
Upstart nonalcoholic beer producer Athletic Brewing Company raised $50M in equity financing this week, doubling its overall value in just two years to $800M. The company, led by former hedge fund trader Bill Shufelt, has been credited with catalyzing a boom in nonalcoholic beer options since its brightly colored cans hit stores in 2018.
Shufelt and head brewer John Walker came together in 2017 to produce a nonalcoholic brew with a comparable taste to alcoholic beers, marketing it toward customers with active lifestyles as an additional option to alcohol, not a substitute. Nonalcoholic beer accounted for roughly 2% of all US beer sales in 2022, and the industry has grown over 30% annually in recent years.
Athletic's success mirrors a broader shift toward nonalcoholic options in the US, especially among younger generations. Overall, beer sales are in decline, and health-conscious Gen Z adults reportedly drink 20% less than other generations at their age. See alcohol trends here.
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