For years, Molson Coors has faced declining demand for its iconic brews such as Coors Light and Miller Lite as more consumers gravitate toward craft options, Mexican imports, wine and spirits. People also are embracing new drink categories such as hard seltzers, coffees and ciders.
Cold brew is a wildly popular coffee option even if the category is very small. Statista reported sales of cold brew coffee are on the upswing, with a jump from about $8.5 million in 2015 to $38 million in 2017. But that is only a portion of a booming coffee market. Per-capita coffee consumption continues to increase. An industry survey from 2018 found 64% of American adults drink a cup of coffee each day — up 2% from 2017 and the highest level since 2012. As people look to drink more coffee while seeking out new ways to consume alcohol, it only makes sense that companies like Molson Coors would enter the category — especially as they look to offset declining sales in their core beer division.