Beer Shipments Beating Depletions

As Trade Inventories Build Dear Client: In March 2023, imports saw a 6.9% increase, but domestic tax paid shipments dipped by 2.3%, according to Danelle Kosmal of the Beer Institute. Let's run it back: After months of import volumes bouncing up and down in a jarring manner, growth is back thanks to a 12% boost in Mexican imports, which implies Constellation is on track to meet or exceed expectations this year, as March's Mexico import print is roughly 2x the