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E-Malt.com Newsletter 43b
October 24 - October 27, 2024
Quote of the Week
Study nature, love nature, stay close to nature. It will never fail you.
Frank Lloyd Wright
Currency Rates
Base Currency: US Dollar
on October 25, 2024 |
Base Currency: Canadian Dollar
on October 25, 2024 |
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1 USD = 0.9256 EUR
1 USD = 0.7717 GBP
1 USD = 1.3834 CAD
1 USD = 1.5050 AUD
1 USD = 152.0420 JPY
1 USD = 5.6870 BRL
1 USD = 96.3347 RUB
1 USD = 7.1165 CNY
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1 CAD = 0.7227 USD
1 CAD = 0.5578 GBP
1 CAD = 0.6690 EUR
1 CAD = 1.0877 AUD
1 CAD = 109.8860 JPY
1 CAD = 4.1102 BRL
1 CAD = 69.6245 RUB
1 CAD = 5.1434 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA, MA: Boston Beer’s third quarter earnings beat analyst estimates
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USA, NY: Mountain Roads Brewing nears opening in Henrietta
...Click here
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USA, MD: Silver Branch Brewing reveals new location in Rockville
...Click here
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USA, TX: Mano Negra Brewing Co. seeking new location
...Click here
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USA, ND: Fargo Brewing Company closing its doors after 14 years in business
...Click here
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USA, MA: Brick & Feather Brewery tapping out after nine years in business
...Click here
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USA, SD: Prairie Berry Winery and Miner Brewing Company to close its doors by the end of the year
...Click here
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France: Malteries Soufflet rebrands as Soufflet Malt
...Click here
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China: Beer industry sales revenue expected to grow by 3% in 2024
...Click here
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India: United Breweries reported increase in second-quarter consolidated net profit
...Click here
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Nigeria: Guinness Nigeria suffers huge net loss in first quarter of its FY 2024/25
...Click here
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World: Barley crop forecast reduced again and is now 1.7 mln tonnes down from crop 2023
...Click here
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EU & UK: Barley crop forecast unchanged at 57.7 mln tonnes
...Click here
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China: Guangzhou Zhujiang Brewery Co. reports nine-month results
...Click here
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Australia: Beer industry facing crisis due to increasing costs and low demand from Gen Z consumers
...Click here
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India: Diageo India reports increase in consolidated revenue in Q2FY25
...Click here
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Nigeria: Nigerian Breweries records 75% revenue growth in January-September
...Click here
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The Netherlands & Greece: Court finds Heineken joint and severally liable for market abuses of its Greek subsidiary
...Click here
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Ireland: Diageo to invest EUR30 mln in boosting Guinness 0.0 production
...Click here
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UK: SIBA launches ‘Indie Beer‘ mark to identify independent brands
...Click here
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India: United Breweries to launch Amstel Grande beer in India
...Click here
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UK: Britain's Competition and Markets Authority launches formal probe into Carlsberg’s acquisition of Britvic
...Click here
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Graph of the Week
Table of the Week
Italy Beer Market 1999 - 2023
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
24 October
1836 - A. Phillips patents the match
1857 - World's 1st football club, Sheffield FC, founded in England
2008 - "Bloody Friday" saw many of the world's stock exchanges experience the worst declines in their history, with drops of around 10% in most indices
25 October
1492 - Christopher Columbus and ship Santa Maria land in Dominican Republic
1952 - Tappan sells 1st microwave oven
1960 - 1st electronic wrist watch placed on sale, New York City
26 October
1952 - Chevrolet unveils V-8 engine
1954 - Walt Disney's 1st television program, "Disneyland", premieres on ABC
1956 - U.N.'s International Atomic Energy Agency statute approved
27 October
1969 - Nobel prize for economy awarded to John Tinbergen
