.5%), while dollar sales were up 3.8% in 2025, according to S&D Insights data.

Other beverages, which includes hot coffee, hot tea and milk saw volume declines of 3.2%.

In the beverage alcohol market, two of three categories were down in terms of volume. The beer category volume declined 4.9% while wine volumes were down 6.7%; however, spirits volumes were up 1.5% according to S&D Insights data. In terms of total volume for beverage alcohol, volume was down 3.1% in 2025.

Taking all of these factors into account, Beverage Industry’s Top 100 Beverage Companies report, based on 2025 fiscal year sales, reflects the ebbs and flows that different factions of alcohol and non-alcohol beverage market experienced this past year.

Significant Events

Nestlé’s Board of Directors appointed Alfonso Gonzalez Loeschen to the position of CEO of Nespresso and member of the Group Executive Board. Loeschen currently serves as CEO of Nespresso North America. His new appointment goes into effect Nov. 1. Loeschen served as CEO of Nespresso’s North American business since January 2020, covering the United States, Canada and Mexico. He successfully led the expansion of the Nespresso Vertuo system to grow at a double-digit rate and gain market share, the company says. “We are happy to announce that Alfonso will become the new CEO of Nespresso and a member of the Group Executive Board,” said Philipp Navratil, CEO of Nestlé, in a statement. “We look forward to working with him to advance our growth strategy for Nespresso. His extensive expertise and deep understanding of the portioned coffee category, along with Alfonso’s results-focused approach and talent to inspire teams, will enable him to drive performance and execution.”

Anheuser-Busch announced that Michelob ULTRA reached a new pinnacle, becoming America’s No. 1-selling beer, the company says citing Chicago-based Circana data for the 52 weeks ending Sept. 14 and NielsenIQ On Premise total U.S. volume for the weeks ending July 12. “For more than 20 years, Michelob ULTRA has connected with its fans during the occasions they love,” said Kyle Norrington, chief commercial officer at Anheuser-Busch, in a statement. “The brand’s playbook has been simple and relentless: invest, learn and execute as the Official Beer Sponsor of America’s most prominent sports and active-lifestyle moments from Team USA to the NBA to the upcoming FIFA World Cup 2026 and LA 2028 games to a 30-plus year partnership with the PGA Tour. This approach has turned Michelob ULTRA into an absolute rocket ship, and we’ve got tremendous opportunity ahead of us. This is a proud moment for our teams and partners and speaks to the resilience of the American beer category.” Circana highlighted in its latest read that Michelob ULTRA has claimed No. 1 for the latest 52 weeks in retail channels, and Nielsen confirms the brand’s leadership in bars and restaurants across the latest 52 weeks as well. “Consumers are buying more Michelob ULTRA than any other beer in America,” said Scott Scanlon, executive vice president of category insights at Circana, in a statement. “The brand stands out as the growth leader in the industry, and it’s showing no signs of slowing down.”   

The Coca-Cola Co., Atlanta, announced that its board of directors elected Executive Vice President (EVP) and Chief Operating Officer (COO) Henrique Braun as CEO, which took effect March 31, 2026. Braun succeeds James Quincey, who will transition to Executive Chairman after serving as CEO for nine years. The board also planned to nominate Braun, 57, to stand for election as a director at the company’s 2026 Annual Meeting of Shareowners. Quincey, 60, will step down as CEO after a highly successful tenure, the company says. He has led the transformation of the business as a total beverage company, driven by a focus on staying closely connected to consumers. Under his leadership, the company has added more than 10 additional billion-dollar brands, it adds. Quincey has reshaped the company’s strategy and operating model to create a more agile, networked company, including a focus on digital transformation and modernized marketing, the company notes. He also led the company through the COVID-19 pandemic. As CEO, Braun will focus on opportunities to build on this strong foundation. His priorities include seeking the best growth opportunities worldwide; driving the company to get even closer to consumer needs; and leveraging technology as an enabler of business performance and growth.

Purchase N.Y-based PepsiCo announced that it has closed the acquisition of poppi, Austin, Texas, for $1.95 billion, including $300 million of anticipated cash tax benefits for a net purchase price of $1.65 billion. The transaction also includes a performance-based earnout contingent on achieving certain performance metrics. This acquisition marks a significant step in PepsiCo’s ongoing transformation of its portfolio, reinforcing its commitment to meeting evolving consumer preferences for great-tasting, functional products. poppi, a fast-growing prebiotic soda brand, is among PepsiCo’s recent acquisitions, including Siete and Sabra, aimed at aligning with consumers’ modern wellness priorities. “poppi represents a compelling strategic fit within our short- and long-term vision for the future of beverages,” said Ram Krishnan, CEO of PepsiCo Beverages U.S., in a statement. “Its rapid growth, strong consumer engagement, and differentiated functional positioning make it a dynamic addition to our portfolio. We are excited to scale poppi’s momentum and unlock new growth through our capabilities — we’re just getting started.”

