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E-Malt.com Newsletter 30b
July 24 - July 27, 2025
Quote of the Week
Ever tried. Ever failed. No matter. Try again. Fail again. Fail better.
Samuel Beckett
Currency Rates
Base Currency: US Dollar
on July 25, 2025 |
Base Currency: Canadian Dollar
on July 25, 2025 |
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1 USD = 0.8501 EUR
1 USD = 0.7383 GBP
1 USD = 1.3620 CAD
1 USD = 1.5136 AUD
1 USD = 146.5540 JPY
1 USD = 5.5199 BRL
1 USD = 78.9682 RUB
1 USD = 7.1563 CNY
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1 CAD = 0.7341 USD
1 CAD = 0.5420 GBP
1 CAD = 0.6240 EUR
1 CAD = 1.1111 AUD
1 CAD = 107.5850 JPY
1 CAD = 4.0522 BRL
1 CAD = 57.9706 RUB
1 CAD = 5.2535 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA: Brewers Association’s midyear survey shows positive signals emerging in industry
...Click here
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USA: Boston Beer’s Q2 earnings significantly exceed analyst expectations
...Click here
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USA, CA: FiftyFifty Brewing Company planning a major expansion
...Click here
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USA, NY: Wetlands Brewery already open in Van Etten
...Click here
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USA, MN: One of Minneapolis' largest churches wants to build a brewery
...Click here
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USA, MN: Invictus Brewing sells building, looking to relocate
...Click here
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USA, MN: Wild Mind Ales and Wild Grind Coffee announce upcoming closure
...Click here
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World: Barley supply situation becoming increasingly more comfortable
...Click here
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EU: Barley crop forecast up 1.2 mln tonnes supported by record crop in Spain
...Click here
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Nigeria: Guinness Nigeria’s annual performance sees remarkable turnaround despite challenging economy
...Click here
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Romania: Beer market hit by taxes and excise duties on road to stabilisation
...Click here
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Tanzania: Tanzania Breweries sells 60% shareholding in Darbrew Ltd at a loss
...Click here
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South Africa: Beer industry calls for a policy change
...Click here
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UK: UK bars become largest source of on-trade value for premium and above beer
...Click here
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Australia: Government freezes biannual tax hike on beer
...Click here
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Jamaica: Heineken-owned Red Stripe counts on flavoured beers amid tepid market growth
...Click here
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The Netherlands: Heineken beer to return to Jumbo supermarkets
...Click here
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Graph of the Week
Table of the Week
Canada Malt Exports 2019-2024
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
24 July
1847 - Richard M. Hoe patented the rotary type printing press, NYC
1938 - Instant coffee invented
1987 - IBM-PC DOS Version 3.3 (updated) released
25 July
1946 - 1st bikini is shown at a Paris fashion show
1978 - The world's first test-tube baby, Louise Joy Brown, was born in Lancashire, England
1984 - Cosmonaut Svetlana Savitskaya became 1st woman to walk in space
26 July
1656 - Rembrandt declares he is insolvent
1835 - 1st sugar cane plantation started in Hawaii
1908 - FBI founded
27 July
1694 - The Bank of England opens for business in London to print currency and manage the national debt. It goes on to become one of the world's most effective central banks
1866 - Atlantic telegraph cable successfully laid (1,686 miles long)
1971 - Merrill Lynch & Co. goes public, becoming the first New York Stock Exchange firm to do its own initial public offering on the NYSE
Agenda
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)
13 - 15: Brewing Summit 2025 (Palm Desert, CA, USA)
22 - 23: Beervana 2025 (Wellington, New Zealand)
September 2025:
02 - 06: Copa Cervezas de America 2025 (Valdivia, Chile)
04 - 06: Stockholm Beer & Whisky Festival 2025 (Stockholm, Sweden)
13 - 14: Bruges Beer Festival 2025 (Bruges, Belgium)
15 - 19: Drinktec 2025 (Munich, Germany)
20 - 05 October: Oktoberfest 2025 (Munich, Germany)
27 - 29: Whisky Live Paris 2025 (Paris, France)
October 2025:
