NBWA’s Beer Purchasers’ Index for February 2025 shows craft demand brutally low

As the craft brewing scene continues to evolve amidst a landscape shaped by economic fluctuations and changing consumer tastes, the National Beer Wholesalers Association (NBWA) remains a critical player in monitoring industry trends. The NBWA, which represents over 3,000 independent beer distributors nationwide, has released its Beer Purchasers’ Index (BPI) for February 2025, offering a unique forward-looking view of the beer distribution channel’s purchasing patterns.

The BPI is a forward-looking indicator measuring expected demand from beer distributors — one month forward. A reading greater than 50 indicates the segment is expanding, while a reading below 50 indicates the segment is contracting. The craft index of 17 for February 2025 is a brutally low indicator of distributor demand.

After an encouraging start to the year, America’s beer distributors reported a decline overall in their purchasing outlook during February. Overall BPI fell to 35 (a 14-point year-over-year shift) while the at-risk inventory measure rose to 53. Two segments recorded higher readings relative to February 2024: FMB/Seltzer (+8) and Below Premium (+2), which recorded its second-highest February reading to date. The Imports segment marked its 57th straight month in expansionary (>50) territory.

Looking across the segments for February

• The index for imports continues to point to expanding volumes with a February 2025 reading of 55; however, that is 13-points lower than the February 2024 reading of 68.
• The craft index of 17 for February 2025 continues to signal contraction in this segment and is five-points lower than the February 2024 reading of 22.
• The premium lights index fell to 41 for February 2025, 11-points lower than the February 2024 reading of 52.
• The premium regular index fell to 36 for February 2025, 12-points lower than the February 2024 reading of 48.
• The below premium segment reading for February 2025 (43) is two-points higher than the February 2024 reading of 41; one of two segments to see year-over year increases in their readings.
• The FMB/seltzer reading for February 2025 of 36 is eight-points higher than the February 2024 reading of 28; one of two segments to see year-over year increases in their readings.
• Finally, the cider segment recorded a February 2025 reading of 25 compared to 30 for February 2024.