Heineken CEO: ‘Hard seltzer category has slowed down’
Heineken CEO Maggie Timoney backed hard seltzers to be around for ‘some time’ despite a slowdown in the sector.
A number of companies have seen a slowdown in sales after the sector boomed over the last two years.
Boston Beer planned to crush millions of cases of hard seltzer before they went stale, as the company reported third quarter losses.
Molson Coors discontinued Coors Seltzer in the US, but the company has seen positive results elsewhere.
The company is building a new £25million hard seltzer canning line in the UK.
Constellation Brands Inc also lowered its growth expectations for Corona Hard Seltzer.
“The category has slowed down. But I think people just need to realise also that you’re going off 2020 numbers,” Timoney told Yahoo Finance, whose company makes a fruity hard seltzer called AriZona SunRise.
“I think it’s going to be around for some time,” she added.