07 - 08: RMI Asia Pacific Regional Summit 2025 (Perth, Australia)
09 - 11: The Great American Beer Festival 2025 (Denver, USA)
16 - 17: Brew Asia 2025 (Bangkok, Thailand)
16 - 17: Salon du Brasseur 2025 (Parc Expo Nancy, France)
November 2025:
04 - 06: Brussels Beer Challenge 2025 (Belgium)
10 - 12: 15th Iberoamerican VLB Symposium Brewing & Filling Technology (Parana, Brasil)
13 - 15: Drink Technology India 2025 (Bombay Exhibition Centre, Mumbai, India)
December 2025:
03 - 05: Drink Japan 2025 (Makuhari Messe, Japan)
February 2026:
05 - 06: Glug Swiss 2026 (Alte Reithalle, Aarau, Switzerland)
13 - 16: HoReCa 2026 (Athens, Greece)
27 - 01 March: Finest Spirits 2026 (Munich, Germany)
March 2026:
04 - 07: Festival Brasileiro da Cerveja 2026 (Blumenau, Brazil)
18 - 19: BeerX 2026 (Liverpool, UK)
24 - 26: RMI Global Conference 2026 (Lisbon, Portugal)
May 2026:
04 - 07: Worldwide Distilled Spirits Conference 2026 (EICC, Edinburgh, Scotland, UK)
June 2026:
09 - 11: Brasil Brau 2026 (Sao Paulo, Brazil)
News Articles
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USA: Brewers Association’s midyear survey shows positive signals emerging in industry
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US craft breweries have suffered closures and declines, yet nearly half of brewers insist they’re seeing growth, The Drinks Business reported on July 24.
Insights from The Brewers Association’s midyear survey have given the most up-to-date data on the state of the craft beer sector in America. But some of it is quite revealing.
The findings offer a broad perspective on the state of the craft beer industry and, although the research shows that closings are continuing to outpace openings, there are green shoots emerging, even whilst geopolitical tensions between America and Canada are starting to shake up the sector.
Beer is an economic lifeline for millions across America, in fact, as a whole, the US beer industry generates US$471 billion in economic activity annually, according to research from the Beer Institute and the National Beer Wholesalers Association (NBWA). In Ohio alone, craft beer brought in US$1.29 billion in 2024 and is forecast to grow further.
The number of craft breweries operating in June 2025 (9,269) was down 1% from the number operating in June 2024 (9,352). By business type, the smaller distribution-focused microbreweries experienced the largest drop-off at -3%, followed by taprooms at -1%, and brewpubs and regional breweries with no change year-over-year.
According
...More info on site
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USA: Boston Beer’s Q2 earnings significantly exceed analyst expectations
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Boston Beer Company Inc reported second-quarter earnings that significantly exceeded analyst expectations, driving shares up 8% despite a challenging industry environment marked by declining beer consumption, Investing.com reported on July 25.
The maker of Samuel Adams beer and Truly Hard Seltzer posted adjusted earnings of $5.45 per share for the second quarter, surpassing the analyst estimate of $3.92 by $1.53. Revenue came in at $587.9 million, slightly below the consensus estimate of $588.75 million but representing a 1.5% increase YoY. The company’s gross margin expanded to 49.8%, up 380 basis points from the same period last year.
"Despite a weaker volume environment, we have raised our gross margin guidance as we continue to see positive impacts from our multi-year margin enhancement initiatives," said Chairman and Founder Jim Koch in a statement.
The earnings beat came despite a 5% decrease in depletions and a 0.8% decrease in shipments during the quarter. The company attributed the volume decline to economic uncertainty affecting consumer behavior and poor weather during key selling weeks.
"We are encouraged by our strong gross margin and earnings performance in the first half of 2025 and the positive consumer response to our Sun Cruiser innovation," said President and CEO Michael Spillane.
Boston Beer updated
...More info on site
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USA, CA: FiftyFifty Brewing Company planning a major expansion
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Truckee-based FiftyFifty Brewing Company is planning a major expansion, announcing its intention to open a new flagship location downtown as part of the Railyard project, while launching additional sites in Reno and Mammoth. The craft brewery, known for its award-winning beers and strong community ties, is also offering the local community the chance to invest directly in its growth through an equity crowdfunding campaign, Sierra Sun reported on July 25.
