Craft Brewing and Distilling News for February 18, 2022February 18, 2022
•Boston Beer Company reported that depletions grew by 22% and net revenue reached just over $2 billion, an 18.5% increase, in its fiscal year through December. Net income was hit hard by excess hard seltzer inventory and fell by $177.4 million to $14.6 million for fiscal 2021. The weakening of the hard seltzer market also led to a 24.5% decline in net revenue during the fourth quarter, to $348.1 million, and a quarterly net loss of $51.8 million. Slowing demand in the seltzer market offset gains posted by Dogfish Head, Samuel Adams, and Twisted Tea. Despite the slowdown, “Truly did generate 57% of all growth in the hard seltzer category during the quarter and dramatically closed the market share gap with the largest player in the category,” according to Boston Beer president and CEO Dave Burwick. “Additionally, Truly grew its household penetration by 22% to make it the second-highest penetrated brand in all of beer.”
•Paso Robles, California-based Firestone Walker has introduced Hopnosis IPA. The 6.7% abv brew’s hop profile includes varieties from New Zealand and the Pacific Northwest, with a focus on Mosaic Cryo Hops as well as Idaho 7 and Nelson. Mosaic Crypto Hops are made by collecting the concentrated lupulin from whole-leaf hops, which contains pure resins for bitterness and aromatic oils. The double dry-hopped Hopnosis is now rolling out to all Firestone Walker markets in 6-pack and 12-pack (12-ounce) cans, 19.2-ounce cans, and on draft.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.