Ep 23: 2025's Beverage Battles: Who Won, Who Lost, and What's Next

In this year-end episode, Felicity Carter and Lulie Halstead dissect the business stories that defined drinks in 205. From panic-driven mega-acquisitions and brutal brand sell-offs to the collapse of premiumisation as a default growth strategy, they trace how falling volumes, exhausted consumers, and shifting cultural norms forced the global alcohol industry into survival mode. If it earned enough per litre, it stayed. If it didn’t, it was dumped — sometimes at speed.

The conversation ranges across spirits, beer, wine, and no-and-low, covering Diageo’s boardroom bloodbath, tequila’s overstretched boom, wine’s consolidation into mega-entities, and why celebrities are now backing zero-alcohol brands instead of party drinks. Along the way, Felicity and Lulie unpack the rise of celebrity “authenticity,” Michelin’s controversial move into winery ratings, Liquid Death’s spectacular UK misfire, and what you need to do to get a drink in some parts of India.

Meet Your Hosts:

Lulie Halstead founded and led international consumer research and strategy consultancy Wine Intelligence, and led it to a successful PE exit. Today she is a renowned global beverage alcohol and wine sector specialist, focused on consumer behaviour, strategy, retail and hospitality. An accomplished keynote speaker, she has spoken at more than 70 international events over the past 20 years.

Felicity Carter is an award-winning wine and drinks journalist, editor and content strategist. She led Meininger’s Wine Business International to become the world’s most must-read wine trade magazine, and was founding Executive Editor of The Drop/Pix, which the Wall Street Journal named one of the most trusted sources of wine information. A regular keynote speaker, she was named a 2024 Industry Leader by WineBusiness Monthly. Her Drinks Insider podcast won the 67 Pall Mall Global Wine Communicator Award for Audio.