Everyone's treating [non-alcoholic beer catching on](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) as a $1B growth opportunity for $BUD and friends. It's actually a warning flag about pricing power erosion. When consumers trade DOWN into lower-ABV or NA products—even among existing drinkers—that's not upsizing. That's private-label behavior repackaged as health consciousness.

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