Superficially, everything would seem to be heading up for the beer business. Per capita consumption of the golden brew in the U.S. last year reached an all-time high, currently equaling about a six-pack a week for every American 18 and over. Beer sales for the past several years have been going up 4% to 5% annually; so far, the rise in 1975 is running around 2%not bad for a recession year.
The near-term future looks even more yeasty. The number of people in the prime beer-drinking age (21 to 35) will keep increasing into...
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