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The parent company of Corona beer is expanding its line of hard seltzers this year in an effort to gain an edge over competitors in the highly profitable industry.
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Constellation Brands plans to launch a second variety pack of its hard seltzer product after its successful debut last spring.
The latest variety pack will include an assortment of new flavors including pineapple, strawberry, raspberry and passion fruit, according to the company.
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Despite being brought to market during the pandemic, Corona's hard seltzer gained steam in the U.S. and "remains one of the most successful new product launches in our company’s history," Constellation Brands CEO Bill Newlands said during an earnings call Thursday.
During the past year, Newlands said the company "sold everything we could make this year," which beat the company's expectations.
CONSTELLATION BRANDS TO INTRODUCE CORONA HARD SELTZER
The entire Corona Brand Family grew nearly 12% in IRI channels during the third quarter, according to Constellation Brands' latest earnings report. This growth was driven by Corona Premier, Corona Extra and Corona Hard Seltzer.
Moving forward, the company expects to remain "a top-three player in that particular segment," he added.
Hard seltzer, in particular, "continues to exceed our expectations." The company projects that the additional offering will strengthen its competitive position "in the fast-growing hard seltzer category," and broaden its distribution reach while enhancing its "market share in the high end of the U.S. beer market." "These new initiatives will be supported with impactful marketing campaigns to strengthen and build upon our hard seltzer portfolio," Newlands said. GET FOX BUSINESS ON THE GO BY CLICKING HERE According to Nielsen, hard seltzer "has proven to be an unstoppable force" since hitting the market. While on-premise sales, or those at restaurants and bars, took a hit due to lockdown orders and other mitigation efforts, retail sales of the beverages "haven’t missed a beat," Neilsen said. The week ending on June 13 marked the fourth consecutive week that hard seltzer drove more than $100 million in retail off-premise sales. It also marked the 10th consecutive week that annual retail hard seltzer dollar sales increased by at least $50 million. Source: Read Full Article