1984 - Hepatitis virus is discovered
1997 - Intel Corp buys Digital Equipment for $700 million
Agenda
October 2024:
23 - 25: Drink Technology India 2024 (Bombay Exhibition Centre, Mumbai, India)
28 - 31: China Brew 2024 China Beverage 2024 (Shanghai, China)
November 2024:
22 - 22: Drink Japan 2024 (Makuhari Messe, Japan)
26 - 28: Brau Beviale 2024 (Nuremberg, Germany)
February 2025:
06 - 07: Glug Swiss 2025 (Alte Reithalle, Aarau, Switzerland)
07 - 10: HoReCa 2025 (Athens, Greece)
12 - 15: Great British Beer Festival Winter 2025 (Magna Science Adventure Centre, Rotherham, UK)
16 - 18: BBTech Expo 2025 (Rimini, Italy)
21 - 23: Finest Spirits 2025 (Munich, Germany)
March 2025:
03 - 07: IBD Asia Pacific Convention 2025 (Hobart, Tasmania)
12 - 15: Festival Brasileiro da Cerveja 2025 (Blumenau, Brazil)
19 - 20: BeerX 2025 (Liverpool, UK)
25 - 27: Expo Antad & Alimentaria Mexico 2025 (Expo Guadalajara, Jalisco, Mexico)
April 2025:
03 - 05: Warsaw Beer Festival 2025 (Warsaw, Poland)
06 - 09: 15th International Trends in Brewing 'Beer & Society' 2025 (Leuven, Belgium)
06 - 08: Planete Biere 2025 (Paris, France)
10 - 12: KIBEX 2025 (Seoul, South Korea)
11 - 12: InnBrew 2025 (Barcelona, Spain)
15 - 17: Craft Beer China 2025 (Shanghai, China)
28 - 01 May: Craft Brewers Conference & BrewExpo America 2025 (Indianapolis, USA)
May 2025:
13 - 15: International Beer Strategies Conference 2025 (Prague, the Czech Republic)
16 - 18: Cerveza Mexico Expo 2025 (Expo Guadalajara, Jalisco, Mexico)
16 - 17: Copenhagen Beer Festival 2025 (Copenhagen, Denmark)
26 - 01 June: Budapest Beer Week 2025 (Budapest, Hungary)
June 2025:
10 - 11: IGC Grains Conference 2025 (116 Pall Mall, London, UK)
16 - 18: VLB Africa Brewing Conference 2025 (Maputo, Mosambique)
20 - 22: Mondial de la Biere 2025 (Montreal, Canada)
August 2025:
05 - 09: Great British Beer Festival 2025 (Birmingham, UK)
07 - 09: VIETFOOD & BEVERAGE - PROPACK VIETNAM 2025 (Saigon Exhibitions and Conventions Center, 799 Nguyen Van Linh Street, District 7, HoChiMinh City, Vietnam)
September 2025:
15 - 19: Drinktec 2025 (Munich, Germany)
News Articles
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USA, MA: Boston Beer’s third quarter earnings beat analyst estimates
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The Boston Beer Company, Inc. reported third quarter earnings that beat analyst estimates, but posted full-year guidance below estimates, sending shares down slightly by 0.6% in after-hours trading, Investing.com reported on October 24.
The maker of Samuel Adams beer and Truly Hard Seltzer posted adjusted earnings per share of $5.35, topping the consensus estimate of $5.03. Revenue rose 0.6% year-over-year to $605.5 million, just above analyst expectations of $605.14 million.
However, Boston Beer provided full-year 2024 earnings guidance for a range of $8.00 to $10.00 per share, below the consensus estimate of $9.58. The company cited "somewhat softer near-term category trends."
"We continue to believe that there is significant growth opportunity in Beyond Beer categories despite some near-term variability in alcoholic beverage demand," said Chairman and Founder Jim Koch.
Depletions, a key industry metric measuring sales to retailers, decreased 3% in the quarter. Shipment volume fell 1.9% to approximately 2.24 million barrels.
The company's gross margin improved to 46.3%, up 60 basis points year-over-year, benefiting from price increases and procurement savings.
Boston Beer repurchased $191 million worth of shares year-to-date through October 18. The company also increased its share repurchase authorization by $400 million.
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USA, NY: Mountain Roads Brewing nears opening in Henrietta
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Jacob Parlett is nearing the end of one process involving a lot of testing and retesting — and testing and retesting some more — and about to embark on another process that he hopes offers a just reward.
After all, it's a lot of work coming up with a beer that's just right. Actually, make that just perfect.
Parlett, who up until two years ago worked as a software developer for a local company, several years ago was introduced to hazy IPAs, specifically those crafted by Tree House Brewing Co. outside of Boston.
He was hooked, and this could be considered step one of a process that would take him to helping his wife Rachael’s teacher curriculum business, enabling him to leave his software job, and, you may have guessed, brewing his own beer for sale.
Parlett is at the stage when he is six weeks or so from opening Mountain Roads Brewing Co., although getting here was a painstaking, but fun, process.
