**Category-Wide Trends**

- Spirits overtook beer in U.S. alcohol revenue share for 2025 (42.4% vs. 41.8%) per DISCUS, even as beer still leads on volume

- Wine fell below 300 million 9-liter cases for the first time in two decades

- Off-premise total beverage alcohol dollars down ~3.1% for the four weeks ending June 27; wine hit hardest, club stores the only channel gaining

- RTD/prepared cocktails remain the industry's standout growth pocket — spirits-based RTDs up 26-30% depending on source

- Spirits volumes have declined four consecutive years (IWSR); Gallup pegs alcohol drinkers at an all-time low of 54% of Americans

- NA beer, non-alcoholic wine, and energy drinks continue outsized growth

**Beer**

- Constellation Brands' beer division led supplier growth (Pacifico, Victoria, Barrilito gains) even as Modelo Especial and Corona declined

- AB InBev split: Busch and Michelob Ultra (Zero) grew while core Budweiser family lost over $130M

- Molson Coors, Heineken USA, Boston Beer posted steeper declines

- Import brands (Sapporo, Guinness, Peroni, Kirin) got a modest World Cup-related bump

- Beer Institute: 19th consecutive month of tax-paid shipment declines

- Costco discontinuing Kirkland Signature Helles Lager/Vintage Ale (Deschutes Brewery partnership)

**RTDs**

- Cutwater (AB InBev), Surfside, Sun Cruiser posted triple-digit-adjacent growth

- High Noon remains volume leader (~24M cases) despite a slight decline

- Stateside's new Super Lyte depleted 120K cases in five weeks; targeting 1.5M for the year

**Spirits & Tequila**

- Diageo U.S. spirits sales fell double digits; Casamigos, Don Julio, Herradura, El Jimador all declined

- Tequila's mass-market tier (71% of category) shrinking while craft grows ~28.5% annually; $100+ tier down 16.5% in volume

- Class-action litigation alleges Casamigos/Don Julio falsely marketed as 100% agave

- Diageo new CEO Dave Lewis ordering cost/headcount cuts; closed Aviation Gin visitor center in Portland

- Diageo and Pernod Ricard trading at historically low multiples — Pernod now cheaper than BAT/Altria

**Whiskey Oversupply & Bankruptcies**

- Uncle Nearest in receivership after defaulting on ~$100M in barrel-backed loans; single bid received for barrel liquidation at steep discount

- Kentucky Owl bankruptcy plan rejected by judge over pricing "race to the bottom" concerns

- House Spirits Distillery (Oregon) previously filed for bankruptcy on same oversupply dynamics

- WhistlePig sold Moriah, NY aging warehouses for $17M to raise capital

**Wine**

- Continued volume/dollar declines; Gallo and The Wine Group posted steepest losses; Deutsch Family/LaMarca bucked trend

- Non-alcoholic wine surged double digits

- GLP-1 drugs linked to modest consumption drag (Wine Market Council)

- Oregon wine industry: grape production down 25%, exports down 29% (Canada shipments -83%)

- California AB 1585 ("American" wine labeling bill) stalled in Senate after Assembly passage

**Distribution**

- Southern Glazer's shifting accounts to digital "Customer Solutions Team"/Proof Commerce; workforce reductions

- RNDC breakup continues: Alaska layoffs, Columbia Distributing asset sale, Wilson Daniels realignment to Reyes/Johnson Brothers

- Johnson Brothers expands Bogle partnership (IN, NE, SD); Breakthru adds Edrington brands in Illinois

**Trade Policy**

- Canadian provincial boycotts have slashed U.S. spirits exports 50-85% depending on measure; Ontario pulled ~$965M in U.S. alcohol

- Rep. Claudia Tenney's CANADA Act seeks Section 301 investigation into Canadian restrictions

- American Whiskey Association lobbying domestically and via World Spirits Alliance in Geneva (India market access)

**Corporate Earnings**

- PepsiCo: EPS beat, organic sales growth missed; Frito-Lay declined, Pepsi Beverages underperformed; North America weakness persists despite international strength

**Retail**

- Kroger rolling out staffed wine tasting bars in 147 stores

- Costco June comps +7-7.6%, tougher comps expected ahead

**Regulatory & Legal**

- TTB's proposed "Alcohol Facts" labeling rule could overhaul packaging industry-wide

- Yost v. Miller (SCOTUS) and Ninth Circuit DTC shipping case both testing interstate alcohol shipping rights

- Gallo patent suit dismissed

- Chad Wolf calls for Congressional probe into Chinese-linked hemp-THC beverage operations (Oklahoma cited)

**Adjacent Categories**

- Tobacco stocks (Altria, BAT) continuing to outperform; oral nicotine pouches gaining significant share