February’s decline in beer purchasing outlook continued into March, according to the Beer Purchasers’ Index (BPI) from the National Beer Wholesalers Association (NBWA). In March 2025, overall BPI fell to 33 and the At-Risk Inventory measure remained above the benchmark at 50. The combination of index readings places the industry in contractionary territory for a second month of 2025.
The craft index of 20 for March 2025 continues to signal contraction in the craft beer segment. This reading is 15-points lower than the March 2024 reading of 35.
BPI is the only forward-looking indicator for distributors to measure expected beer demand. The index surveys beer distributors’ purchases across different segments and compares them to previous years. A reading greater than 50 indicates the segment is expanding, while a reading below 50 indicates the segment is contracting.
BPI segment snapshot for March
- The index for imports falls into contractionary territory for the first time since April 2020, with a March 2025 reading that is 21-points lower than the March 2024 reading of 67.
- The premium lights index fell to 40 for March 2025, 14-points lower than the March 2024 reading of 54.
- The premium regular index fell to 35 for March 2025, 14-points lower than the March 2024 reading of 49.
- The below premium segment for March 2025 at 45 is one-point lower than the March 2024 reading of 46.
- The FMB/seltzer reading for March 2025 of 40 is seven-points higher than the March 2024 reading of 33. The FMB segment is the only segment to post a higher reading in March 2025 compared to March 2024.
- Finally, the cider segment posted a March 2025 reading of 32 compared to 34 for March 2024.
