The fifth stage of grief in beer and spirits: acceptance
Industry moves beyond recent "Consumption will normalise" mantra
A market characterised by a distinct divergence between volume and value, a phenomenon increasingly defined as selective premiumisation. While the post-pandemic recovery phase has concluded, the industry now navigates a complex matrix of persistent commodity inflation, regulatory shifts in key markets such as China, and a fundamental shift in consumer moderation. Leading brewers such as AB InBev and Heineken are leveraging sophisticated revenue management to offset mainstream volume declines (that’s the narrative, but volume declines are also generated by those price increases), whereas the spirits sector is contending with significant inventory adjustments in North America and geopolitical headwinds in Asia. This report synthesises the performance of target companies to provide a comprehensive view of the competitive signals and market trends defining the current period.
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The snapshot
The performance of the global beverage giants in 2025 and the early months of 2026 highlights a sector operating at two speeds. Companies with diversified portfolios across both beer and soft drinks, or those with significant exposure to high-growth emerging markets, have demonstrated greater resilience than those reliant on traditional high-end spirits or mainstream Western beer categories.