“It sounded like something that would be fun, but I didn’t know anything about it and wasn’t sure if I wanted to do it,” said Parlett, from a roughly 2,400-square-foot industrial space at the Genesee Valley Regional Market where
...More info on site
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USA, MD: Silver Branch Brewing reveals new location in Rockville
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In September, Silver Branch Brewing, located at 8401 Colesville Rd #150 in Silver Spring, announced it was seeking investment to open a third location in Rockville to increase production capacity and expand distribution. This week, Silver Branch revealed that the new location, Silver Branch Rockville Beerworks, will be at 7301 Calhoun Pl #600, the former home of True Respite Brewing, which closed in September 2023, The MoCo Show reported on October 25.
Per Silver Branch: “Silver Branch has been capacity-limited for over two years. We have needed more space to brew so we can meet the demand of Silver Branch beer in wholesale, and we have needed more space to build a kitchen in Silver Spring so we can meet the demand for private events and a more diverse menu for groups and family dining. Opening Warrenton in 2023 has helped to address some of our capacity constraints, and has grown Silver Branch revenues by nearly over 50%, but at the same time, it has accentuated the need in Silver Spring for a larger kitchen and the need for an efficient brewery.
The new brewery space in Rockville is designed to allow for simultaneous shipping and receiving, brewing, and packaging. Our current
...More info on site
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USA, TX: Mano Negra Brewing Co. seeking new location
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After five years in business, a Lubbock brewery favorite must find a new location in less than two months due to Cactus Alley ownership changes, Lubbock Avalanche-Journal reported on October 24.
Mano Negra Brewing Co., 2610 Salem Ave., began the countdown clock on Tuesday with 54 days before they will be forced to leave their original location. The final day in Cactus Alley will be Dec. 15.
"Last week, Mano Negra received the unexpected news that we must relocate by the end of the year following the sale of our current space in Cactus Alley Courtyards," Daniel Badillo stated on a GoFundMe campaign. "With limited time to find a new place, we are heartbroken to leave behind the building that has become a home to a diverse community of artists, musicians, comedians, and craft beer lovers whom we now consider family."
With the unexpected move, Mano Negra Brewing is asking people to help it find and fund a new location to keep the business going. A GoFundMe fundraising page was shared by the owner Tuesday to raise $15,000, and has raised $80 as of Wednesday evening. A Kickstarter campaign is also in the works.
"While we’re heartbroken to leave this space, we are committed
...More info on site
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USA, ND: Fargo Brewing Company closing its doors after 14 years in business
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A brewery that sparked the local beer scene in the Fargo area is closing its doors after 14 years in business, Valley News Live reported on October 25.
Fargo Brewing Company filed for Chapter 11 bankruptcy protection in April. On October 24, the brewery posted on social media that their last day of operations will be November 27.
“After 14 years of blood, sweat, and beers, Fargo Brewing Company will bid farewell to the community we’ve loved so much,” the post reads. “This may be the final chapter of the Fargo Brewing Company story, but our industry needs your help to keep writing the stories of other breweries in the area.”
They are asking people to continue to support the local craft beer scene, saying it will only thrive with community support.
Fargo Brewing Company says staff are looking forward to sharing stories and toasting with customers for a few more weeks. You can stop in to stock up on off-sale cans or fill up growlers.
Plans for an official “last call” will be announced soon.
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USA, MA: Brick & Feather Brewery tapping out after nine years in business
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After nine years in business, Brick & Feather Brewery on 11th Street in Turner Falls is tapping out, Greenfield Recorder reported on October 25.
“We are closing our Turners Falls brewery and taproom by the end of the year,” the business wrote in a post on its Facebook page on Tuesday. “It has been an absolute pleasure making beer for you all these last nine years. We happily look back on all the connections we’ve made, friends’ wedding parties hosted, goofy beer week events and children who’ve grown before our eyes all right here in our small taproom, with a deep sense of gratitude.”
The post goes on to say that “several opportunities have arisen” where it may be possible for owner Lawrence George to keep brewing beers in the Pioneer Valley, but the post did not elaborate on what these plans are.
When reached by email, George expressed that further details are “up in the air” and declined to speak until more information is finalized.
The post did not announce an official closing date, nor did it provide a reason for Brick & Feather Brewery’s closure. Comments on the Facebook post include well-wishes and fond memories of time spent at the business.
