Anheuser‑Busch InBev SA/NV Faces U.S. Shift to Low‑Price Tequila and RTD Cocktails

Beer giant faces a taste shift in U.S. spirits market

AB InBev Confronts U.S. Tequila and RTD Trend

Anheuser‑Busch InBev confronts a strategic mismatch as U.S. spirits consumers trade down into lower‑priced tequila and a surge in ready‑to‑drink (RTD) cocktails reshapes demand, industry data show. The Distilled Spirits Council of the United States reports overall spirits revenue falls 2.2% to $36.4 billion even as volumes rise 1.9% to 318.1 million 9‑liter cases, indicating consumers are buying more alcohol but at lower price points. That dynamic favors companies with deep low‑price tequila and RTD exposure rather than beer‑focused brewers.

AB InBev, long centered on global beer brands, has limited tequila exposure compared with peers such as Diageo and Brown‑Forman, leaving it less well placed to capture the growth moving toward value tequila tiers and spirits‑based canned cocktails. DISCUS and analysts note volume gains in tequila concentrate in the lowest tracked price tier, which rises 6.5%, and the next tier, up 2.8%, while volumes for whiskey, vodka, rum and gin decline in comparable value bands. For a brewer whose U.S. portfolio leans heavily on beer and seltzers, the shift toward spirits value segments and RTDs represents a market positioning challenge.

The RTD surge also tests AB InBev’s product mix: RTD sales climb more than 16% to $3.8 billion and more than double market share since 2021, with growth in canned cocktails such as rum‑ and spirits‑based offerings visible in stores. Industry executives say macroeconomic pressure and weaker consumer confidence are prompting trading down, and companies with broad low‑price tequila and RTD footprints capture a disproportionate share of growth. AB InBev’s strategy in the U.S. faces pressure to adapt if these consumption patterns persist into 2026.

RTDs Driving Growth at Lower Price Points

Ready‑to‑drink cocktails buck the broader revenue decline, drawing consumers toward convenient, lower‑priced canned formats; retail imagery from stores shows a proliferation of branded RTDs, underscoring rapid category expansion.

Industry Resilience Amid Trading‑down

DISCUS CEO Chris Swonger says the industry remains resilient despite revenue declines, and Bernstein analyst Trevor Stirling describes results as weak but not worse‑than‑expected, leaving cautious optimism as discretionary beverage spending contends with ongoing economic headwinds.