About 50 years ago, Narragansett beer had a huge following.

"The beer was the official sponsor of the Red Sox, produced up to two million barrels a year, and ran its brewery at close to capacity to meet demand," reports Rebecca Greenfield at Bloomberg Business. "Narragansett so symbolized New England that eccentric shark hunter Quint in Jaws literally crushed it in a now iconic scene."

The Rhode Island lager eventually lost out to Budweiser.

But now the brewery is enjoying a comeback. While current hipster beer brand Pabst Blue Ribbon's growth is declining, Narragansett is quickly rising up the best-selling-beers list.

Despite being similar in taste to Budweiser and Pabst Blue Ribbon, Narragansett has higher taste ratings.

The brand scores 77 out of 100 on Beer Advocate, giving it a "fair" rating. Meanwhile, Pabst Blue Ribbon has a 68, or "poor" rating, and Budweiser has a 57, putting it in the "awful" category.

About 80% of Narragansett's sales right now come from Washington D.C., Philadelphia, New York City, Providence, and Boston, according to Bloomberg.

Overall beer consumption among young consumers is declining.

Millennials are increasingly moving away from beer in favor of wine and spirits.

View photos budweiser buddy cup More

This trend is scaring major companies like Anheuser-Busch, MillerCoors, and Heineken, according to a recent report by Morgan Stanley.

"Overall beer consumption trends remain weak, and it appears millennials are increasingly turning to other alcoholic beverages," the analysts write.

And many millennials who drink beer prefer craft varieties to traditional pale lagers like Budweiser.

In fact, a recent Budweiser study found that 44% of drinkers aged 21 to 27 have never tried the brand, reports Tripp Mickle at The Wall Street Journal.

NOW WATCH: Is draft beer better than bottled beer?





More From Business Insider

