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Surfside drinks on display at the trade show during CinemaCon 2026 at Caesars Palace in Las Vegas on April 15, 2026.
Travis P Ball | AP
About a decade ago, sales of LaCroix began to skyrocket. Soon, flavored seltzers were everywhere, from grocery store refrigerators to liquor store shelves.
But the era of bubbles looks like it is winding down, thanks to seltzer fatigue. Now, non-carbonated drinks, from Liquid Death to Surfside Iced Teas, are taking the spotlight.
“If you think about where there’s more growth, where there’s more consumer interest relative to a few years ago, it’s a shift more to still, across both [alcohol] and non-alc,” said Randy Burt, Americas director of consumer products at consulting firm AlixPartners.
That’s not to say seltzers and other carbonated beverages will disappear. But their growth has slowed, as Generation Z increasingly seeks out options without bubbles and beverage companies focus more of their innovation efforts on fizz-free drinks.
Look no further than the alcohol category. Malt-based hard seltzers, which includes White Claw, saw volume drop 1.1% in the 52 weeks ended April 26, compared with the year-ago period, according to data from market research firm Circana. On the other hand, ready-to-drink premixed cocktails saw volume grow 46.4% in the same time, fueled by growth from Surfside, Sun Cruiser, BuzzBallz and Anheuser-Busch InBev’s Cutwater Spirits, which has both carbonated and non-carbonated options.
Bursting bubbles
Much of the driving force behind the switch from bubbly to noncarbonated drinks is coming from Gen Z, which is typically defined as people born between 1997 and 2012. Over their lifetime, soda consumption has dropped dramatically from its peak in 1998, reusable water bottles have become a staple accessory, and a plethora of new drinks like refreshers and dirty soda have gone mainstream.
Broadly, Gen Z wants to try new products. While older generations show more brand loyalty to their favorite beer or cocktail, younger consumers have a different mentality.
“We’re seeing a lot of promiscuity within consumption and alcohol around new products,” said Scott Scanlon, executive vice president of alcoholic beverages for Circana, citing the rise of White Claw and Truly about eight years ago. “Now what we’re seeing is then consumers jump to the newest product — that’s Surfside, Sun Cruiser because of that.”
He sees a generational shift between Gen Z and their predecessors, millennials, who couldn’t get enough of seltzers.
As Gen Z reaches drinking age, their alcoholic preferences reflect that generational divide. Non-carbonated alcoholic drinks like Surfside and BeatBox are stealing “share of throat” from hard seltzers, which have seen their growth slow.
“Gen Z is a lot more likely to order tea-based beverages at happy hour, and they’re sort of moving from carbonated — or seltzers — as their default, ‘better for you’ pick,” Burt said. “I think that’s part of the shift, toward wellness and functionality that you’re seeing happen, especially from a Gen Z perspective.”
For fans of some beverages, like functional teas and coffees that target stress relief or immune support, going fizz-free makes more sense, given the drinks’ non-carbonated base.
Plus, some consumers do not view carbonation as the healthy option.
Carbonated water is slightly acidic, which can wear down tooth enamel when consumed in large quantities, especially if the seltzer uses citric acid for flavoring. Plus fizzy drinks can cause bloating and burping for some people. And then there’s the association bubbles of any kind can share with sugary sodas.
What’s the tea?
Alcohol is leading the trend, thanks to the meteoric rise of Surfside.
Indie vodka distiller Stateside Brands launched the hard iced tea brand in 2022. The ready-to-drink beverage uses vodka as a base and iced tea and lemonade as a mixer.
At the time of its launch, carbonation was everywhere across the alcohol industry.
“Among the options out there were carbonated iced tea and carbonated lemonade, which is a little less unusual, but we were just like ‘What the heck, man? Who carbonates iced tea?’ That seems unholy,” said Stateside co-founder and CEO Clement Pappas.
Consumers seemed to agree. By 2024, Surfside was the fastest-growing alcohol brand in the U.S., based on Nielsen IQ data.
“I think there was a huge pent-up demand for non-carbonated options,” Pappas said. “There are very few out there, especially in a ready-to-drink format.”
Surfside’s customer base skews female. Pappas said that many of the brand’s fans dislike carbonation because they find it leads to bloating, particularly after consuming several drinks in a sitting.
Stateside is leaning further into fizz-free beverages with its latest brand: Super Lyte. The brand still uses vodka as a base, but the mixer is inspired by classic sports drinks.
While Surfside may have popped the seltzer bubble, other non-carbonated alcoholic drinks have grown quickly since then.
Volume growth of Cutwater’s canned cocktails has nearly doubled over the last year, according to Scanlon. BeatBox, a wine-based punch brand that is majority owned by InBev, has also seen demand for its drinks skyrocket since the alcohol giant has ramped up its distribution. And then there is BuzzBallz pre-mixed cocktails, which launched in 2009 but has seen its growth rocket after its acquisition by Sazerac in 2024.
