Distributor sentiment cratered in February 2025, with the National Beer Wholesalers Association’s (NBWA) Beer Purchasers’ Index (BPI) survey recording a 14-point, year-over-year (YoY) decline to an index of 35.
The shift comes a month after the BPI recorded its highest January reading since 2021 with an index of 48. Readings above 50 indicate expansion, or increased beer ordering, while readings below 50 indicate contraction.
The monthly survey of beer distributors’ buying behaviors also found an increase in at-risk inventory – products within 30 days of going out of code – with a reading of 53 in February 2025. The January 2025 at-risk inventory index indicated a neutral outlook with a 49 reading.
Only one segment – imports – was in expansion territory, with a reading of 55, extending its streak to 57 months of expanding volumes. However, the February 2025 reading was 13 points lower than the February 2024 index of 68.
Flavored malt beverages (FMB) and hard seltzer recorded the biggest YoY increase, growing eight points, to a reading of 36.
Below premium grew two points YoY, to 43, marking its second-highest February reading to date, per the NBWA.
Craft beer recorded the lowest reading (17) of any segment in February 2025, a decline of five points YoY.
All other segments were in contraction, including:
- Premium lights: 41 index, down 11 points from February 2024;
- Premium regular: 36 index, down 12 points from February 2024;
- Cider: 25 index, down five points from February 2024.