The National Beer Wholesalers Association (NBWA) released the Beer Purchasers’ Index (BPI) for September 2025, which shows little movement in both monthly and annual comparisons. The reading of 28 is a rise of one point from August 2025 and a drop of three points from September 2024. The at-risk inventory measure fell below the benchmark (50) to 48.
This combination of index readings signals a continued contractionary state as the industry begins the fourth quarter.
The NBWA’s Beer Purchasers’ Index 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 September snapshot across segments
Four segments (Premium Regular, Below Premium, FMB/Seltzer, Cider) saw positive year-over-year readings, the highest number of YoY increases since January. The FMB/Seltzer segment tied its fourth highest reading since 2021.
- The imports index at 37 is 16-points lower than September 2024 and six points lower than August 2025.
- The craft index at 16 is five points lower than September 2024 and two points higher than August 2025.
- The premium lights index at 33 is five points lower than September 2024 and three points below August 2025.
- The premium regular index at 34 is four points higher than September 2024 and even with the August 2025 reading.
- The below premium index at 43 is eight points higher than both September 2024 and August 2025.
- The FMB/seltzer index at 43 is five points higher than September 2024 and four points above August 2025.
- The cider segment at 36 is nine points higher than September 2024 and three points below August 2025.
