The move reflects a global strategy of diversifying out of beer as consumers embrace nonalcoholic beverages
The Anheuser-Busch Budweiser brewery in St. Louis, Missouri, US, is shown in thiis July 8 2021 file photo. Picture: BLOOMBERG/LUKE SHARRETTis accelerating testing for new products in China as it works to keep up with rapidly shifting tastes in the world’s largest consumer market.
The move by Anheuser-Busch InBev’s Asia-Pacific unit reflects a global strategy of diversifying out of beer, after Covid-19 slashed overall consumption at restaurants, bars and sporting venues. About 90 of AB InBev’s brands are now making non-beer options in 40 countries, mainly in Europe and North America.
Budweiser APAC posted earnings growth of 19% in the second quarter on Thursday, missing analyst estimates. Budweiser APAC’s quarterly sales, boosted by premium brands, rose 14% to $1.85bn — almost in line with pre-pandemic levels in the same period in 2019 — but were still weaker than expected. Its premium and super premium brands posted accelerated sales growth compared with the first three months of the year, while overall revenue growth dropped as lower-priced brands saw sales declines.Budweiser APAC faces a crowded field as it expands its repertoire in China.
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