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Cocktails ready-to-drink? Jameson Whiskey parent CEO says they are here to stay
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Spirit-based ready-to-drink cocktails aren’t just a passing fad, according to the CEO of Jameson Whiskey’s parent company.
Conor McQuaid, who sits at the helm of Pernod Ricard North America, said that while products like hard seltzer have disrupted the market, spirit-based cocktails will be more of a mainstay for consumers as the industry invests more in the product.
Pernod Ricard has a wide-ranging portfolio of wines, champagnes and spirits, including Malibu, Absolut Vodka, Glenlivet, and Jameson Irish Whiskey.
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“The enduring nature of a brand like Absolut or a brand like Jameson…gives us the anchor points and the confidence that this isn’t transient in the same way Jameson has been around since 1780,” McQuaid said. “I’m of the belief that this has more of an enduring nature than maybe some of the cycles that we’ve seen historically in this space where those certain brands have come and gone, over the decades. ”
A selection of Jameson Single Pot Still Irish Whiskey bottles on display in a Duty Free shop at Dublin Airport, in Dublin, Ireland, on February 17, 2023. (Artur Widak/NurPhoto via Getty Images / Getty Images)
According to data from the Distilled Spirits Council of the United States (DISCUS), ready-to-drink products grew in popularity last year with sales up 26.8% reaching $2.8 billion in revenue.
This represented the fastest growing spirits category by revenue, according to Christine LoCascio, DISCUS chief for policy, strategy and membership.
DISCUS is a national trade association representing producers and marketers of distilled spirits sold in the United States.
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A decade ago, the ready-to-drink category in the U.S. accounted for less than 3% of the total U.S. beverage alcohol market. That grew to almost 12% in 2022, which was driven almost entirely by the hard seltzer subcategory, according to market research firm ISWR.
A view of The Glenlivet whiskey bottles at the Brilliant Minds Initiative dinner at Gramercy Park Hotel Rooftop on May 1, 2018 in New York City. ( Noam Galai/Getty Images) / Getty Images)
Still, trends are changing.
Marten Lodewijks, head of consulting for Americas at IWSR, said in a recent report that “despite the hard seltzer craze we witnessed from 2017 to 2021 which was malt-driven, spirits-based products have actually grown faster, just off a smaller base.”
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These products, “including the vodka- and tequila-based hard seltzers that entered the picture later, offer consumers a slightly more premium experience, and that has been key to their success over the malt-based alternatives that initially created the category,” he added.
In this photo illustration, a bottle of Absolut Vodka is displayed in a bar. (Igor Golovniov/SOPA Images/LightRocket via Getty Images / Getty Images)
The problem is, 19 states still prohibit the sale of spirit-based ready-to-drink cocktails in grocery stores and 21 still prohibit the sale of them in convenience stores, according to DISCUS.
In Texas, spirit-based ready-to-drink products can only be sold in 3,000 package stores but similar malt-based ones can be sold in more than 30,000 grocery and convenience stores, the trade group said, noting that this is hindering the distilled spirits industry, which is a “significant driver of economic activity.” in the U.S.
Malt-based and spirit-based ready-to-drink products have the same alcohol content, about 5%, according to DISCUS.
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Even with this hurdle, McQuaid is eyeing other opportunities to invest even further in the ready-to-drink category.
In January, its Absolut brand and Ocean Spray launched ready-to-drink cocktails in the U.S. in multiple flavors.
‘Shark Tank’ investor Kevin O’Leary joins ‘Fox & Friends’ to discuss Elon Musk and Vivek Ramaswamy leading DOGE, Trump’s potential appointments for Treasury secretary, and the first-ever crypto czar.
Weighing in on rumblings around a potential Trump-appointed crypto czar, popular entrepreneur Kevin O’Leary called on whoever’s nominated to put an end to regulatory indecision.
“We’ve got to stop these shenanigans because this is a technology that affects all 11 sectors of the economy,” O’Leary said Thursday on “Fox & Friends.”
“It provides efficiency and digital payment systems. And we have to be competitive worldwide.”
According to industry sources familiar with the discussions, President-elect Trump is mulling a position dedicated solely to cryptocurrency policy. It’s unclear whether the role would be a czar type or a White House staff role, but the official holding the position would interact with regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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Two names that come to O’Leary’s mind are former acting U.S. Comptroller of the Currency Brian Brooks and Coinbase CEO Brian Armstrong.
