The boozy soda boom may finally be going bust
The hard seltzer market may be reaching its saturation point. According to Bloomberg, sales are starting to slow down, and the unexpected dropoff is catching beverage makers by surprise. Just two years ago, hard seltzer brand White Claw was taking the nation by storm—spurring numerous buzzy trend pieces about the product and the supposed boozy soda boom. In 2021, that’s looking more like a bust: Boston Beer Company, which produces hard seltzer brand Truly, saw its shares plummet in value last week, while Molson Coors recently announced that it would discontinue its hard seltzer products. What’s behind the downfall? Analysts blame a crowded market and new competition from canned cocktails.