There continues to be “little movement” in wholesalers’ (lack of) optimism for the beer category, according to the September Beer Purchasers’ Index (BPI) from the National Beer Wholesalers Association (NBWA).
Beer remained in contraction in September, marking the second consecutive month the category and all segments registered BPI readings below 50, meaning wholesalers are continuing to cut back on beer orders in response to soft sales.
Total beer posted a September BPI reading of 28, on par with last month (27) and three points below October 2024 (31).
At-risk inventory, or inventory within 30 days of going out of code, fell below 50, to 48. Last month, at-risk inventory was above 50 as a result of bloated inventories from a slower-than-expected summer selling season.
“This combination of index readings signals a continued contractionary state as the industry begins the fourth quarter,” NBWA chief economist and VP of analytics Lester Jones wrote.
In a positive twist, four beer segments improved September BPI readings year-over-year (YoY), “the highest number of YoY increases since January,” including:
- Premium regular (34), up from 30 in September 2024;
- Below premium (43), up from 35;
- Flavored malt beverages (FMB) and hard seltzer (43), up from 38;
- And hard cider (36), up from 27.
Below premium and FMBs/hard seltzer also improved month-over-month (MoM), up from 35 and 39, respectively, in August.
Craft had the lowest BPI reading in the latest month (16), up from 14 in August 2025 and down from 21 in September 2024. Last month marked craft’s lowest BPI to date.
Imports (37) recorded the largest YoY decline (-16 points, from 53). The once-dominating segment dipped into contraction in March, the first time the segment has done so since 2020. After returning to expansion territory in April, the segment fell again in May and has remained in contraction since.
Imports’ latest BPI was six points below last month’s reading of 43. Premium lights (33, down from 38 in 2024) also recorded MoM declines, as did hard cider (both -3 points).