Why Constellation is Investing in the Hop Water Space

Dear Client: The hoppy water space, as with NA beer, has been buzzy.  Certainly, wholesalers have taken note of such functional, non-alc beverages, the "largest" of which tend to have high margins and growth profiles. But on the segment's small base, Jim Koch might call such brands "the largest pygmies."  Dave Williams of BWC Co. told BBD that hoppy waters scan sales reached about $3.2 million as of mid-year (per TUS All Outlets, YTD w/e July 2, 2022*).  But they