Beer industry overview and ABI plans for 2023
Source: Evercore ISI
November 15, 2022
Yesterday's Beer Business Insights conference provided a great look at the U.S. beer industry and key tends/sentiment going into 2023.
Common themes across presentations included:
Retail pressure to "return to the core" and less emphasis on marginal innovations,
Robust blue collar consumers, buoyed by high wage growth and job demand,
Some sort of sense that "Beer [traditional] is back," at least certainly stronger than wine and perhaps closing the gap a little with spirits,
few signs of brand trade down, although a customer more attuned to value through channel or pack, and to a less broad extent,
Excitement over spirits based RTDs.
In sum, despite the lurking recession, the tone was surprisingly optimistic, perhaps a function of demand holding in despite historic price increases.
In this backdrop, ABI is looking to come on strong in 2023, as outlined below by Kyle Norrington, the firm's US Chief Commercial Officer: