Nonalcoholic beer market experiences surge, with Athletic Brewing raising $50 million in funding.

• General Atlantic led a $50 million equity financing round for Athletic Brewing Company, a leading nonalcoholic brewer.
• The brewer intends to boost production capacity and broaden its product line at international retailers in response to growing demand for nonalcoholic beer with the aid of the latest investment.
• NielsenIQ data reveals that Athletic has a 19% market share in nonalcoholic beer and is responsible for 32% of the category's growth.

General Atlantic led a $50 million equity financing round for Athletic Brewing Company, a leading nonalcoholic brewer, on Tuesday.

Bill Shufelt, CEO and founder of Athletic Brewing Company, informed CNBC's "Squawk Box" that the company anticipates General Atlantic to make a substantial investment beyond the initial amount. The company intends to use the new funds to enhance production capacity and expand its presence in global retailers to meet the growing demand for nonalcoholic beer.

"We are thrilled to have General Atlantic as our partner as we embark on the next phase of growth and continue to transform the way modern adults drink, converting critics into believers," the company stated in a press release.

In 2018, Athletic Brewing launched its nonalcoholic craft brewing facilities and has since become the 10th largest U.S. craft brewery and 20th largest overall U.S. brewing company, despite only offering nonalcoholic options, according to rankings by the Brewers Association.

NielsenIQ data reveals that Athletic has a 19% market share in nonalcoholic beer and is responsible for 32% of the category's growth.

Since our Series D funding round 18 months ago, revenue has more than doubled, as stated by Shufelt on CNBC.

The latest fundraising has doubled the company's valuation, which now stands at $800 million, according to a report in the Wall Street Journal on Tuesday.

Athletic has recently purchased a third U.S. brewing facility in San Diego, which will double its U.S. brewing capacity once operational. The company currently has two brewing facilities in the U.S., one in Milford, Connecticut, and the second in San Diego.

Last year, our company sold over 3 million cases, over 100 million cans, and generated over $90 million in revenue. We are currently experiencing significant growth beyond these impressive numbers.

Nonalcoholic beverages are gaining popularity among consumers due to the increasing interest in health and wellness, which is contributing significantly to the company's success.

According to recent data by NCSolutions, more than 40% of Americans are actively trying to reduce their alcohol consumption in 2024. This percentage increases to 49% when surveying millennials and 61% for Generation Z.

Nonalcoholic beer options have been introduced by well-known beer companies such as Corona, Budweiser, and Guinness, in line with the current trend.

"We aim to provide people with high-quality beer that they can enjoy every night of the week without any guilt," Shufelt stated. "Our $100 million investment in manufacturing has set a new standard for quality in this market."