Alcohol distributors are looking for more creative ways to make money as Americans are drinking less alcohol, according to a report in The Wall Street Journal.
Some have dipped into the marijuana beverage game while others are producing energy drinks, kombucha, teas, coffee, and other nonalcoholic spirits.
"Twenty years ago we didn't have coffee shops open late, and pubs and bars open for coffee," Ben Branson, chief executive of nonalcoholic distilled spirit maker Seedlip Ltd., told the Journal. "People are favoring experiences over 'let's go drink on a night out.'"
Total alcohol volume in the U.S. declined by 0.8 percent last year according to industry tracker IWSR. Figures also showed wine consumption grew by 0.4 percent, while beer, which has long dominated the U.S. alcohol market, was down by 1.5 percent.
"Spirits and wine showed slight growth in 2018, but those category increases weren't as high as previous years," Brandy Rand, IWSR's U.S. president and global chief marketing officer, told The Spirits Business. "It's clear that Americans are drinking less overall, which is likely a result of the continued trend toward health and wellness."
With the marijuana industry growing, some executives fear a further hit to the alcohol market – and nearly every major alcohol company has entered a deal to launch a stoner sip, per Forbes.
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