The beer industry has seen consistent declines in volumes across the US and Western Europe. Drinkers are turning away from beer in favour of other drinks like canned cocktails: but they’re also turning away from alcohol entirely, seeking to moderate consumption. And furthermore, consumers are feeling the pinch: cutting back on spending.
For many global brewers, volumes in 2025 sat at (or below) pre-covid levels.
And there’s no signs of revival: analysts now see the beer industry in a stage of ‘long-term structural stagnation’.
For brewers that have traditionally focused on the US and Europe: could other global markets offer more hope?
Latin America, Africa and Asia Pacific
With different dynamics to Europe and the US, Latin America, Africa and Asia Pacific offer opportunities for growth and expansion.
Although these won’t compensate for the declines in US and Europe, they do offer a bright spot for brewers.
Top of the list is Latin America: a continent where brewers have already been tapping into opportunities for some time.
Beer growth
Latin America's beer market is projected to grow 6% CAGR from 2021-2030 , according to Grand View Research.
AB InBev, for example, sees 27% of volumes come from its Middle Americas division; and a further 28% for South America (that’s more than 50% of its volumes in total).
And there’s a good reason why brewers are so interested in Latin America, says Carlos Munoz from Scope Ratings.
“Latin America is the largest emerging market profit pool,” he explained.
“Mexico and Brazil are two of the largest beer markets globally. These are consolidated markets supporting pricing and stable margins.”
Mexico is effectively a duopoly, with AB InBev and Heineken controlling almost the entire market. In Brazil, AB InBev and Heineken combined market share is approximately 80%.
These are particularly attractive markets: with beer consumption per capita considerably above the rest of the continent.
Other strong beer markets in the region include Colombia and Argentina.
Asia Pacific
China is the world’s top beer market. The market is dominated by domestic brands CR Beer Snow and Tsingtao Brewery: but others also see potential.
“Asia Pacific is the largest market by volume, but mid-rank by profit,” said Munoz.
“China is the largest beer market in the world, and in the region there are several fast-growing markets such as Vietnam and Philippines.”
AB InBev now comes in as the #3 player in the country. Meanwhile, Carlsberg sees 29% of its total volumes come from Asia.
Heineken, meanwhile, it is investing in production in the region: creating South-East Asia’s largest brewery in Vietnam.
Africa
Eyes are on Africa thanks to its fast-growing population, emerging urban population and rising disposable income. However, there are still challenges on the continent, such as distribution and infrastructure.
“Africa is more a long-term growth option as it offers strong demographic tailwinds, but currently accounts for just around 10%-15% of AB InBev and Heineken volumes,” said Munoz.
Asahi, for example, has just made a significant play in the continent, with the acquisition of Diageo’s East African Breweries.