Brick &
...More info on site
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USA, SD: Prairie Berry Winery and Miner Brewing Company to close its doors by the end of the year
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Prairie Berry Winery and Miner Brewing Company of Hill City will both close their doors by the end of 2024, SDPB reported on October 24.
The pair are operated by the same ownership group and have been a staple of the Black Hills for the past 25 years.
The winery is perhaps best known for its rhubarb red wine, while the brewery issued several locally flavored beers including East and West River pale ales.
Currently, the tasting room and kitchen at the main location are still open and operating under the same hours. It is unclear if the Addie Camp General Store connected to the facility will remain open.
A spokesperson with the business declined to comment on the impending closure but says the real estate will be listed for sale soon.
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France: Malteries Soufflet rebrands as Soufflet Malt
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Malteries Soufflet has rebranded to officially operate as Soufflet Malt, the company recently announced.
Building on the acquisition of United Malt Group by Malteries Soufflet
...More info on site
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China: Beer industry sales revenue expected to grow by 3% in 2024
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According to statistics from the beer industry of China in 2023, the beer industry, on the basis of stable output, continues to demonstrate a
...More info on site
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India: United Breweries reported increase in second-quarter consolidated net profit
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Beer maker United Breweries Ltd on October 24 reported an increase of 23.47 per cent in consolidated net profit at Rs 132.33 crore in
...More info on site
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Nigeria: Guinness Nigeria suffers huge net loss in first quarter of its FY 2024/25
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Guinness Nigeria Plc earnings performance was broken by a huge loss recorded in the first three months of the financial year 2024/2025, its unaudited
...More info on site
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World: Barley crop forecast reduced again and is now 1.7 mln tonnes down from crop 2023
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Once again, the world’s barley balance sheet has tightened further, with a slight reduction (0.6 mln tonnes) in production, led by Australia (-0.5 mln
...More info on site
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EU & UK: Barley crop forecast unchanged at 57.7 mln tonnes
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With the focus now shifted to crop’25, winter seeding is off to a slow start due to wet conditions and this wetness in Europe
...More info on site
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China: Guangzhou Zhujiang Brewery Co. reports nine-month results
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Guangzhou Zhujiang Brewery Co., Ltd reported earnings results for the nine months ended September 30, 2024, MarketScreener said on October 24.
For the nine months,
...More info on site
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Australia: Beer industry facing crisis due to increasing costs and low demand from Gen Z consumers
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A report by behavioural insights consultancy, Canvas8 explores the shifting preferences of Australian consumers, indicating a decline in beer consumption. The factors driving this change are increasing costs, cultural associations with beer, and the influence of wellness culture among Gen Z consumers.
Similar trends in decreasing alcohol consumption are also evident in Singapore, where local cocktail bars increasingly offer low or no-alcohol beverages. Thus, monitoring the Australian market’s shifting dynamics could provide valuable insights for Singapore’s alcohol industry.
Canvas8, the organisation behind the report, is a consumer insight agency with offices in London, Los Angeles, New York, and Singapore. The company focuses on understanding media, communications, and product development, so as to help their clients better connect with their consumer base.
This particular report, titled “What Do Aussie Drinkers Want from Their Beer?“ by Nikki Natividad, examines changing preferences among Australian drinkers. In particular, there is a growing demand for beers with lower alcohol content.
As a whole, the proportion of Australians who drink beer has decreased significantly. In the last year, 32.5% of Australians drank beer, a 5.5% decrease from the pre-pandemic years. While this number may not initially seem significant, this proportion is the lowest level in around 80 years.
Overall, the decline
...More info on site
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India: Diageo India reports increase in consolidated revenue in Q2FY25
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Diageo India (United Spirits Ltd), a subsidiary of the British liquor giant Diageo, reported consolidated revenue from operations at ₹6,672 crore in Q2FY25, as
...More info on site
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Nigeria: Nigerian Breweries records 75% revenue growth in January-September
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Nigerian Breweries Plc, the foremost brewing company in Nigeria, has recorded a 75% revenue growth for the 9 month period ended 30th September
...More info on site
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The Netherlands & Greece: Court finds Heineken joint and severally liable for market abuses of its Greek subsidiary
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The Amsterdam District Court has cleared the way for Macedonian Thrace Brewery (MTB) to press home its claim against Heineken N.V. for more than
...More info on site
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Ireland: Diageo to invest EUR30 mln in boosting Guinness 0.0 production
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Diageo will spend €30 million boosting production of Guinness 0.0 at St James’s Gate Brewery in Dublin to keep pace with customers’ thirst for the non-alcoholic stout, The Irish Times reported on October 25.
