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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.