Established alcohol players have also been trying to take on Surfside, further boosting the profile of non-carbonated drinks in the category. Twisted Tea owner Boston Beer launched Sun Cruiser in 2024 with the aim of directly competing with Surfside.
So far, Surfside retains a bigger slice of overall market share, although Sun Cruiser is growing faster these days.
Bubble-free Celsius heats up
Cases of Celsius energy drinks at a store in San Francisco on March 17, 2025.
David Paul Morris | Bloomberg | Getty Images
On the non-alcoholic side, the shift toward bubble-free drinks isn’t as strong, according to AlixPartners’ Burt. Some carbonated drinks are still showing strong growth; PepsiCo’s Poppi, as well as energy drinks like Celsius and Ghost, are seeing strong demand.
But there are signs that the soft drink landscape is shifting.
Celsius, for example, expanded its fizz-free line of energy drinks earlier this year, inspired by Gen Z’s focus on wellness and the general trend toward noncarbonated beverages in other categories. Typically, carbonated options dominate the energy drink aisle, allowing Celsius to stand out and win over customers who might otherwise stick to tea or coffee for their caffeine fix.
The brand’s pre-existing noncarbonated peach mango green tea flavor is consistently a top 10 performer for Celsius and is currently in the number four slot across all of its flavors, according to Celsius Chief Brand Officer Kyle Watson.
The expanded line has helped Celsius grow sales from Gen Z and women, two key segments in the energy drink category.
“In focus groups that we’ve had … even our brand ambassadors across all of our universities, a lot of them talk about how they don’t like drinking sparkling,” Watson said.
When consumers drink “functional beverages — like those touting high protein content, prebiotics, caffeine or other benefits — they want “a better flavor experience,” according to Watson.
Watson said that part of the appeal of the fizz-free line is how it goes down “really smooth,” making it a better pairing for meals. About 37% of Celsius consumers consume their energy drinks with a meal, according to Watson.
And Celsius has made sure to put its noncarbonated bona fides front and center of the line’s packaging.
“With the expansion, we also wanted to make sure that the callout around being fizz-free and that attribute of it being noncarbonated and having that smooth, refreshing flavor profile was more prevalent on the actual can design,” Watson said.
Some other beverage brands are betting big on the swing away from fizz.
“Our product is extremely drinkable because of the lack of carbonation,” Hint CEO Michael Pengue said in an interview.
Founded in 2005, the flavored water company has a devoted fan base, particularly in Silicon Valley. But the brand has gotten “dusty,” and its growth has stagnated, according to Pengue. He is hoping that consumers’ shift away from bubbles will boost sales, along with new packaging and a sexy new ad campaign. (While Hint has some sparkling options, it is a much smaller part of the brand’s portfolio, according to Pengue.)
Earlier in Pengue’s career, he led Nestle’s water and tea brands, which includes Perrier and San Pellegrino.
“I was on the other side of carbonation when carbonated soft drink consumers were looking for healthier alternatives, getting away from aspartame or high fructose corn syrup, and they moved over to Perrier, San Pellegrino, Polar, LaCroix,” he said. “All of sparkling [water] exploded. We’re seeing the same exact thing now, just the opposite.”
Hint’s still flavored water offers “drinkability” and “pure hydration”, giving the brand an edge over sparkling waters that cannot be drank as quickly, according to Pengue. He said it also has a “sensory softness” that appeals to consumers who do not like the bite of carbonation.
Can-do attitude
For decades, an aluminum can with a pull tab usually meant a carbonated beverage like beer, soda or seltzer was inside.
But these days, most new non-carbonated drinks are coming in cans, resembling the seltzers and bubbly drinks from which they are stealing share.
“The can is winning,” Ball CEO Ronald Lewis said on the company’s earnings conference call earlier this month.
Liquid Death canned water drinks at a store in Pinole, California, US, on Monday, March 11, 2024.
David Paul Morris | Bloomberg | Getty Images
He would know. Ball is the world’s largest manufacturer of aluminum packaging.
Celsius’s Watson credits Liquid Death with paving the way for consumers to accept fizz-free canned drinks.
When Liquid Death founder Mike Cessario started the company in 2017, he could not find a single bottler in the U.S. capable of putting still water in cans. Non-carbonated drinks require a quick dose of nitrogen to keep the can from collapsing on itself, presenting one issue for bottlers; carbonation creates high internal pressure to allows a can to keep its shape.
Cessario told CNBC that the key to getting consumers to buy canned water — an otherwise unthinkable proposition — was by positioning Liquid Death as a cool brand.
“We designed it to look more like a beer than a water, so it felt like something a lot more familiar to people than just like a weird bottled water in a can,” Cessario said.
Liquid Death has since launch sparkling and flavored sparkling lines, although it returned to its non-carbonated roots with iced tea in 2023.
For beverage companies, aluminum cans are typically cheaper than glass bottles and a more sustainable option than plastic bottles.
And for consumers, cans feel colder — and maybe even cooler, a callback to the last wave of trendy beverages during the seltzer boom.
