Hard seltzers, such as Press Premium Alcohol Seltzer, are attracting younger consumers away from other beverages such as beer, wine, and distilled spirits.

Young adults, aged 30-44, are the biggest fans of hard seltzers, as 25% of the age group prefer the beverage over other alcoholic drinks, while 23% of those adults, aged 21-29, are fans of these drinks, according to a survey by YouGov in November 2024.

As these groups age, the hard seltzer market is expected to grow from about $1.93 billion in 2024 to $3.48 billion in 2030 with a compound annual growth rate of 10.37%, according to data from Tech-Sci Research.

Market conditions caused by the proliferation of hard seltzer companies, however, have led to financial distress, forcing companies into out-of-court restructurings, bankruptcies, and receiverships.

The hard seltzer retail sector has been competitive, with companies filing for bankruptcy and receivership.

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Press hard seltzer placed in receivership

Premium hard seltzer brand Press Premium Alcohol Seltzer was placed in receivership in the Milwaukee County Circuit Court, due to financial distress, according to the Milwaukee Business Journal.

The court appointed Milwaukee attorney Devon Eggart as receiver to manage the debtor, XYZ Beverage LLC, in the Chapter 128 receivership filing under Milwaukee County Case No. 26CV2701, according to Hoodline.

The Milwaukee-based hard seltzer company’s liabilities outweighed its assets, and the company downsized its workforce in recent months, according to court papers.

Under Wisconsin receivership rules, the receiver is authorized to take inventory of the debtor’s assets, collect and evaluate claims, and either sell assets or continue operating the business until it finds a buyer with court approval.

A Chapter 128 receivership can resemble a state version of a federal bankruptcy case, according to Hoodline, but the debtor has not filed for Chapter 11 or Chapter 7 protection in a U.S. Bankruptcy Court.

Deadlines set by the receiver and any motions to sell will determine whether Press will continue operating or wind down operations.

Press created in founder’s kitchen

Press founder Amy Walberg created the hard seltzer company in 2015 from her kitchen and developed the brand’s first flavor, Pomegranate Ginger.

The hard seltzer brand‘s line of beverages grew to 12 flavors, including peach rosemary, dragon fruit lotus, guava rhubarb, watermelon sea salt, blackberry hibiscus, lime lemongrass, grapefruit cardamon, pear chamomile, lingonberry elderflower, pineapple basil, and apple cinnamon.

Press Premium Alcohol Seltzer is made using real fruits and spices and is brewed at 4% alcohol by volume, according to its website.

White Claw most preferred hard seltzer

The top hard seltzer brands among consumers are White Claw, preferred by 40% surveyed; Mike’s Hard Lemonade, attracting 34% hard seltzer drinkers; and Truly Hard Seltzer, preferred by 32% of hard seltzer fans, according to YouGov.

The popularity of these beverages has resulted in market saturation, fierce competition, and crowded retail shelves, Tech-Sci said.

Palm Folly files for Chapter 7 liquidation

A smaller hard seltzer brand, Palm Folly, which produced its beverages, such as Neon Palm coconut hard seltzer, with a much higher 10% ABV than Press, filed for Chapter 7 bankruptcy liquidation on March 1, according to PacerMonitor.

The debtor only had $65,423 in assets and $1.21 million in liabilities, and no funds would likely be available to be distributed to unsecured creditors, according to court papers.

Palm Folly was not a liquor-based hard seltzer, as it is brewed using pounds of real fruit purees, with no chemicals and no artificial ingredients, according to its website.

Related: Dining chain closes 86 locations, files Chapter 11 bankruptcy