The company’s expansion plans date back to 2018, when it invested in their production facility. However, progress was delayed by the pandemic. Now, with what co-founders Alicia and Andy Barr describe as the “Covid hangover” finally lifting, the team is moving forward with renewed energy and a clear vision for growth.
“Demand has outpaced the space we’re in now,” said President and CXO Alicia Barr. “We probably outgrew our current Truckee location five years ago. This new flagship spot downtown gives us the chance to design from scratch – from pilot brewing to manufacturing – with everything we’ve learned over the past two decades.”
“The Reno market has been asking for us for a long time, and then we had a developer in Mammoth saying they wanted somebody from the Sierra to anchor
...More info on site
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USA, NY: Wetlands Brewery already open in Van Etten
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When Nathan and Sara Ulacco Emery got the idea to start their own brewery, they wanted something different, something that would stand out from other breweries around the Southern Tier, Star Gazette reported on July 25.
Nathan was already doing some home brewing using leftover hops his father-in-law had, and when he noticed how popular his product was with family and friends, the idea for Wetlands Brewery was born.
The couple, who already had full-time jobs building and selling commercial playgrounds, purchased 25.5 acres of land across from their home on state Route 224 in the Town of Van Etten — including a wetland that inspired the name for the new business.
They built the new facility from scratch and opened for business in June. From the start, they wanted to set Wetlands Brewery apart.
"We want to be family-friendly," Nathan Emery said, noting the brewery will offer both alcoholic and nonalcoholic beverages, along with food prepared from locally-produced ingredients.
"We have kids. We're different from a bar. We're definitely not a bar at all," Sara Emery added.
Sara's father, Toby Ulacco, also played a key role in facilitating the business venture and was deeply involved along with Nathan in building the brewery from the ground
...More info on site
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USA, MN: One of Minneapolis' largest churches wants to build a brewery
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One of Minneapolis' largest churches wants to build a brewery and coffee house across from its main sanctuary in the Lynnhurst neighborhood, Axios reported on July 24.
While a church building a brewery is almost unheard of, Mount Olivet Lutheran senior pastor David Lose told Axios he came up with the idea as a way to curtail isolation that started during the pandemic and has lingered.
Lose noted that Martin Luther was a beer drinker, as was the more strict reformer John Calvin.
"It's deep in the Lutheran tradition," said Lose, a home brewer who also stressed that the brewery would serve customers responsibly.
The preliminary plans, still a work in progress with architecture firm HGA, call for tearing down the church's original 1700 Chapel along 50th Street and constructing a new, two-level building with a brewery on one side, a coffee house on the other and meeting rooms on a mezzanine level.
It would also have a patio facing Lynnhurst Park, a large video board inside with volunteer opportunities, and an open concept design with no booths to encourage people to interact.
The building would be owned by an independent nonprofit, with income given back to the community, Lose said. The nonprofit would hire a
...More info on site
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USA, MN: Invictus Brewing sells building, looking to relocate
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Invictus Brewing has announced it has sold its building in Blaine, and is now looking to relocate, Bring Me The News reported on July 25.
The brewery confirmed the move on July 24, saying "we have sold the real estate that we built and have been in since we opened in 2018."
"While this was not a decision we took lightly, we believe it was the best thing for us as a business," it adds.
The business continues to say that it is now working to find new premises and "hopefully, we'll be able to continue operations elsewhere."
While work is ongoing to find a new home, Invictus acknowledges that it might not be in Blaine.
"This is strictly a real estate transaction. We will retain our name, logo, recipes, production equipment, etc., so our hope is that we'll be able to transfer all of that to another facility ... hopefully in Blaine still, but we are pursuing opportunities outside of Blaine as well,' it said.
The brewery says it will continue operations in Blaine for "a few months" before the closure is complete, and will provide updates to its customers on its next steps.
