Top non-alcoholic beer company secures $50 million in funding
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CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The S&P 500 and Nasdaq rallied to record closing highs for the sixth day in a row.
Federal Reserve Chairman Jerome Powell did little to rock the boat in day one of his semi-annual congressional testimony. He’s paving the way for anticipated interest rate cuts later this year. Powell will be back on Capitol Hill on Wednesday.
In other business headlines: there’s a hot new summer drink making the rounds – and this one has no alcohol in it.
Non-alcoholic beers are growing in popularity. More than 40 percent of Americans say they are making a conscious decision to consume less alcohol in 2024, according to a report by NCSolutions. The number goes even higher when you go generation by generation. Nearly half of the millennials surveyed said they wanted to drink less alcohol, and the number surged to 61 percent for Generation Z.
And capitalizing on the trend is startup brewery Athletic Brewing. Since its launch in 2018, it has catapulted to grab 19 percent of the non-alcoholic beer market, according to Nielsen IQ data. Meanwhile, the Brewers Association already ranks Athletic as the 10th largest craft brewer in the nation.
After recently raising another $50 million in equity funding, the company said: “We are passionate about transforming the way modern adults drink and converting critics into believers.”
Major beverage companies have taken notice. Heineken, Corona, Budweiser, and Guinness each have non-alcoholic beers to stock the cooler.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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