According to IRI data for the last 10 weeks ended May 31, 2023, the U.S. beer industry declined 0.6%, while craft beer declined 2.7% during the same period.
In this regard, Tilray Brands, parent of craft beer company SW Brewing Company (SweetWater), indicates that the alcoholic beverage category, while more established, continues to adjust with changing consumption trends in the craft industry.
However, SweetWater outperformed both the U.S. craft beer market and the U.S. brewing industry in the same period, as the brand grew 7.7% in total sales in multiple outlets.
The company plans to continue to grow its beer sales by expanding distribution points for its SweetWater, Green Flash, Alpine and Montauk brands, as well as launching innovative products such as hard seltzers, pale ales, lagers, hazy IPAs and pale ales to remain a market leader in the craft beer sector.
Brewing industry
On November 7, 2022, Tilray acquired Montauk Brewing Company, (Montauk), a leading craft brewer in the New York metropolitan area located in Montauk, New York.
Montauk is well known for its well-regarded product portfolio, premium pricing and distribution in more than 6,400 distribution outlets, and is a welcome addition to its growing alcohol and craft beer business.
Tilray is also a major player in the alcohol and craft beverage business through SweetWater, the ninth-largest craft brewer in the United States, according to the Brewers Association.
Founded in 1997, SweetWater has broad consumer appeal and has established strong distribution throughout the United States.
From its state-of-the-art breweries in Atlanta, Georgia, and Colorado, SweetWater produces a variety of seasonal and year-round specialty craft beers.
In addition, the company operates in the craft spirits sector through Breckenridge Distillery, which was founded in 2008 as a small craft spirits brand in Breckenridge, Colorado, but has since expanded its award-winning bourbon whiskey collection and innovative craft spirits portfolio to distribute in all 50 states, in addition to owning two tasting rooms/retail stores and a world-class restaurant.
