To paraphrase a children's book title, bev-alc in general (and beer in particular) has been having a Terrible, Horrible, No Good, Very Bad year, but a pair of savvy Wall Street analysts have some thoughts on how to enact a vibe shift. 

Insiders are reading remarks from Nadine Sarwat (Bernstein) and Nik Modi (RBC Capital Markets) about how beer can remove fear-mongering from the conversations about health concerns and meet drinkers where they’re already gathering. 

In today’s Brewbound Insider Newsletter, Insiders are also reading about:

• Constellation Brands beer president’s take on negative trends;
• Sylva founder Ben Branson’s tips for adult NA;
• An attorney’s caution on PFAS;
• Temescal’s bankruptcy filing;
• Very Nice Brewing’s loss due to fire;
• And BeatBox’s latest limited-time offering.

Insiders also have access to the Brewbound Newsletter Archive, including previous newsletter-exclusive Insider content.

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The bev-alc industry has endured an “onslaught of negative news” about health concerns and alcohol consumption in 2025, Bernstein analyst Nadine Sarwat shared during a panel discussion this week at the NBWA Annual Convention in Las Vegas. 

Sarwat said: “We've had a number of clickbait headlines take over, and then it becomes really difficult to understand what is driving consumer behavior.”

She participated in a panel discussion about the headwinds facing the category with RBC Capital Markets managing director Nik Modi and Frank Beverage Group beer division CEO Mike Frank, moderated by Maletis Beverage GM of sales Robbie Maletis. 

Insiders can read more from the panelists, including proposed consumer-led occasions beer can capitalize on and the NBWA’s Beer First Initiative. 

Constellation Brands’ recent volume woes are only temporary, beer division president and EVP Jim Sabia assured distributors this week during the NBWA’s Annual Convention in Las Vegas. 

Sabia sat down for a fireside chat with outgoing NBWA chair Rebecca Maisel to discuss the company’s Mexican import beer brands (Modelo, Corona, Pacifico and Victoria) and how Constellation is switching up its playbook to address recent headwinds. 

Sabia said: “This year, unfortunately, what's happening in market with our depletions, we had to change playbooks. We're doing a lot of things that we probably wouldn't have done in previous years.”

Insiders can read more, including Sabia’s comments on repositioning Corona Premier and Modelo Oro and the state of the Hispanic consumer.

Ben Branson is widely credited with pioneering the NA spirits industry when in 2015 he launched Seedlip – the world’s first distilled NA spirit. 

Since selling a stake in Seedlip to Diageo, Branson has continued on his path to change the way the world drinks with Seasn, a pair of cocktail bitters, and Sylva, a U.K. distillery and maturation lab producing aged spirits from trees, with a 2nd distillery slated for the U.S.

We chatted with Branson about his checklist for innovation, what consumers want from alcohol alternatives and the biggest questions facing the future of adult NA – and how we socialize. Answers have been lightly edited for clarity and length.

Insiders can read the full Q&A here.

The Brewbound team recaps the 2025 Great American Beer Festival (GABF) and the start of the NBWA’s Annual Convention and trade show, on the latest edition of the Brewbound Podcast, recorded in Las Vegas. 

Jess and Zoe share their experiences at GABF, including which legacy craft brewery brought the Party Bomb; festivalgoers’ reception for full-strength spirits; the return of timed special pours; mixing Pop Rocks and BeatBox; and the flamboyant embrace of costumes. 

The conversation shifts to NBWA convention’s first day, including the key theme of wholesaler independence from supplier interference shared by outgoing NBWA president and CEO Craig Purser and board chair Rebecca Maisel. They also discuss the underlying theme of beer as a social lubricant, including untapped events and occasions that could provide a boost to a soft beer category. 

Then, in this week’s featured interview, Maisel joins Justin to discuss her call for freedom for “undue supplier influence” and why distributors are questioning their supplier relationships. 

Listen here or on your preferred podcasting platform. 

Minnesota ranks first in sales of intoxicating hemp beverages.

Top Ten Liquors owner and CEO Jon Halper has witnessed consumers’ desire for these products in his 15 stores, sharing sales trends on LinkedIn.

At Brewbound Live this December, Halper will discuss his firsthand experiences selling the product and tips for suppliers looking to enter the space.

Halper will also be taking 1:1 meetings with suppliers during the event. These meetings are prearranged and must be approved in advance, so secure your Brewbound Live ticket today to apply.

Brewbound Live takes place December 10 and 11 in Marina del Rey, California.

Tickets are available now for the gathering of founders, entrepreneurs, sales leaders, marketers, c-suite executives, retailers, distributors and suppliers from across the industry. Early registration pricing ends Friday, October 24.

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Interested in other beverage coverage? 👀 Check out the BevNET Daily Briefing covering the broader beverage industry, including energy drinks, cannabis and other non-alcoholic beverages. Want to stick to the hard stuff? Subscribe to our Spirits Newsletter (published every 2 weeks). 

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