After failing to make a big splash with a hard seltzer targeting women, Anheuser-Busch InBev NV is taking another run at the buzzy category with a seltzer aimed at a very different group: college-age drinkers of Natural Light.

U.S. sales of alcoholic seltzer have surged over the past two years even as beer sales have slumped. AB InBev, the world’s largest brewer, has largely missed out on the gains. The U.S. market is dominated by White Claw hard seltzer, owned by Mike’s Hard Lemonade Co.

AB...