Own a piece of Australia's leading gluten free brewery
Two Bays (Next Wave Brewing Co P/L)
Australia's beer revolution has begun, join us on the journey
Two Bays Brewing Co. is Australia’s leading dedicated gluten-free brewery, born from a passion to make beer accessible to everyone. Based on the Mornington Peninsula in Victoria, we brew with alternative grains like millet, buckwheat and rice - creating award-winning beers that are naturally gluten-free, flavour-packed, and crafted for discovery.
We’re more than a brewery - we’re leading a movement to reimagine what beer can be. From crisp lagers and hop-forward IPAs to bold seasonal releases, our beers open up a world of choice for those who avoid gluten, without compromise.
At Two Bays, inclusivity and quality go hand-in-hand. We believe everyone should be able to enjoy a great craft beer experience - whether you’re gluten-free, health-conscious, or a beer fan exploring the world of beer brewed from different ingredients.
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Why invest now
- Market Leader in fast growing Category – Australia’s leading dedicated gluten-free brewery, tapping into the fast-growing gluten-free and health-conscious consumer segment.
- Two Strong National Brands – Well-established reputation for quality, inclusivity, and innovation, available nationally with two distinct brands.
- Loyal Community – Most craft beer brands service their local community. We are different – our community is every person avoiding gluten in Australia.
- Award-Winning Range – Recognised as the best gluten free beer in the world for 2024 and 2025. Consistently recognised with industry awards for flavour and brewing excellence, proving gluten-free beer can rival mainstream craft
- Category Growth Potential – Gluten-free beer is predicted to grow at 14.65% CAGR over the next few years – significantly higher than any other beer category.
- Scalable Production – Purpose-built, dedicated gluten-free brewery with capacity to meet rising national and international demand.
- Diverse Sales Channels – With diverse revenue streams, we have ample opportunity to continue our growth trajectory. Strong distribution through retail bottle shops, hospitality venues, and a growing direct-to-consumer presence.
- Experienced Leadership – Founder and team combine deep craft brewing expertise with lived experience in the gluten-free community, driving authentic brand storytelling.
Ensuring nobody misses out on the bar shout
At Two Bays Brewing Co. our mission is to make great beer accessible to everyone - especially the growing number of people who avoid gluten for medical or lifestyle reasons.
We generate revenue through multiple channels:
- wholesale distribution to major retailers and independent bottle shops,
- on-premise sales through pubs and restaurants,
- direct-to-consumer via our online store, and
- in-person experiences at our popular taproom.
This mix provides strong brand visibility, steady recurring sales, and direct engagement with our community.
Customers with coeliac disease, gluten intolerance, or those choosing to avoid gluten have historically been excluded from beer drinking occasions. Two Bays offers them the opportunity to be included, with beers that don’t compromise on taste, variety, or quality.
Demand far exceeding supply
The market for gluten-free products is expanding rapidly, with global gluten-free beer expected to grow at 14.65% CAGR between 2025–2030 (Mordor Intelligence). In Australia alone, approximately 27% of the population—around 6 million people—actively avoid gluten, highlighting a substantial underserved consumer base.
Despite this demand, gluten-free beer remains a segment with limited quality options available. Two Bays Brewing Co. is uniquely positioned as Australia’s leading dedicated gluten-free brewery, already recognised as the market leader in this space. Our ability to deliver a wide variety of award-winning beer styles sets us apart.
With our purpose-built gluten-free brewery, scalable production capacity and strong distribution partnerships, we are poised to capture share in a category where consumer demand outpaces supply. The growth trajectory of gluten-free beer represents not just a niche, but an opportunity to bring millions of people back to beer, opening the door to sustained domestic expansion and global scaling.
Our journey so far
Since launching, Two Bays Brewing Co. has built a strong track record of growth and market leadership in the gluten-free beer category. We have achieved over $20 million in lifetime sales, underpinned by consistent double-digit growth, including 18.6% year-on-year revenue growth in FY25.
Our beers enjoy national distribution, available through all major retailers, key wholesalers, and a broad network of independent bottle shops. We have also secured tap and venue placements across every state - ranging from small community pubs to iconic venues such as the Melbourne Cricket Ground (MCG) - cementing Two Bays as a truly national brand. From Port Douglas in Queensland around to Darwin in the Northern Territory, our beers can be found in every corner of the country.
Strategic partnerships and contracts with leading retailers and distributors have accelerated brand visibility, while our taproom and direct-to-consumer channels deepen customer engagement and loyalty. These achievements validate both the demand for quality gluten-free beer and our ability to scale effectively.
With a strong foundation of sales performance, distribution breadth, and consumer advocacy, Two Bays Brewing Co. has positioned itself as the clear category leader, ready to capture future growth both domestically and internationally.
A brewery unlike any other
Two Bays Brewing Co. represents a standout investment opportunity in a fast-growing, under-served sector of the beer market. There are more than 700 breweries in Australia competing for the 75% of the beer market who consume gluten. We are one of only a handful catering for the other 25%, meaning we can access shelf and fridge space others cannot.
Our competitive advantage is built on several significant barriers to entry:
- Exclusive access to the world’s best gluten-free malts, giving us unrivalled product quality and consistency.
- A dedicated gluten-free brewery, ensuring zero cross-contamination for complete consumer trust. For us, gluten free is not a side show, it’s what we live and breath 24/7.
- Leadership in brewing capability with alternative malts allows us to lead the market in range, variety and quality. Offering styles from lagers to IPAs and seasonal releases, and recognised as Australia’s and the World’s best quality GF beers in 2024 and 2025.
- Unquestionable credibility within the gluten-free community, positioning us as the trusted brand of choice and amplifying loyalty and word-of-mouth growth.
- Early to market - we may not be the first, but are already the category leader in Australia, with proven traction and national distribution.
Become our best brand ambassadors
We’ve curated a list of perks to thank you for investing in the next stage of our journey, but the most important perk here is driving the gluten free beer category forward to make sure we can all enjoy a beer with a mate.
^ website purchases only
* Our Brew Day gives the lucky investor the opportunity to spend a day with our brew team brewing a limited release beer (it will go into kegs only). Only one winner per year.
The Team
Richard Jeffares
Founder & CEO
Graeme Arnold
Non-Executive Director & Chair
Mike Green
Non-Executive Director
Kristian Martin
Head Brewer
Kelly Glencross
Business Manager
Ryan Cadd
National Sales Manager
Nathan Alfrey
Marketing Manager
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