| | | | | | In today’s issue | New Jersey’s Icarus Brewing Settling into New Home • Trump Peels Back Biden Order on Competition • Circana Weekly Scans: Bev-Alc ‘Choppiness’ Continues • Jefferies: The Cost of Boston Beer's Production Moves • Garage Beer’s Spooky New Campaign |
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| Today's Top Story | | | | When long-time regulars pine for Icarus Brewing’s original location, founder and owner Jason Goldstein reminds them the good old days weren’t always so good. Icarus just celebrated its first anniversary at its new home in Brick, NJ, about 13 miles east of its former brewery and taproom in neighboring Lakewood, where it occupied space in an industrial park downwind from the town recycling center. There, the backless bar seats were uncomfortable and parking spots were scarce, Goldstein told Brewbound during a visit to the new brewery. Goldstein said: “Our beer garden there was the parking lot. We just put up some posts in the parking lot, with the glycol chiller being nice and loud, right there with trucks whizzing by. Whereas here, it's nice.” Icarus opened its doors in Lakewood in January 2017 and secured approval to begin work on its bigger Brick location in August 2021, according to the Asbury Park Press. At its new facility, Icarus’ custom BrauKon system can produce 6,000 barrels annually, with 2,000 more barrels of capacity expected to come online soon as the brewery acquires additional equipment from the now-shuttered Greenpoint Beer Co. In 2024, Icarus’ output increased 4%, to 4,100 barrels, according to data from the Brewers Association (BA). That growth followed a rare 13% decline in 2023, the only down year in Icarus’ history. Volume peaked at 4,500 barrels in 2022, per BA data. The move nearly quadrupled the brewery’s space, where it occupies more than half of a 22,000 sq. ft. building that also houses an outpost of Burger 25, a Jersey Shore chain that delivers food to taproom customers. Insiders can read more from Goldstein on Icarus’ move, strategy and portfolio. |
| | From the Wire | | | President Trump issued an executive order (EO) August 13 revoking the Biden administration’s 2021 executive order calling for an examination of competition within the U.S. alcohol industry. The Biden era EO called on the secretary of the treasury, the attorney general and the FTC chair to assess competition in the U.S. beer, wine and spirits industry and issue a report. Those officials were tasked with assessing threats to competition and barriers to market entry, including unlawful trade practices, patterns of consolidation and unnecessary regulations. The Treasury’s report, published in early 2022, drew a mix of reactions across beer industry trade groups, as has Trump’s latest decision to revoke Biden’s EO. In a statement to Brewbound about Trump’s decision, Brewers Association president and CEO Bart Watson wrote: “The Brewers Association remains committed to educating policymakers on how they can enhance competition in beverage alcohol and believes the subsequent Treasury Department report on competition in the markets for beer, wine and spirits contains a variety of non-partisan suggestions to improve the playing field for small and medium-sized producers.” The Beer Institute (BI), which represents the nation’s largest beer manufacturers, opposed “any new federal alcohol regulations.” In a statement published last week, BI president and CEO Brian Crawford commended Trump for revealing the Biden EO, which he claimed would have added “new regulations on top of an already highly regulated industry and threatened to stifle U.S. manufacturing and innovation.” The National Beer Wholesalers Association (NBWA) has been encouraging the Trump Administration to rescind Biden’s EO for several months. In a newsletter sharing the latest news, the trade group characterized the Treasury’s findings as “mischaracterized facts about beer distributors and the state-based regulatory system.” |
| | Data Dive | | | | The unpredictability of weekly bev-alc scans continues to give the industry whiplash.
