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Amid economic uncertainties, Anheuser-Busch InBev and Molson Coors are capitalizing on a trend favoring affordable beers, overshadowing US craft beer sales and expanding their market share.
While premium craft beers made with higher-quality ingredients have a loyal following, their consumer base is still restricted – and the pandemic has made things trickier for them by reducing in-store sales.
In contrast, budget-friendly beers such as those offered by larger companies are proving increasingly popular among consumers. According to data by NielsenIQ and TD Cowen, these companies posted stronger sales than their niche competitors. This trend could mean continued strong profits for industry giants even as the economy faces headwinds.
Analysts predict that in 2023 alone, Molson Coors and AB InBev revenue will grow by roughly 6% and 7.5%, respectively. Meanwhile, Boston Beer Co– one of the largest craft beer brands– is expected to post a near 3% fall in revenue compared with last year's 1.6% increase.
Overall, U.S. beer sales grew 1.8% in the 12 weeks ended May 20, data show. Molson's craft brand, Blue Moon, saw a decrease of 8.6% in sales growth over the same period, whereas AB InBev's market share in dollar terms rose to 40.4% in the first four months of 2023 in overall U.S. beer sales, up from 38.3% at the same time last year.
So, this year beer drinkers are drinking smarter – and more affordably. Craft beer makers would do well to adapt if they want to appeal to people looking for a good brew for less.
Meanwhile, FIFA has renewed its partnership with AB InBev as the official beer sponsor of both the 2023 Women's World Cup and the 2026 men's edition!
While beer was a subject of controversy during the 2022 World Cup in Qatar, cheering and celebrating over a cold one is part of the experience for billions of football fans around the globe.
AB InBev promises to bring a party like never before to the biggest stage in football, combining football fandom with their passion for awesome brews.
Photo: Jay Miller/Unsplash
