Top 3 Fastest Growing Beverage Brands in 2023

Top 3 Fastest Growing Beverage Brands in 2023

Athletic Brewing Company has made a name for itself in the non-alcoholic beverage category, growing at a compound annual growth rate of 430 percent. Photo courtesy of Athletic Brewing Company.

In the dynamic and ever-evolving food and beverage industry, growth is not just about size; it’s about speed, too. The fastest growing beverage brands are those that have tapped into the consumer’s evolving demands, bringing to the table innovative products that combine taste, convenience, affordability and sustainability. 

The following list is based on the Financial Times’ ranking of The Americas’ Fastest-Growing Companies 2023, a list of the 500 companies in the Americas that have the highest growth in publicly disclosed revenues between 2018 and 2021. The list was compiled with research firm Statista, and ranks entrants from across the Americas by the compound annual growth rate (CAGR) of their revenue.

Since Financial Times’ ranking encompasses a spectrum of industries, we’ll focus solely on the beverage brands that made the list. Now, let’s explore the top three fastest growing beverage brands in 2023 and understand what’s driving their success.

Related: Top Five Fastest Growing Beverage Companies in 2022

1. Athletic Brewing Company

Athletic Brewing Company is a Connecticut-based direct-to-consumer (D2C) business that specializes in producing non-alcoholic craft beer. Founded in 2017, the company offers a wide range of products including alcohol-free IPAs, stouts and lagers. Some of its most popular products include “Run Wild IPA,” “Upside Dawn Golden Ale,” “Freeway NA DIPA” and “All Out Stout,” among others.

In terms of revenue, the company’s trailing revenue in the last year is estimated to range between $25 million and $50 million. Its website attracts nearly 5,000 unique visitors per month and nearly 14,000 monthly total visitors. With a CAGR of 430 percent, Athletic Brewing Company ranks fourth overall on Financial Times’ list and first in the beverage category.

2. Iconic Brands

Iconic Brands is a vertically integrated beverage company offering a unique portfolio of wines, spirits, alcoholic ice pops, ready-to-drink (RTD) cocktails and mixers. Based in Amityville, New York, the company owns and operates a number of alcoholic beverage brands including Bellissima Prosecco, Sonja Sangria and Bella Sprizz. 

Since its founding in 2005, Iconic Brands has been a leader in the development, design and delivery of alcoholic beverages. As such, its total revenue in the last 12 months is estimated at nearly $15 million. Growing at a CAGR of 106 percent, Iconic Brands is ranked 90th overall on Financial Times’ list and second in the beverage category.

3. Smith Teamaker

Smith Teamaker is an integrated, omni-channel luxury tea company based in Portland, Oregon. Founded in 2009, the company prides itself on providing exceptional and accessible teas and other plant-based beverages. Smith Teamaker leverages premium restaurants, offices and retailers to extend its access to new consumers and households, both in the US and in select international markets.

Despite heavy competition, the third fastest growing beverage brand has carved out a niche for itself in the premium tea market. Smith Teamaker has raised a total of $350,000 over one round of funding and its estimated annual revenue is currently $8.6 million per year. Growing at a CAGR of 89 percent, Smith Teamaker is ranked 406th overall on Financial Times’ list and third in the beverage category.

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