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USA, MN: Wild Mind Ales and Wild Grind Coffee announce upcoming closure
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Wild Mind Ales and Wild Grind Coffee in south Minneapolis have announced their upcoming closure, Bring Me The News reported on July 22.
The brewery and coffee house in the Windom neighborhood revealed the news on July 21, saying the permanent closure will happen "likely at the end of summer – maybe with a little luck we will last until the snow starts flying."
The brewery opened its doors at 6031 Pillsbury Avenue South in 2016, and regularly holds events on its courtyard beer garden, including live music and trivia nights.
"It’s hard to put into words what this place has meant to us and, we hope, to you. From early morning coffee conversations to late-night beers with friends, this space has been alive because of the people who’ve walked through its doors – staff and patrons. We’ve celebrated, learned, grown, and connected here, and we’re grateful for every single moment," the business wrote.
"The building and brands are currently for sale, and we’d love to find a buyer who will keep this space as an asset for the community."
Further details on the reason for the closure have not been provided.
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World: Barley supply situation becoming increasingly more comfortable
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The world’s barley supply situation is becoming increasingly more comfortable, and RMI Analytics’ global crop’25 forecast is up by 0.8 mln tonnes to 145
...More info on site
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EU: Barley crop forecast up 1.2 mln tonnes supported by record crop in Spain
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French barley harvest is mostly over with good winter barley yields and quality, plus an average spring barley result but with some quality variability.
...More info on site
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Nigeria: Guinness Nigeria’s annual performance sees remarkable turnaround despite challenging economy
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Guinness Nigeria Plc has announced its unaudited financial results for the twelve months ended 30 June 2025, reporting a remarkable turnaround in performance despite a persistently challenging economic environment and an intensely competitive landscape, Nairametrics reported on July 24.
The announcement comes in a landmark year for the company, as Guinness Nigeria celebrates 75 years of operations in Nigeria—a testament to the enduring strength of its brands, its people, and its commitment to brewing excellence.
In the period under review, the company delivered strong topline growth, with revenue rising by 65.8% to N496.6 billion, up from N299.5 billion in the previous year. Gross profit grew by 62.2% to N148.3 billion, while operating profit rose by 86.6% to N47.4 billion.
Most notably, the company returned to profitability with a net profit after tax of N16.2 billion, compared to a N54.7 billion loss recorded in FY24.
These results reflect Guinness Nigeria’s focused execution of its strategic priorities, disciplined cost management, and the resilience of its people and portfolio.
Commenting on the performance, Prof. Fabian Ajogwu, SAN, Chairman of the Board, said: “This strong turnaround speaks to the quality of leadership, clarity of vision, and strength of governance at Guinness Nigeria. As we mark 75 years of doing
...More info on site
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Romania: Beer market hit by taxes and excise duties on road to stabilisation
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The Romanian beer market managed to stay afloat last year in terms of production, though it faced major problems stemming from higher excise duties and inflation. This year is not looking any better for beer producers, but optimism remains high among both Romanian and European brewers, Business Review reported on July 22.
At the European level, the beer market provides 2 million jobs, has an annual added value of EUR 52 billion, and pays EUR 40 billion to the authorities. According to data from the European Brewers’ Association (EBA), one brewing job generates another 17 jobs in the economy. Of these, two are in agriculture, two in retail, and 13 in bars, clubs, restaurants, and cafés. Of the EUR 40 billion total, EUR 14 billion is taxes and other duties, EUR 12.5 billion comes from domestic VAT (on-trade), EUR 7 billion from excise duties, and EUR 6.5 billion from export VAT (off-trade).
In the COVID and post-COVID period, beer consumption fell in most of the 28 member countries of the EBA, an association that represents the interests of more than 10,000 brewers and gathers data from across Europe. But the downward trend in consumption goes back further than 2020. According to data
...More info on site
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Tanzania: Tanzania Breweries sells 60% shareholding in Darbrew Ltd at a loss
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Tanzania Breweries Limited (TBL) Plc sold its 60 percent shareholding in Darbrew Ltd, a loss-making subsidiary, at a loss of Tsh9.92 billion ($3.8 million) as part of the company’s plan to cut costs and improve cash flow, Zawya reported on July 24.
