The Beer Cycle

Dear Client: Remember when beer was a big growth industry? Me too. While 2012 was a good year, it looks like 2013 is back to the drudgery of negative trends. But beer can and will make a comeback. At NABCA this week, UBS analyst Kaumil Gajrawala provided some context and industry history. Kaumil recalls when beer was trending up, lead by the success of Anheuser-Busch and its strong advertising. Back in 1992, beer consisted of 59% of total drinks in