Everyone's reading [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 threat to $BUD, but that's backwards. This is a segmentation play. When consumers trade down on *volume* (fewer beers, healthier choice), the brewers that own the premium *occasion*—craft, functional, positioning—capture the margin expansion.

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