Dry January drives non-alcoholic beverage growth
Dry January and other sober occasions used to mean steering clear of alcohol altogether, but non-alcoholic beverages are rushing in to fill the glass gap.
Driving the news: Non-alcoholic beverage sales increased more than 30% from a year ago to $510 million last year, according to NIQ (formerly Nielsen) data.
- The category has attracted consumers who desire items that benefit their wellness, are convenient, and represent a premium experience.
State of play: While food and beverage funding was muted last year compared with 2022, there have still been some bets in the non-alcoholic beverage space.
- In May, Constellation Brands acquired a minority stake in zero-proof sparking brand TÖST.
- In June, non-alcoholic spirits company Aplós raised $5.5 million in a Series A led by McCarthy Capital and Pernod Ricard's Convivialité Ventures invested in New Zealand-based non-alcoholic brand AF Drinks.
- In October, non-alcoholic beverage retailer Boisson received a $5 million bridge round investment from Convivialité and Connect Ventures.