The global beer industry is confronting a sharp downturn as leading brewers like AB InBev, Heineken, and Carlsberg report falling volumes amid inflation, changing tastes, and growing alcohol moderation. With US beer production down and more breweries closing than opening for the first time in 20 years, consumers are shifting toward cheaper brands or alternatives like canned cocktails and THC drinks. AB InBev’s response—a $6 billion buyback, expanded no-alcohol lineup, and investment in premium RTDs—signals a broader industry pivot toward diversification and reinvention under mounting pressure.

Chinese consumers aren’t buying as much beer as they used to: Anheuser-Busch InBev and Carlsberg both reported bigger-than-expected volume declines in Q3.