Despite this, the company declared a dividend payout of Tsh537 ($0.2) per share, amounting to Tsh158.44 billion ($60.75 million) in the year ended December 31, 2024.
It had not given dividend in the previous year.
The brewer, listed on the Dar es Salaam Stock Exchange (DSE), said in its 2024 annual report that the sale of the subsidiary to the minority shareholders —Dar es Salaam City Council (DCC)—was completed in May 2024.
Audited financial statements show that at the time of the transaction, Darbrew had a net liability of Tsh29.416 billion ($11.279 million), compared with a consideration of Tsh3 million ($1,150) that resulted in a gross loss, upon disposal, of Tsh29.413 billion ($11.278 million).
The gross loss was then adjusted in relation to the subsidiary’s provision utilised estimated at Tsh19.48 billion ($7.47 million), resulting in a net loss of Tsh9.92 billion ($3.8 million).
TBL announced its intent to exit Darbrew Ltd in 2019 and initiated an engagement with the co-shareholder, DCC.
TBL is a member
...More info on site
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South Africa: Beer industry calls for a policy change
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South Africa’s beer industry is more than just a source of refreshment - it’s an economic powerhouse woven into the cultural and economic fabric of our country, BizCommunity reported on July 23.
In 2023 alone, it contributed R96.4bn to GDP, generated R56.5bn in tax revenue, and supported over 210,000 jobs, according to Oxford Economics’ “Beer’s Global Economic Footprint” study.
Beer Association of South Africa’s (BASA) mandate is to protect and promote this industry and the livelihoods it sustains. But the association says it cannot do so without fair and forward-looking regulation - particularly when it comes to excise tax policy, which has reached an unsustainable tipping point.
Despite its contributions, the beer industry is under increasing strain.
In the 2025/26 National Budget, excise tax on alcohol was raised by 6.75%, continuing a pattern of above-inflation hikes.
While large players may be able to absorb some of the blow, many small and craft brewers cannot - resulting in closures, job losses, and declining sector diversity.
Currently, excise and VAT together account for up to 40% of the price of a 340ml beer - exceeding the average brewer’s operating costs.
For township taverns and community brewers - often micro-entrepreneurs - this is unsustainable. These are not just businesses, they
...More info on site
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UK: UK bars become largest source of on-trade value for premium and above beer
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Recent data from IWSR, a leading authority on global beverage alcohol trends, shows that UK bars have become the largest source of on-trade value for premium and above beer in 2024. The findings come from IWSR’s new On-Trade Value data, which tracks price-to-consumer value in the on-trade channel across the top 20 global markets, Vinetur reported on July 24.
The report highlights that while the United States remains the most valuable on-trade market overall for premium and above beer, UK bars stand out when analyzing value by venue type. This means that, within the bar segment specifically, UK establishments generated more revenue from premium and higher-priced beers than any other country last year.
Industry experts point to several factors behind this trend. The UK has a strong pub and bar culture, with consumers showing a growing preference for premium products. Many British drinkers are willing to pay more for quality and unique beer experiences, especially in urban centers like London, Manchester, and Edinburgh. The rise of craft breweries and imported specialty beers has also contributed to higher average prices per pour.
In contrast, the US market’s overall value is driven by its size and diversity of venues, including restaurants, hotels, and entertainment spaces.
...More info on site
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Australia: Government freezes biannual tax hike on beer
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Australia’s government introduced new legislation to freeze the biannual tax hike on beer in parliament on July 24, but brewers warn the savings may not be passed onto consumers, 9News reported.
Under the current decades-old system, an indexation is applied to the beer excise in February and August each year in line with inflation.
But the continued increases have brought up the prices of a schooner or pint to about A$15, prompting calls from brewers, bars and patrons to put a pause to the controversial indexation.
Prime Minister Anthony Albanese campaigned for this year's federal election on the promise to freeze the indexation on the excise for two years starting from August.
He also said he would increase the excise remission cap to A$400,000 for manufacturers and increase the wine equalisation tax producer rebate cap to A$400,000 from July 1 next year.
