eToro
By eToro

Dry January, Dry trade: Non-alcoholic stocks toast superior returns

  • Non-alcoholic drinks brands deliver 69% return over 5 years while alcohol giants flounder, losing 26% over the same period
  • Returns reflect growing demand for zero and low-alcohol alternatives
  • Fitness and energy drink company Celsius leads gains with 211% return while spirits groups drag alcohol basket lower

London, 8 January: As 17 million Brits plan a booze-free start to the year, new analysis from trading and investment platform eToro makes for sober reading for listed alcohol producers, as investors continue to flock to non-alcoholic alternatives. eToro analysed two equal-weighted baskets of well-known beverage brands. One basket includes alcohol producers Diageo, Heineken, Pernod Ricard, Carlsberg and Anheuser-Busch InBev. The second basket includes non-alcohol producers Coca-Cola, PepsiCo, Monster Beverage, Celsius Holdings and A.G. Barr.

Over the past five years, a basket of non-alcohol producing stocks rose 69%, while the alcohol producer basket fell 26%. The difference is not limited to the long term. Over the past year, non-alcohol brands gained 24%, compared with a 6% decline for alcohol producers. Over three years, non-alcohol stocks rose 18%, while alcohol stocks fell 29%.

2024 research from Alcohol Change UK shows that participation in Dry January has more than doubled over the past five years, rising from 4.2 million people in 2019 to 8.5 million in 2024, with 17 million intending to participate in 2026. This behavioural shift is reinforced by academic research published in the BMJ in 2025, which found that the proportion of adults using alcohol-free and low-alcohol drinks to reduce their alcohol intake increased from 35.0% in October 2020 to 43.9% by August 2024.

Maximilian Wienke, Market Analyst at eToro, said: “Dry January brings renewed attention to changing drinking habits, but markets have been reflecting this shift for years. Traditional alcohol producers have struggled to deliver growth, while demand has increasingly moved towards non-alcoholic, functional and better-for-you drinks. What we are seeing is not consumers abandoning alcohol, but investors reallocating towards categories with clearer volume growth, pricing power and relevance to younger, more health conscious consumers.”

Within the alcohol basket, long-term performance has been consistently weak. Diageo and Pernod Ricard are both down more than 40% over five years, while no alcohol producer in the group delivered a positive return over three years. Beer makers have shown some resilience over the past year, with Carlsberg up 21% and Anheuser-Busch InBev up 14%, but this has not been enough to offset broader declines.

By contrast, non-alcohol brands have delivered broader and more sustained gains. Growth has been driven by energy and functional drink makers. Celsius Holdings, owner of brands including CELSIUS and Rockstar Energy is up 211% over five years, while Monster Beverage has gained 71%. More established soft drink companies have also contributed positively, with Coca-Cola up 33% and A.G. Barr, owner of brands including IRN-BRU and Rubicon, up 28% over the same period.

Commenting on the analysis, Maximilian Wienke, Market Analyst at eToro, said: “The beverage sector is not in decline, but it is undergoing a shift in where growth comes from. Investors are becoming far more selective, backing companies with the right product mix, innovation and exposure to evolving consumption habits. Brand strength alone is no longer enough, and broad exposure risks diluting returns.”

Brand Returns 1 year Returns 3 years Returns 5 years

Alcohol producing brands
Diageo -33% -54% -43%
Heineken 0.5% -21% -21%
Pernod Ricard -30% -58% -51%
Carlsberg 21% -8% -12%
Anheuser-Busch InBev 14% -1% -2%
Avg basket -6% -29% -26%

Non Alcohol producing brands
Coca-Cola company 12% 11% 33%
PepsiCo -2% -18% 2%
Monster Beverage 50% 52% 71%
Celsius Holdings 53% 21% 211%
A.G. Barr 7% 25% 28%
Avg basket 24% 18% 69%

 

Table showing performance comparison: Alcohol versus Non Alcohol producers. Past performance is not a reliable indication of future results.

ENDS

Media contacts

pr@etoro.com

Notes to editors

    • Share price data taken at market close 19/12/2025. 
    • Index performance calculated in USD terms. Data from TIKR. Past performance is not an indication of future results
    • Figures have been rounded up/down.
  • Sources for surveys/data used

About eToro

eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have over 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.

Disclaimers
eToro is a multi-asset investment platform. The value of your investments may go up or down.  Your capital is at risk. Past performance is not an indication of future results.

eToro is a group of companies that are authorised and regulated in their respective jurisdictions. 

The regulatory authorities overseeing eToro include:

  • The Financial Conduct Authority (FCA) in the UK
  • The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
  • The Australian Securities and Investments Commission (ASIC) in Australia
  • The Financial Services Authority (FSA) in the Seychelles
  •  The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE
  • The Monetary Authority of Singapore (MAS) in Singapore

This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

Australia

eToro AUS Capital Limited ACN 612 791 803 AFSL 491139. eToro’s Smart Portfolios group assets or traders together via automated, algorithm-based or machine learning tools with limited or no human interaction. eToro acts as a parent user by investing real funds to create a parent portfolio for eToro’s clients to copy. Smart portfolios are not exchange-traded funds or hedge funds and are not tailored to your specific objectives, financial situation or needs. It is recommended that you obtain independent advice and consider the Product Disclosure Statement and Target Market Determination (PDS and TMD) before transacting. See full disclaimer.

Regulation and License numbers

UK

eToro (UK) Ltd, is authorised and regulated by the Financial Conduct Authority (“FCA”). Firm Reference Number: 583263. Registered in England under Company No. 07973792

Europe

eToro (Europe) Ltd, is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) under licence number 109/10. Registered in Cyprus under Company No. HE 200585.

Singapore

eToro Singapore Pte. Ltd. is registered as a Private Company Limited by Shares, incorporated on 29 March 2021 in Singapore with an Unique Entity Number (“UEN”) of 202111044C. The registered Company’s address and principal place of business is 111 Somerset Road, #07-10, Singapore 238164. The Company is a Capital Markets Services Licensee (Licence number: CMS101824) regulated by the Monetary Authority of Singapore for the activities of dealing in capital markets products and providing custodial services in Singapore. 

Australia

eToro AUS Capital Limited (AFSL number 491139) and eToro Asset Management Limited (AFSL 319738) (“collectively, eToro Australia”) is regulated by the Australian Securities & Investments Commission (“ASIC”) for the provision of financial services and products.