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- Malaysia’s political landscape saw rising tensions between PAS and Bersatu, while PM Anwar secured energy supply assurances and new children’s online safety laws took effect. Singapore reinforced ties with China across AI and ageing sectors, alongside domestic judicial and business developments.
- Across the region, Thailand deployed AI to improve durian export quality, the Philippines prepared for ASEAN defence talks, and Indonesia extended work-from-home policy amid investor concerns. Vietnam dismantled a major drug ring, Cambodia released rare Siamese crocodiles, and global developments included Quad diplomats meeting in Delhi and reported progress on Iran nuclear talks.
Key Points
• Malaysia & Singapore: PM Anwar secures energy supply assurances, PAS-Bersatu ties strain over political disputes, stricter children’s online safety laws take effect June 1, BTS concert tickets go on sale June 3, and Singapore addresses judicial, diplomatic, and business developments including Singtel’s weakening performance.
• Southeast Asia: Thailand deploys AI for durian exports amid a Pattaya hotel fire; Philippines prepares for ASEAN defence talks; Indonesia extends work-from-home policy; Vietnam dismantles drug rings; Myanmar reopens conflict-affected schools; Cambodia releases rare crocodiles; Laos advances child labour elimination strategy.
• Regional & Global: Quad diplomats meet in Delhi; China deepens Russia alliance and relaxes household registration rules; record 274 climbers scale Everest in one day; Bangladesh police clash with protesters over alleged rape; Samsung workers vote on pay deal; Vance reports progress in Iran nuclear talks.
Malaysia and Singapore: Political Developments and Key Updates
Malaysia saw significant political activity, with PM Anwar holding talks with Tamil Nadu’s chief minister while assuring citizens of stable energy supplies until December. A debt collector pleaded guilty to serious crimes, and stricter online safety laws for children take effect June 1. Political tensions rose between PAS and Bersatu, with PAS chief Hadi warning of a review of mutual ties and issuing a gag order on members. Meanwhile, the government confirmed 85% of consumers are protected from power tariff hikes, and tickets for BTS concerts go on sale June 3.
Southeast Asia: Security, Economy, and Society
Singapore addressed diverse issues including SM Lee reinforcing Singapore-China ties in AI and ageing sectors, a man jailed for racially motivated assault, and a woman winning an appeal to retain a 99% condo stake. In Thailand, authorities deployed AI to improve durian export quality, while a hotel fire in Pattaya prompted evacuations. The Philippines prepared for high-level ASEAN defence meetings and advanced talks with the US on an economic security zone. Indonesia faced scrutiny over a rail tragedy, formula milk controversies, and commodity export restrictions rattling investors.
Regional and Global Highlights: Crime, Nature, and Diplomacy
Vietnam made headlines with the auction of a convicted tycoon’s Hermès handbags for over US$500,000, while Ho Chi Minh City police dismantled a major drug ring arresting 140 suspects. Cambodia made a conservation breakthrough by releasing rare Siamese crocodiles into the Srepok River, and Lomphat Wildlife Sanctuary now hosts 308 bird species. On the global stage, Quad diplomats convened in Delhi, China signalled household registration reforms, and scientists discovered a heat-resilient coral refuge in Western Australia, offering rare hope amid climate concerns.
Source : Asean news headlines as of 10pm on Friday (May 22)
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Introduction
The REIT (XLRE) sector has been quietly outperforming, slightly outpacing the S&P (SP500), up close to 9% compared to a little over 8% for the index at the time of writing.
While REITs should be primarily viewed as long-term total return vehicles, I believe the sector could come under pressure in the near term due to long-term treasury volatility as inflation worries grow.
However, this weakness should be viewed as a buying opportunity, as many REITs still trade at attractive valuations compared to the overall market.
One REIT I believe fits that description is Getty Realty Corp. (GTY), a REIT I’ve been bullish on for some time and has quietly outperformed.
In this article, I discuss Getty Realty’s latest earnings, fundamentals, and why- despite the potential to see near-term volatility, the stock remains attractive for long-term income-focused investors.
Previous Buy Thesis
I last covered Getty Realty Corp. back in December in an article titled: A Quality REIT I Think Mr. Market May Be Mispricing.
Since then, Getty’s share price has begun catching up to their fundamentals, with them outperforming the index by a sizable margin. Shares rallied close to 18% compared to roughly 10% in the past 5 months.
During Q3 earnings, GTY saw an acceleration in investment activity. Through the first 3 quarters, investment activity of $237 million exceeded the prior year’s fiscal year total of $209 million.
Management’s strong execution to raise full-year AFFO guidance and raise the dividend 3.2% to $0.485. Still, I believed the market was mispricing them due to their portfolio tenant concentration at a forward P/AFFO multiple of just 11.73x.
Share Price Catching Up To The Fundamentals
Getty Realty Corp. reported their Q1 earnings this past April, with AFFO exceeding analysts’ estimates by a penny. This amounted to $0.63 and rose nearly 7% from the year prior. Realty Income’s (
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