PepsiCo and Sam Adams brewer Boston Beer are teaming up to create an alcoholic version of Mountain Dew.
. Pepsi also filed a trademark application in June to sell Rockstar-branded beer and hard seltzer.
Pepsi has been trying to use the heft of the Mountain Dew name for several years to move the soda into new categories, like energy drinks. The companyearlier this year. According to Euromonitor, Mountain Dew holds about 7% market share in carbonated soft drinks, putting it in fifth place. For Boston Beer, the partnership with Pepsi comes as the company's own products struggle. In its latest quarter, the company'swere hit with a reality check, causing the stock to tumble 26% in one day and the brewer to cut its full-year forecast.
Meanwhile, the beer category as a whole has been struggling. Last year, overall beer volume declined 2.8%, despite total alcohol consumption increasing by its highest rate in nearly two decades, according to industry tracker IWSR. Boston Beer alsoBoston Beer shares were trading down more than 1% on Tuesday. The stock is down more than 31% since January, putting its market value at $8.29 billion.
Pepsi shares are up less than 1% in trading Tuesday. The stock has gained 4% year-to-date, and its market value tops $213.88 billion.
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