At the time, he said this was a "common sense measure" that was a win for drinkers, pubs and brewers.
Treasurer Jim Chalmers touted the freeze as a "modest change" that would take the pressure off the industry and Australians.
The changes come as Australia's monthly spend on wine and beer jumped this year compared to 2024, according to June data by CanstarBlue.
The
...More info on site
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UK: Estrella Damm 0.0% beer launches in the UK
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Damm, the renowned Spanish brewery, has launched of Estrella Damm 0.0%, a premium non-alcoholic beer that aims to capture the essence of Mediterranean flavour while catering to the increasing consumer demand for alcohol-free options in the UK market, FoodBev Media reported on July 24..
This product rollout follows a successful trial period and is set to be available across various on-trade hospitality venues and off-trade retailers. Estrella Damm 0.0% is positioned as a direct response to the evolving preferences of consumers seeking refreshing alternatives to traditional alcoholic beverages.
The brewery has leveraged its extensive experience in producing non-alcoholic beers since 2003 to develop a product that maintains the signature taste of its iconic Estrella Damm lager, now without the alcohol content.
To achieve this, Damm employs a sophisticated brewing technique that begins with natural fermentation using a special yeast. Following fermentation, the alcohol is removed through advanced vacuum distillation, a method designed to retain the aromatic components often lost in conventional non-alcoholic beer production.
The new offering will be available on draught in select venues, including Youngs pubs in London, and in 4x440ml can packs at Sainsbury’s, with plans to expand distribution to other major grocery outlets and supermarkets.
Luke White, UK managing
...More info on site
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Jamaica: Heineken-owned Red Stripe counts on flavoured beers amid tepid market growth
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With Jamaica’s alcohol market expanding at just 1.5 per cent to 2 per cent annually — marginally above national GDP — Heineken-owned Red Stripe has launched a mango-flavoured beer, its fourth flavoured variant, to capture younger drinkers and women, Jamaica Observer reported on July 25.
Sean Wallace, head of commerce at Red Stripe Jamaica, told the Jamaica Observer the strategy addresses demographic gaps in its core lager’s appeal. “Globally, certain product categories tend to rate better with certain age groups or genders,” he said. “In general, women like less bitter drinks and those that are less filling.”
This focus on inclusivity now underpins Red Stripe’s flavoured beer range, which after 11 years constitutes roughly 15 per cent of its total volume. Wallace acknowledged the flagship lager historically underperformed with adults under 34 and female consumers, stating: “Red Stripe flavours attract a slightly different consumer from the ‘original’. When we do research, people consume it with a different intent — for chill moments.”
This segmentation extends to consumption occasions, Wallace explained. “When consumers drink the original Red Stripe, it’s about genuine connection with friends. With flavours, they’re choosing them specifically for a ‘chill moment’.” He characterised the flavoured range as “Red Stripe’s chill, cool,
...More info on site
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The Netherlands: Heineken beer to return to Jumbo supermarkets
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Heineken beer will be sold again in Jumbo supermarkets. Both parties reached an agreement about the procurement after challenging price negotiations, a spokesperson for Jumbo confirmed after a report from the industry publication Distrifood. The deadlock between the beer brewer and the supermarket chain even led to a preliminary injunction.
Heineken also sells beers from the brands Amstel, Desperados, and Birra Moretti, as well as the beer with the same name. “Customers will be able to choose from the entire Heineken assortment at Jumbo within a few weeks,” the Jumbo spokesperson said.
Jumbo had previously decided to stop selling Heineken beers after the price negotiations had reached a standstill, with the Heineken shelves remaining empty as a result.
Heineken initiated a preliminary injunction against Jumbo, but the judge ruled in May that the supermarket chain could not be obligated to put the beers back on the shelves. The court noted that although Jumbo’s termination of a six-decade-long supply relationship was abrupt, it had the right to do so after formally ending that ongoing agreement.
This was not Jumbo’s first pricing showdown; the retailer has engaged in similar high-profile conflicts with brands like Coca‑Cola, Red Bull, and Douwe Egberts when negotiations broke down.
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