The drinks giant says demand for the alcohol-free drink has grown substantially since its launch three years ago.
On Friday it announced plans to invest millions more in its production at the Dublin plant for the Irish and international markets. The move will almost double St James’s Gate’s capacity for brewing to 176 million pints a year and will bring total spending on it to €60 million, Diageo calculates.
Sales of the alcohol-free draught grew almost 50 per cent between February 2023 and February 2024, the company revealed on Friday. It hopes to have the beer in 2,000 pubs across Ireland by Christmas, up from 1,700 currently.
Aidan Crowe, its beer operations director, said the investment reflected “the bright future we see” for non-alcoholic drinks. He noted that it was further evidence of the group’s commitment to Guinness 0.0.
“St James’s Gate is the global hub of Guinness 0.0 production for markets around the world and this investment goes a long way in supporting that work and continues the legacy of
...More info on site
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UK: SIBA launches ‘Indie Beer‘ mark to identify independent brands
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The Society of Independent Brewers and Associates (SIBA) has launched the ‘Indie Beer’ campaign as part of an effort to make it easier for beer drinkers to identify beer from independent breweries, Food Manufacture reported on October 23.
According to SIBA, demand for independent beer remains resilient but issues surrounding access to market and misleading branding persist.
New YouGov data found that 75% of people surveyed believe consumers are being misled when purchasing beer from once independent craft breweries such as Beavertown, Camden and Fullers which are now owned by global beer manufacturers Heineken, Budweiser and Asahi respectively.
Of those surveyed, 40% thought Neck Oil was independent – higher than genuinely independent breweries such as Vocation, Fyne Ales and Five Points.
The research was commissioned by SIBA as part of the launch of the Indie Beer mark, which will be used on beer pumpclips, cans and bottle labels to identify beers as being produced by a UK independent brewery. The campaign also includes a new online ‘beer checker’ tool.
The Indie Beer campaign is open to all independent UK breweries and is supported by consumer and industry organisations such as Campaign for Real Ale (CAMRA), British Institute of Innkeepers and the Independent Family Brewers of
...More info on site
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India: United Breweries to launch Amstel Grande beer in India
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United Breweries announced on October 24 that it will be launching Amstel Grande, an iconic Dutch premium beer crafted in Amsterdam since the late 1800s, to the Indian market. Though the company did not specify the date of its launch, the announcement comes amidst an uptick of premium beer demand by Indian consumers, The Economic Times reported.
"Amstel, the iconic premium beer brand crafted in Amsterdam since 1870, is excited to announce its debut in India with Amstel Grande. Slow brewed with the finest ingredients, Amstel Grande promises to deliver an unparalleled beer experience to Indian consumers," United Breweries said in an exchange filing.
The alco-bev company also noted in its filing that premium beer consumption in India has seen an increase of 27 per cent in the second quarter of FY2025 - bringing the HY growth rate to 35 per cent. The growth was primarily driven by a demand surge for Kingfisher Ultra, Kingfisher Ultra Max, and Heineken Silver, said the company.
"We remain optimistic about the industry's long-term growth potential, driven by increasing disposable income, favorable demographics, and premiumization," the company further said.
Meanwhile, Dutch beer maker Heineken NV reported a 4.5 per cent volume growth in its premium category for the
...More info on site
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UK: Britain's Competition and Markets Authority launches formal probe into Carlsberg’s acquisition of Britvic
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Britain's Competition and Markets Authority (CMA) said on October 23 that it has launched a formal investigation into the deal between Carlsberg and Britvic, setting a deadline of Dec. 18 for its phase-1 decision, The Economic Times reported.
In July, Carlsberg struck a deal to acquire the British soft drinks maker for 3.3 billion pounds ($4.28 billion), with the Danish brewer aiming to establish a UK beverage "powerhouse".
The competition regulator said it is assessing whether the deal is expected to result in a substantial reduction in competition in any market in the United Kingdom for goods or services.
"This is a normal process that was expected, and we look forward to working constructively with the CMA as it progresses," a Carlsberg spokesperson told Reuters in an emailed statement.
Britvic did not immediately respond to a request for comment.
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