The news: Molson Coors named longtime company insider Rahul Goyal as its next CEO.

• The 24-year veteran has a wealth of institutional knowledge, having served in executive roles across the information technology, finance, and strategy divisions, including chief information officer for Molson Coors in the UK and chief financial officer for Molson Coors in India.
• Goyal has also helped steer Molson Coors beyond beer. Partnerships with Coca-Cola produced products like Topo Chico Hard Seltzer and Simply Spiked Lemonade, while acquisitions of ZOA and Naked Life expanded the company’s non-alcohol portfolio.

However, amid shifting consumption patterns, leading the company forward won’t be easy.

A tough road ahead: Many consumers are turning away from beer—and alcohol altogether.

• Just 54% of US adults now drink alcohol, the lowest share since Gallup began tracking the metric in 1939. That share drops to just 50% among adults 18 to 34 years old.
• An advisory last year from then–US Surgeon General Vivek Murthy—recommending cancer warnings on alcoholic beverages—appears to have fueled a surge in concern about the health effects of alcohol consumption (a trend we predicted). Now, 53% of Americans believe even moderate drinking—defined as one or two drinks a day—is harmful. That’s the first time the share has topped 50%, and a striking climb from 28% in 2018, 39% in 2023, and 45% only a year ago.

At the same time, President Donald Trump’s mass deportation strategy is squeezing Hispanic consumers’ spending. While the impact is sharper for Constellation Brands—whose Modelo Especial recently lost its spot as the top-selling US beer—it could also weigh on Molson Coors, which sells Sol Cerveza, Topo Chico Hard Seltzer, and the Mexican-inspired Chicago brand Cruz Blanca.

Our take: Molson Coors has an experienced leader, but it’s a tough moment to run a beer company. The headwinds are clear, but the path forward is not.