Alcohol is being out-competed by nicotine (and maybe by pretty good non-alcoholic beer)

 The WSJ has the story:

Nicotine Is Hot, Beer Is Not. What Vice Stocks Say About America’s Guilty Pleasures.
People are smoking less, but tobacco stocks are soaring while brewers struggle to sell beer in the U.S.
By  Laura Cooper

"Want to know what guilty pleasures are gaining and losing popularity in America? Take a look at the stock prices of Molson Coors and Altria .

Marlboro cigarette-maker Altria, which also owns the growing on! nicotine pouch, is up more than 21% so far this year. Shares of Molson Coors, the brewer behind beer brands such as Miller Lite and Blue Moon, are down more than 13%.

Companies that traditionally sold cigarettes are seeing new engines of growth, no tobacco or smoking required. Nicotine pouches like on! and British American Tobacco’s BATS 0.93%increase; green up pointing triangle Velo look like tiny tea bags that sit between the gum and the cheek and are often filled with wood pulp along with nicotine salts and flavorings. The nicotine is absorbed into the bloodstream through the mouth’s lining.

Zyn, which is produced by Swedish Match North America, an affiliate of Philip Morris International PM 1.30%increase; green up pointing triangle, is the most popular nicotine pouch. It gained popularity due in part to a devoted following of unaffiliated “Zynfluencers” who tout their love of the brand.

Earlier this year, U.S. health officials authorized Zyn to stay on the market after finding that it has benefits as an alternative for adult smokers that outweigh its potential risk to young people."