AB InBev is introducing 'beyond beer' products, in particular hard seltzers, a burgeoning category that the beer giant will pour $100 million into next year as traditional beer sales flatten.
Anheuser-Busch is still the king of beers, controlling 41% of the market, but hard seltzer is a big focus right now.
The hard seltzer market is currently worth $550 million and could grow to reach $2.5 billion by 2021, according to a UBS analyst. In the latest response to these trends, AB InBev — the St. Louis-based company's moniker since being acquired in 2008 by Belgian brewerfor nearly $52 billion — is upping its ante in the fast-growing hard seltzer market with the launch early next year of Bud Light Seltzer. The company already has two products in the category, Bon & Viv and Natty Light, but hopes that leveraging this latest entry against the nation's most popular beer will give it a leg up on the competition.
Look no further than Manhattan's Chelsea neighborhood, where AB InBev has built a "commercial strategy office," its label for the 12-story retrofit more suitable to a tech start-up than a 167-year-old brewmeister. Casually attired millennials and Gen Zers congregate in open spaces, brainstorming about things like Apollo 11, the consumer-centric, data-driven innovation program named, no doubt, to inspire moonshot ideas.to apply to attend.
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