Demand for low-cal, low-carb and low sugar drinks has been a catalyst for the growth of the sparkling water segment. Riding the coattails of that explosion comes spiked sparkling water (aka hard seltzer) because the perception is that sparkling clears are better for you. This segment is less than a decade old, with the first brand (initially bearing the moniker SpikedSeltzer, but since rebranded to Bon & Viv) launching in 2012, before being acquired by AB InBev in 2016. Since then, while there are a few market leaders – White Claw (sales were just under $200m in 2018), Truly ($131m in 2018) and brands backed by Fortune 500...

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