Is the Latest RTD Wave Starting to Crest?

Dear Client:  RTDs, the so-called "fourth category," has experienced several waves of growth over the last few decades, growing from just 1% of total ethanol consumption in the US in 1995 to about 10% in 2026 year-to-date.  While RTDs are still a bright spot, particularly spirits-based RTDs, Bernstein analysts posit in a recent note that the "latest wave may be starting to crest," pointing out that "net-net, for the first time since 2022, in the last few months the fourth