Global beer market 2024 shows pricing is key

2023 was a difficult year for the beer industry due to inflation. Brewers faced a tough choice between protecting volumes or margins – and different brewers chose different paths. For the next 12 months we expect that the situation will improve, but costs are unlikely to come down.

We believe US brewers face numerous barriers to further increasing pricing, but strategically should be focused on volume growth. European brewers may be better served by looking to protect margins, though there are differences from market to market. In both regions, we see the need for innovation as the industry is far too reliant on heritage brands.