Shares tumbled by as much as 11% on July 31, after the company reported that global beer volumes dropped by 2.2% in the second quarter, far worse than what analysts were expecting. Sales volumes overall were down 1.9%, with especially sharp declines in two major markets: Brazil and China.

In Brazil, volume dropped nearly 6.5%, and in China, more than 7%. Executives chalked it up to everything from bad weather and sluggish economies to fewer people eating out. But investors weren’t buying the excuses — or the stock.

Despite solid profits and earnings per share coming in higher than last year, the markets focused on what really matters in beer: volume. In a business where profits ride on mass consumption, those numbers can’t afford to dip for long.

Even premium brands like Corona and Stella couldn’t fully cushion the blow. Though price hikes helped with margins, they also pushed some drinkers toward cheaper alternatives — and competitors like Heineken gained ground, especially in Brazil.

AB InBev’s leadership is staying optimistic. CEO Michel Doukeris pointed to growth potential in at-home drinking in China and efforts to win back market share in Latin America. But the road ahead looks challenging, and Wall Street clearly isn’t convinced just yet.

Bottom line: AB InBev’s profits may be holding, but if the beer giant can’t turn around its production and volume slump, more rough quarters could be brewing.

Adding to the pressure? A 50% tariff on aluminum that’s expected to drive up the cost of beer cans. That’s a big deal when 98% of AB InBev’s cans are made in the U.S.

It’s not panic time yet, but the message is clear: even the biggest beer company in the world isn’t immune to changing tastes (read: people drinking less alcohol and definitely less beer), economic headwinds, and a shifting global market.

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