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CASTLE MALTING NEWS in partnership with www.e-malt.com Greek
27 March, 2023



Brewing news World: AB InBev continues to lead global most valuable beer companies list

The importance of the alcohol industry, and the beer industry in particular, considering the fact that a quarter of the global population or around 1.8 billion doesn't drink at all, is incredible. When the Covid-19 pandemic hit the world, you might think that people drank more and beer sales increased; however, sales actually declined as travel and restaurants were the worst impacted industries and also for a much longer time than most other industries, and were also incredibly important sectors for the alcohol industry. As the world began opening up again in 2021, and then early in 2022, the alcohol industry seemed to be recovering, only for various challenges to make themselves known, including record levels of inflation, higher interest rates the economic impact of the Russia-Ukraine war and of course, global supply chain issues, Yahoo Finance reported on March 26.

Of the problems discussed for the beer industry, inflation has perhaps been the biggest as the cost of raw materials has soared with barley, carbon dioxide and aluminum all significantly hard-hit. The rising costs of energy as a result of the Russia-Ukraine war has put even more pressure on the industry where keeping prices low is part of the allure as opposed to premium branded alcohols which remain inelastic and hence, increasing prices is not as much of an issue. Further, in Asia, beer is generally packaged in glass, with the price of glass itself directly corelated to energy prices, which have risen astronomically and are in fact, one of the biggest global risks for 2023.

To protect their margins, many of the most valuable beer companies in the world have increased their prices, with Heineken announcing a price hike of over 15% in the United Kingdom, which came into effect in January 2023. According to Globe Newswire, the beer market is expected to be worth close to nearly $1 trillion in 2023, from a current value of $690 billion at a CAGR of 3.7%. One potential advantage for the industry is that demand for premium priced beer is continuing to increase, which in turn allows companies to sell more expensive beer, thus netting better margins. Flavored beer is one of the areas where the industry is innovating, while also taking advantage of e-commerce retail space to increase sales.

In terms of regions, the United States, which is one of the biggest beer markets in the world, is expected to maintain a CAGR of 3.5% which will see the market grow significantly over the next decade, while the United Kingdom, a country known for its affection for beer, is expected to contribute around $42 billion in the same time period. Meanwhile, China, which is one of the largest beer producing countries in the world and also among the best beer producing countries in the world, is now returning to normal after its government reversed its zero-Covid policy, which should boost the industry as well. Anheuser-Busch InBev SA/NV, one of the most valuable beer companies in the world, stated in its Q4 earings calls "While 2022 was a disrupted year, underlying demand outside of COVID-19 restrictions remained strong. As restrictions have eased and infection rates declined, we are optimistic about the industry recover and returning to growth as channel traffic and mobility normalizes in China."

To determine the most valuable beer companies in the world, the Insider Monkey analysts obtained a list of the 40 largest beer producers in the world by BarthHaas. They then checked their latest valuation based on market cap for listed companies, while for private companies, the experts ascertained their valuation by using price revenue ratios of similar sized companies. So, let's take a look at the companies satiating our thirst, starting with:

16. Royal Unibrew

Total market cap of the company as at 2nd March 2023 (in billions): $3.8

Royal Unibrew is a Danish beer producer which maintains a strong presence in the Baltics region, with some of its biggest brands including Royal Classic, Royal Red, Maribo Pilsner, Ceres Top and Thor Pilsner.

15. United Breweries Limited

Total market cap of the company as at 2nd March 2023 (in billions): $4.7

The largest beer company in India, United Breweries Limited with its flagship product "Kingfisher" being sold in over 69 countries.

14. San Miguel Corporation

Total market cap of the company as at 2nd March 2023 (in billions): $4.7

The flagship product of the San Miguel Corporation is San Miguel Beer, which is considered to be one of the best selling beer brands in the world. The company employs over 45,000 people and the company stated that its beer business saw an increase in net income by 15% in the last year.

13. Beijing Yanjing Brewery

Total market cap of the company as at 2nd March 2023 (in billions): $5.7

The Chinese brewing company is one of the largest producers of beer in the world in terms of volume.

12. Suntory Beverage & Food Limited

Total market cap of the company as at 2nd March 2023 (in billions): $10.9

Suntory Beverage & Food Limited is one of several Japanese companies in our list of the most valuable beer companies in the world.

11. Molson Coors Beverage Company

Total market cap of the company as at 2nd March 2023 (in billions): $11.6

Molson Coors Beverage Company has been in the beer business for over two centuries with some of its biggest brands including Miller Genuine Draft, Carling, Coors and Miller. Recently, Molson Coors Beverage Company (NYSE:TAP) was told by the National Advertising Division to stop claiming that its rivals' beer tastes like water.

