(https://www.marketwatch.com/story/booze-free-beer-is-no-longer-a-punchline-and-big-brewers-see-a-billion-dollar-opportunity-407c8771?mod=mw_rss_topstories) even with drinkers who also buy regular alcohol. That's a shift, not a niche. The problem for $PEP and $KO: this category doesn't pay legacy margin dollars. When volume migrates from premium-priced regular beer into NA at lower price points, the CPG margin squeeze accelerates.

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