The beer category recorded a -2.7% YoY dip in dollar sales and 4.3% decline in volume for the week ending August 17, according to the latest report from Circana and the market research firm’s EVP of BevAl, Scott Scanlon. The latest figures marked a significant decline compared to trends from the previous week (dollar sales -0.9%, volume -2.6%, week-ending August 10) but remained slightly improved compared to the week before (dollar sales -2.9%, volume -4.5%, week-ending August 3). Total bev-alc dollar sales declined 2.1% YoY, while volume fell 3.6% in the latest week, with declines accelerating compared to the relatively flat previous week (dollar sales -0.3% YoY, -0.7% WoW, week-ending August 10). “Upcoming, the data choppiness will likely remain until the expected surge associated with the Labor Day holiday,” Scanlon wrote. Insiders can read more, including wine, spirits, NA and RTD figures, and Scanlon’s predictions for Labor Day growth brands. |
| | Word on the Street | | | Boston Beer has moved around 80% of its production in-house in the first half of 2025, Jefferies analyst Kaumil Gajrawala wrote in an analysis of the company’s recent 10Q filing. The shift is significant compared to 56% in-house in 2021 and 69% in 2024. The transition has come with a cost in the form of shortfall fees to its contract partners. Boston’s shortfall fees amounted to an 8.5% earnings per share (EPS) drag in Q2 and could be a 14% drag this year, Gajrawala wrote. City Brewing makes up “the entirety” of Boston’s contract volumes, and the Samuel Adams brewer paid City $6.5 million in the H12025. The company is anticipating an additional $11 million in shortfall fees this year and $22 million in 2026. The worst case scenario ($2.99 EPS headwind vs. $1.58 guide) is unlikely since trends for Truly – the trigger of much of those fees – and Twisted Tea would have “to significantly deteriorate.” Thus, Jefferies is maintaining a “hold” rating on Boston Beer’s stock (SAM) with a $230 price target. |
| | ICYMI | | | Rupee Beer founders Van and Sumit Sharma believe they’re ready to meet Indian cuisine’s moment. On the latest edition of the Brewbound Podcast, the brothers share their journey of launching the Indian American beer brand during the COVID-19 pandemic as an add-on purchase at their family’s restaurant. Today, Rupee has expanded distribution to 18 states – most recently California – and the Sharmas are readying for an “explosion” of Indian restaurants entering the U.S market. Plus, Justin, Jess and Zoe catch up on the latest headlines, including why it’s not time to panic despite the Gallup survey’s recent results on Americans drinking habits. They give a legal update on Uncle Nearest and the recipe agreement dispute between Schilling Cider and Incline. They also recap recent bev-alc experiences, from a growing dislike for black cherry flavors, to a sweaty trip to the Iowa State Fair Listen here. |
| | Save the Date | | | Brewbound Live takes place in Marina del Rey, CA on December 10+11, and the official Marriott hotel block is now available. Staying on-site means you’re just steps away from panel discussions, beer tastings, and connection-building with top industry leaders. Secure your spot early, register now to access the room block and save $100 with early registration. |
| | Parting Shot | | | Spirit Halloween is now open across the country and spooky season is back. Kelce brothers-backed lager brand Garage Beer is leaning into Halloween with limited-edition 12-packs (original and lime) featuring artwork by original Goosebumps illustrator Tim Jacobus. The imagery includes a ghoulish rendition of Jason Kelce alongside a masked companion – who could pass for Jason’s brother and active NFL tight end Travis, hiding behind a mask to avoid violating the league’s regulations around players directly endorsing alcoholic beverages. This also marks the first time either of the Kelce brothers has appeared on Garage Beer packaging since the duo acquired ownership stake in the brand in 2024. The special packaging is part of Garage Fear, a fall campaign that includes a limited-edition adult comic book release, Garage Fear: The Cursed Can; 11x17 posters of Jacobus’ artwork; and a Garage Fear pop-up haunted house at Field of Screams in St. Louis. The campaign will continue with an animated short featuring the Kelce brothers in September. Garage Beer is on pace to sell more than 4 million cases this year, owner Andy Sauer told Brewbound earlier this year. Catch up on the story here. |
| | Now Hiring | | | | | | 👋 That's all for today's Brewbound Newsletter | |
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