10. Kirin Holdings Company

Total market cap of the company as at 2nd March 2023 (in billions): $12.1

One of the most valuable beer companies in the world, Kirin currently has over 30,000 employees and sells two of the biggest beer brands in the country; Ichiban Shibori and Kirin Lager. Kirin is also currently acting on trends seen in beer customers where they are willing to pay more for value added products and is engaged in the production of craft beer.

9. Thai Beverage Public Company Limited

Total market cap of the company as at 2nd March 2023 (in billions): $16.5

The largest beer company in Thailand, Thai Beverage Company Limited recorded revenue of $2.35 billion, posting a growth rate of nearly 5%. However, its profits still fell because of rising costs. Thai Beverage Public Company Limited has 19 distilleries, 21 non-alcoholic beverage production facilities and three breweries while its distribution network covers 400,000 points of sale in the country. In addition, the company has five production facilities in Scotland too while owning some interest in production facilities in Myanmar.

8. Asahi Group Holdings

Total market cap of the company as at 2nd March 2023 (in billions): $18.0

The largest beer company in Japan and one of the most valuable beer companies in the world, some of the biggest brands of Asahi Group Holdings include Peroni, Asahi Super Dry and Wonda among others. While Japan contributes over 50% of the company's total business, Asahi also has operations in various other regions including South East Asia, Europe and Oceania. In 2022, Asahi recorded revenue in excess of $18.4 billion.

7. Tsingtao Brewery Company Limited

Total market cap of the company as at 2nd March 2023 (in billions): $18.3

One of the largest beer companies in China, Tsingtao Brewery Company Limited was established 120 years ago by German settlers in the region and has continued to be a major player in the global beer market. The company is continuing to open new taverns after achieving success in changing tastes in beer, with over 260 such taverns opened in 60 cities.

6. Carlsberg A/S

Total market cap of the company as at 2nd March 2023 (in billions): $20.7

Carlsberg, one of the most valuable beer companies in the world, is the biggest such company in Denmark. The company, like most alcohol companies, announced that price hikes are likely to impact beer sales in 2023 in response to rising material and energy costs. The company expects organic operating growth to be between -5 to 5%. It is also currently looking for a buyer for its Russian business after the country's invasion of Ukraine.

5. China Resources Beer

Total market cap of the company as at 2nd March 2023 (in billions): $25.2

China Resources Beer indicated that by volume, it is the bestselling single beer brand in the entire world. A subsidiary of China Resources Company Limited. In the last twelve months, China Resources Beer recorded revenue in excess of $5 billion.

4. Constellation Brands, Inc.

Total market cap of the company as at 2nd March 2023 (in billions): $40.9

Constellation Brands, Inc. is the biggest producer of beer in America, and has over 40 facilities globally while having more than 9,000 employees. Constellation Brands, Inc.’s 2021 revenue was at $9.3 billion while its net profit was in excess of $2 billion. Constellation Brands, Inc.’s is continuing to see sold U.S. demand despite an increase in prices, showing that even in uncertain times, the demand for beer remains consistent.

3. Heineken

Total market cap of the company as at 2nd March 2023 (in billions): $60.3

One of the most popular beer companies in the world, Heineken is also one of the most valuable beer companies in the world, and is the biggest beer company in the Netherlands. Currently, the company owns and operates over 150 breweries across around 70 countries and producers nearly 350 different types of beer, while employing 85,000 employees. In 2021, Heineken recorded over $23 billion in revenue and reported higher than expected profits in 2022, but is expecting profits to decline in Europe as prices have to be increased as a result of the European energy crisis.

2. Diageo plc

Total market cap of the company as at 2nd March 2023 (in billions): $99.5

The largest and most valuable beer company in the UK, Diageo plc has 132 sites across the entire world which are used to produce various types of alcohol including beer, whiskey and scotch. In 2022, Diageo plc recorded revenues of nearly £22.5 billion. The past one year has been quite beneficial to Diageo plc whose market cap increased by 7.4% in the time period. Diageo plc has also been ranked highly in terms of female representation at board level, topping the rankings in the UK.

1. Anheuser-Busch InBev SA/NV

Total market cap of the company as at 2nd March 2023 (in billions): $122.1

Contributing more than 25% of the total market of the 15 most valuable beer companies in the world is Anheuser-Busch InBev SA/NV. Currently. Anheuser-Busch InBev SA/NV has over 600 beer brands which are sold in over 150 countries worldwide. In its 4th quarter 2022 and full year results report, Anheuser-Busch InBev SA/NV stated that it expects its earnings before interest, tax, depreciation and amortization (EBITDA) to grow with a medium term outlook to be between 4-8% with revenue to grow at a higher rate driven by both price and volume. In 2022, Anheuser-Busch InBev SA/NV recorded $57.8 billion in revenue.





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