The year ended on a similar note for the world’s biggest brewing companies: beer sales are cooling and growth isn’t coming as easily as it once did.

Fourth-quarter results from heavyweights like Anheuser-Busch InBev, Heineken N.V., Molson Coors Beverage Company, and Carlsberg Group tell much the same story. Revenue is holding up in many cases, thanks largely to higher prices and premium brands. But when you look at the actual volume of beer being sold, it’s flat at best — and slipping in several important markets.

Pressure in the Core Markets

In North America and much of Europe, shipments were lighter than they were a year ago. Company leaders pointed to a mix of cautious consumer spending, changing tastes, and relentless competition from spirits, ready-to-drink cocktails, and alcohol-free alternatives.

In the United States, traditional lagers continue to search for momentum as younger drinkers gravitate toward different styles — or different categories altogether. Europe, long a stable stronghold for beer, has become a tougher battleground. Retailers are leaning harder on private-label offerings, and shoppers are moving back and forth between premium and budget options depending on how their wallets are feeling that week.

Emerging markets offered some bright spots, but not enough to change the broader narrative. Parts of Latin America and Africa showed steady growth, while sections of Asia remain uneven in their recovery.

Revenue Is Climbing — Carefully

On paper, several brewers still posted revenue gains in the quarter. That’s largely the result of price increases rolled out over the past couple of years to offset higher costs for barley, energy, packaging, and transportation. Those pressures have eased somewhat from their inflation peaks, but companies aren’t relaxing just yet.

Premiumization remains a key play. Brewers continue nudging consumers toward higher-margin brands, specialty labels, and global flagships. That strategy has helped cushion the decline in lower-priced segments. Still, there’s only so far pricing can go if overall consumption keeps drifting downward.

Drinking Less — or Differently

One theme that came up repeatedly on earnings calls: moderation. More consumers, especially younger legal-age drinkers, are cutting back on alcohol or mixing in alcohol-free options. In response, major brewers have been expanding their low- and no-alcohol portfolios, treating them less like side projects and more like serious long-term bets.

Notably, executives stopped short of calling the slowdown a crisis. Instead, they framed it as a return to normal after years of pandemic swings and inflation shocks. Even so, investors seemed cautious, wary that softer volumes could linger into the new fiscal year.

Tightening the Ship

To defend margins, brewers are doubling down on cost discipline — streamlining operations, fine-tuning supply chains, and trimming where they can. Marketing dollars are being funneled into global brands, major sports partnerships, and high-impact campaigns meant to keep consumers loyal in an increasingly crowded beverage market.

Beer is still one of the world’s most widely consumed drinks. But the latest quarter makes one thing clear: size alone isn’t enough anymore.

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