Brewing giants AB InBev and Carlsberg have revealed weaker volumes of beer sales in recent months, as they were both impacted by activity in China.
Budweiser and Stella Artois-maker AB InBev said volumes fell by 2.4% over the third quarter of 2024, compared with a year earlier.
However, it added that revenues were up 2.1% for the period as it was boosted by “premiumisation” and price inflation.
The Belgian-Brazilian company said it was boosted by a strong performance from its Corona brand, which saw revenues lift by 10.2% globally, outside of Mexico.
Nevertheless, the group’s core beer portfolio delivered low-single digit revenues as it was dragged by “soft” sales activity in China.
In Europe, the company, which also owns Camden Town Brewery, said revenues were “flattish” – with customers buying more premium brands helping to offset lower sales volumes.
AB InBev told shareholders that earnings were up 7.1% for the quarter as it benefited from production-cost efficiencies.
Michel Doukeris, chief executive of AB InBev, said: “Consumer demand for our megabrands and the execution of our mega platforms delivered another quarter of top and bottom-line growth with margin expansion.
“Our teams and partners continue to execute our strategy and we are confident in our ability to deliver on our raised full-year 2024 EBITDA (earnings before interest, tax, depreciation and amortisation) growth outlook of 6-8%.”
Meanwhile, Danish rival Carlsberg revealed that organic sales volumes dipped by 0.2% over the third quarter of 2024.
The company said the “tough” quarter was largely dented by trading in Asia, where sales volumes slumped 5.2% amid the consumer downturn in China.
Group revenues grew by 0.9% for the period to 20.5 billion Danish krone, as acquisitions helped to offset negative currency impacts.
Carlsberg said volumes of premium beer were down 0.5% for the quarter, while sales of alcohol-free beer were up 6%.
Chief executive Jacob Aarup-Andersen said: “It was a tough quarter, impacted by a challenging consumer environment and weather.
“Nevertheless, we delivered volume and revenue growth in the majority of our markets, although lower volumes in China, France and the UK impacted overall group performance.”