Keurig Dr Pepper (KDP), Burlington Mass., and Frisco, Texas, and JDE Peet’s, Amsterdam, announced they have entered into a definitive agreement under which KDP will acquire JDE Peet's in an all-cash transaction. This deal will create a global coffee company through the complementary combination of KDP’s Keurig with JDE Peet's worldwide portfolio of coffee brands, the companies note. After the acquisition closes, KDP plans to separate into two independent, U.S.-listed publicly traded companies, creating a scaled growth challenger in North America's refreshment beverages market (Beverage Co.) and the a pure-play coffee company (Global Coffee Co.), it says. Under the terms of the transaction, KDP will pay JDE Peet's shareholders €31.85 per share in cash, a 33% premium to JDE Peet's 90-day volume-weighted average stock price, representing a total equity consideration of €15.7 billion. JDE Peet's also will pay a previously declared dividend of €0.36 per share prior to closing, with no reduction to the offer price. The strategic rationale is a transformational next step in KDP's shareholder value creation journey, according to the company. A singular opportunity to establish a global coffee leader by combining KDP’s next-generation coffee innovations and single-serve leadership with JDE Peet's nearly 300-year legacy, global reach and top-tier portfolio of brands, it notes. The acquisition of JDE Peet's will significantly enhance KDP’s coffee positioning, creating a strong and diversified global portfolio, the company says. It will also unlock incremental operating and financial benefits, including approximately $400 million in anticipated cost synergies to be realized over three years and EPS accretion expected to start in year one of the combination, it adds. Upon separation, Global Coffee Co., with approximately $16 billion in combined annual net sales, will be the world's largest pure-play coffee company, according to the company.

Tropicana Brands Group (TBG), Chicago, announced the appointment of Paul Chibe as CEO. Glen Walter remained with the company in an advisory role through the end of 2025. Frédéric Stévenin, co-managing Partner at PAI Partners and Chairman of the Board, TBG, commented: “We are excited to welcome Paul as TBG’s new CEO and look forward to working with him to build the company’s next chapter of growth and value creation. Paul’s experience driving growth through innovation, adapting to a dynamic consumer landscape and integrating complex operating environments will be impactful at TBG. We want to thank Glen for his leadership during TBG’s transition as a standalone company.” Chibe brings more than 25 years of consumer goods and beverage industry leadership experience to TBG. He most recently served as CEO of Pabst Brewing Co., one of North America’s largest privately held brewing companies. Previously, he was president and CEO of Ferrero North America, U.S. chief marketing officer at Anheuser-Busch InBev, and held senior leadership positions at Wrigley. “Joining TBG is an incredible opportunity to lead a portfolio of some of the most beloved brands in the beverage industry,” Chibe said in a statement. “It’s that brand equity coupled with a commitment to quality, and talented team that provide a strong foundation for growth. I look forward to working together to accelerate innovation and capture new opportunities across the evolving beverage landscape.”

Celsius Holdings Inc. and PepsiCo Inc. announced an agreement to strengthen their long-term strategic partnership. As part of the agreement, Celsius Holdings’ Alani Nu brand will move into the PepsiCo distribution system in the U.S. and Canada, PepsiCo has acquired $585 million in newly issued convertible 5% preferred stock while extending its existing preferred stock to the same conversion period and Celsius Holdings has acquired the Rockstar Energy brand in the U.S. and Canada from PepsiCo. PepsiCo will continue to own the Rockstar Energy brand internationally. Celsius Holdings will become the PepsiCo strategic energy lead in the U.S., managing the CELSIUS, Alani Nu and Rockstar Energy brands, while PepsiCo will lead distribution for the Celsius Holdings portfolio in the U.S. and Canada. PepsiCo’s ownership in Celsius Holdings increased to approximately 11% on an as-converted basis, and PepsiCo will nominate an additional director to serve on Celsius Holdings’ board of directors, further strategically aligning both companies for the long-term. This agreement leverages the respective strengths of Celsius Holdings and PepsiCo to scale the combined energy drink portfolio with a more unified commercial strategy.

The Sazerac Co. announced that it would be acquiring the Texas-based Western Son Vodka and Distillery, a small-batch spirits company. “We are excited to bring Western Son to Sazerac,” said Jake Wenz, CEO of Sazerac, in a statement. “The company has created a strong brand and it provides us an opportunity to continue to augment our portfolio, while also adding additional production capacity and capabilities to our network.” Western Son’s portfolio consists of a wide selection of vodkas and a gin. It joins Sazerac’s global spirits lineup, including Buffalo Trace Bourbon, Traveller Whiskey, Fireball Cinnamon Whisky, BuzzBallz, Southern Comfort, SVEDKA Vodka and more. Sazerac is one of the world’s largest distilled spirits companies and is in the fourth generation of the current family ownership, striving to bring the finest spirits to consumers around the world, it adds.

