If 28 years in beer marketing and sales at Anheuser-Busch—and then, post-merger, Anheuser-Busch InBev NV—taught Gregg Billmeyer anything, it was how to spot a trend. The St. Louis native tracked the initial rise (and brief falloff) of craft beer in the 1990s before the explosion of the late 2000s and 2010s blew a chunk out of the once indomitable market share of such heavyweight brands as Budweiser and Bud Light.

But while the Cult of Craft revolted against the King of Beers and its noble cousin, MillerCoors LLC, capturing nearly a quarter of the overall beer market in 2017, Billmeyer noticed one sector of the brewing establishment holding steady and even gaining ground: labels imported from Mexico.

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