Alcohol.

Not in volume. I forecast global alcohol volumes land 10 to 15% below peak by 2030 and never return, while revenue still grows from $1.8 trillion to about $2.2 trillion on price increases, premium bottles, and 0.0 drinks, the fastest growing category in the house. Gen Z drinks less than any generation before it, and the world's 50 largest listed beer, wine, and spirits companies already lost $830 billion in market value since 2021. Diageo, Pernod Ricard, and Heineken sell less alcohol for more money, or they get swiped out of Gen Z's life in a nanosecond.

Because health beat the hangover. US adults who drink fell from 67% in 2022 to 54% in 2025, a record low, and 75% of Gen Z actively moderates. Bar and club drinking in the US dropped from 45% to 23% in 1 year. I predicted the shift years ago: fitness culture and social media accountability turned sobriety into status, and the 0.0 became the fastest growing drink in the house. Boardrooms still refuse to understand it. The customer is no longer king. Gen Z are dictators. They do not complain and they do not negotiate. They swipe you out of their lives in a nanosecond. My Alcohol Economy card carries the full forecast to 2030.

The 50 largest listed beer, wine, and spirits companies lost $830 billion in market value since 2021, down 46%. Diageo, Pernod Ricard, and Rémy Cointreau trade at decade lows, and Kweichow Moutai is down over 40%. The sellers call it a dip. The tape calls it a verdict. My Alcohol Economy card predicted the fall and dates the recovery: 2030, on price and premium bottles, never on volume. Gen Z sentenced Big Alcohol, and the dictators do not negotiate.