Global brewer AB InBev has dropped in sales volumes in the fourth quarter and across the full 2025 financial year as more consumers shift toward non-alcoholic beverages.
The report showed that total volumes declined by 1.5% in the fourth quarter of 2025, with beer volumes dropping by 1.9%. Non-beer volumes rose slightly by 0.6%, which could signal a change in consumer preferences.
For the full year, total volumes dropped by 2.3%, including a 2.6% drop in beer volumes and a 0.4% decline in non-beer volumes.
AB InBev owns Carling Black Label, Brutal Fruit Spritzer, Corona, Stella Artois, and Budweiser, among others.
Focus on higher-value products
Despite weaker volumes, revenue increased as the brewer focused on higher-value products and pricing. Revenue increased by 2% for the full year, with revenue per hectolitre up 4.4%.
Reported revenue reached $15.6-billion (R248-billion) in the fourth quarter, up 4.8%, while full-year reported revenue slipped by 0.8% to $59.3-billion due to negative currency movements.
Michel Doukeris, AB InBev CEO, said the growth seen was within their annual outlook.
“Beer plays an important role in bringing people together and creating moments of celebration.
“In 2025, we executed our strategy, made disciplined capital allocation choices, and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment.
“We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms,” said Doukeris.
AB InBev said its strategy of expanding premium, non-alcohol and alternative drink ranges was reshaping its business and helping offset declining beer consumption.
Non-alcoholic drinks were the main contributor to growth, as their revenue increased by 34%, boosted by Corona Cero.
AB InBev said it holds leading positions in non-alcohol beers across major markets, including the US, Canada, Brazil, Mexico, Colombia, and Belgium.
Premium portfolio grows further
Its broader balanced choices portfolio, including low-carb, sugar-free, gluten-free, and non-alcohol products, recorded revenue growth of 8.9%, reflecting changing consumer habits and demand for healthier alternatives.
Corona’s revenue outside Mexico increased by 8.3%, with volumes increasing at double-digit rates in 30 markets.
In the US, Michelob Ultra gained the most volume share in the industry and is now the country’s leading beer brand by volume. The company’s premium portfolio grew further and is currently the market leader in Brazil.
AB InBev also saw rapid expansion in its beyond beer segment, which includes ready-to-drink and spirit-based products.
Revenue from this portfolio increased by 23% in 2025 and now accounts for about 3% of total revenue.
Growth was also driven by brands such as Cutwater in the US, as well as Brutal Fruit and Flying Fish, which were rolled out in new markets across Africa, Europe, and Latin America.