Lakeville, Mass.-based Ocean Spray Cranberries Inc. President and CEO Tom Hayes announced his retirement in late 2025. His retirement took effect March 2, 2026. “Tom joined Ocean Spray during a global pandemic, and from day one brought veteran leadership and experience, a clear commitment to excellence, and a new strategic direction that has us well-positioned for the next chapter at our company,” said Peter Dhillon, Chairman of the Board, in a statement. “More than just business performance, his legacy is the team he shaped — leaders and employees united in their commitment to the farmer-owners that make up this historic brand and cooperative.” Hayes will remain in an advisory capacity to the Ocean Spray Board of Directors until a successor is named.

Tito’s Handmade Vodka, Austin, Texas, announced it has entered into a definitive agreement to acquire the majority stake in LALO Tequila, one of the fastest-growing tequila brands in the United States. Co-founded by Eduardo “Lalo” González, David “R” Carballido and Jim McDermott, LALO honors three generations of tequila-making tradition to create a spirit that’s refreshingly modern, the company says. “At Tito’s, we’ve always said if you’re going to do something, do it well,” said Tito Beveridge, founder of Tito’s Handmade Vodka, in a statement. “I’ve known the LALO founders for a long time. They care about the juice. They keep it simple. They do things the right way, not the flashy way. That felt like home to us.” The newly formed relationship with LALO will provide the tequila brand with strategic sales support and access to an expanded distribution network to accelerate its scale from a local name to one with global reach, the company says. González will continue to steward the brand’s production, carrying on his family’s legacy and the tequila’s integrity for generations to come. “My late father is the namesake of this brand, and I know he would be proud to see how far we’ve come,” González stated. “This moment is a natural continuation of our journey, and we’re excited to introduce LALO to more people across the world while preserving every element that makes us special.”

Nutrabolt, Austin, Texas, announced a significant new investment in Bloom Nutrition, the approachable wellness line founded by Mari Llewellyn and Greg LaVecchia. The expanded investment in Bloom amplifies the Nutrabolt portfolio, extending its reach into new categories and usage occasions, attracting a broader consumer base, the company says. Nutrabolt will continue to collaborate closely with the Bloom founders and management team, who will still drive the brand and lead its strategic vision. The expanded investment follows Nutrabolt’s minority stake in January 2024 where it led a $90 million financing round, which at the time, gave Nutrabolt a 20% ownership stake in the company. The initial investment provided Nutrabolt an opportunity to expand its active health and wellness portfolio into the greens and superfoods space, while also offering tremendous whitespace to pursue in the form of new product platforms and distribution opportunities. The investment thesis paid off with the meteoric success of Bloom Sparkling Energy, the energy drink collaboration between Nutrabolt and Bloom, which launched in mid-2024 and expanded to nationwide distribution in early 2025. The broader investment strengthens the commercial partnership between Bloom and Nutrabolt, further supported by the ongoing relationship with Keurig Dr Pepper (KDP), which continues to play a valued role in Bloom’s retail strategy.

Liquid Death, Los Angeles, announced its new distribution agreements with Sunset Distributing, a Southern California subsidiary of Hand Family Companies, and with Pacific Northwest distributors: The Odom Corp., Bigfoot Beverages and Summit Beverage Distribution Co. These agreements strengthen Liquid Death’s presence along the West Coast as it scales to meet rapidly growing consumer demand, it says. “At Liquid Death, we’ve built a multi-category healthy beverage platform under a single brand name, an incredibly rare feat for a beverage brand only five years old in physical retail. As we look to scale our retail footprint on the West Coast, these best-in-class distribution partners will bring us the highest level of execution and deep local expertise in these key markets,” said Mike Cessario, founder and CEO of Liquid Death, in a statement. “Our differentiated comedy-driven marketing strategy has rapidly and efficiently built brand awareness, and we’re focused on meeting our fans wherever they are. We have an exciting innovation pipeline for next year and are weeks away from launching our better-for-you energy drink line in physical retail. As we prepare to enter this new chapter of growth, Sunset, Odom, Bigfoot and Summit are the perfect partners.” The company also announced an agreement with Big Geyser, New York. “At Liquid Death, we’ve built a rare, multi-category healthy beverage platform under a single brand name. Working with Big Geyser brings us the top operator in NYC and New York distribution and new reach for our brand in the world’s most influential market,” said Mike Cessario, founder and CEO of Liquid Death. “We are the first better-for-you beverage brand built on comedy, and we’re continuing to scale our brand with a robust innovation pipeline for 2026, including launching our better-for-you energy drink line. As we prepare to enter this new category, Big Geyser is the perfect partner for this next chapter of growth.”