Kevin O’Leary put pressure on a potential Trump-nominated crypto czar to start making regulatory decisions as soon as possible. (Getty Images)
“Brian, of Coinbase, he’s being sued by [SEC Chair Gary] Gensler right now. His company is under litigation from the SEC,” the O’Leary Ventures CEO noted.
“We need a czar here, and we need to start making decisions. Is Ethereum a commodity, or is it a security? Pick one and go with it. I don’t care which one it is, but we’ve got to at least pick it,” he added. “We haven’t done that yet.”
‘Making Money’ host Charles Payne discusses the history of money.
The president-elect campaigned heavily among pro-crypto voters, making a stop at crypto bar PubKey in New York City and speaking at the Bitcoin 2024 conference in Nashville, Tennessee, just weeks before Election Day.
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Manward Press chief investment strategist Shah Gilani discusses how high the S&P 500 can climb in 2025 on ‘Making Money.’
Bitcoin, the largest cryptocurrency by market value, touched a new all-time high of $94,000 in afternoon trading Wednesday and has advanced over 156% from its 52-week low of $36,815.63 in November 2023, as tracked by Dow Jones Market Data Group.
iShares Bitcoin ETF Trust
The surge in price has lifted crypto exchange-traded funds, driving the assets of the largest, iShares Bitcoin Trust, to over $40 billion and lifting it to a record high.
Other bitcoin ETFs are also seeing high interest.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BTC | GRAYSCALE BITCOIN MINI TRT ETF BITCOIN MINI TRUST BTC ETF | 43.34 | +1.50 | +3.59% |
| GBTC | GRAYSCALE BITCOIN TRUST ETF – USD ACC | 77.62 | +2.63 | +3.51% |
| FBTC | FIDELITY WISE ORIGIN BITCOIN FUND – USD ACC | 85.42 | +2.88 | +3.48% |
| ARKB | ARKB – ARK 21SHARES BITCOIN ETF – USD ACC | 97.54 | +3.24 | +3.44% |
FOX Business’ Suzanne O’Halloran contributed to this report.
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Finance News
Ford recalls nearly 25,000 trucks for problem that could make rearview camera malfunction
‘Car Wizard’ David Long joins ‘The Big Money Show’ to share his top ‘no-brainer buys’ under $10,000.
Ford is recalling nearly 25,000 trucks because of a problem that could make the rearview camera system malfunction.
The automaker said water “may enter the Tailgate Park Assist Sensor Interface Module” and lead to a malfunction of the rearview camera image display in 24,950 of its 2023-2024 F-250, F-350 and F-450 trucks.
All the potentially affected trucks feature a tailgate top camera that “provides additional camera images when the tailgate is down and is a separate camera from the primary rear-view camera,” Ford said in a Oct. 25 recall report submitted to the National Highway Traffic Safety Administration (NHTSA).
A 2023 Ford Super Duty F-350 Limited. (Ford Motor Co. / Fox News)
The recall report indicated the problem stemmed from “certain mating interfaces” of the tailgate top camera being “out of tolerance” and the camera bracket “retain[ing] water” during the application.
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In the event that the issue occurs, the rearview camera image may show up as “blue or black” or only work “intermittently,” things that could pose a safety issue due to reduced driver visibility, according to the report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 10.24 | -0.04 | -0.39% |
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It has not led to any known accidents or injuries, Ford said in another document.
A badge on a vehicle at a Ford dealership in New Lebanon, New York, on Jan. 25. (Angus Mordant/Bloomberg via Getty Images / Getty Images)
According to the recall report, owners of the recalled trucks can get their tailgate top camera, wire harness and TPASIM module swapped out at a Ford or Lincoln dealership for free. Their “Image Processing Module A” will receive a software update too, it said.
“Pick-up and delivery will be available at participating dealerships,” a Ford spokesperson told FOX Business. “We’re also working through other potential options that would make completing this recall as convenient as possible for our customers.”
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Affected Ford F-250, F-350 and F-40 owners can expect to see a recall notification letter in their mailboxes in early December.
Ford said early last month it has sold over 853,400 of its various types of trucks in the U.S. so far this year.
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