Evercore Says Seltzer Could be 11% of Beer by 2022

Dear Client: "Hard seltzers have emerged as the most disruptive innovation in beer since the advent of light beer in the mid-1970s, changing the overall beer industry trajectory in 2019, and widening the gap between the haves and have nots." That's how Evercore ISI analyst Robert Ottenstein opened his note, titled (spoiler alert): "Seltzers to Drive U.S. Beer Growth in 2020."And indeed, despite beer volume declines for the past three years, with hard seltzer now at low-single digit share of