U.S. spirits revenue down despite rising volumes; AnheuserBusch InBev SA/NV pressured by RTDs, tequila
- Shifts to tequila and RTDs challenge AnheuserBusch InBev due to its beer focus and limited tequila exposure. • AnheuserBusch InBev must protect share and margins while keeping its core beer franchise intact. • AnheuserBusch InBev can accelerate RTD beer, pursue partnerships or tequila acquisitions; execution speed and promotions matter.
Market snapshot: U.S. spirits revenue falls even as consumers drink more
U.S. distilled spirits revenue is falling while volumes tick up, reshaping competitive dynamics for major alcohol groups. The Distilled Spirits Council of the United States (DISCUS) reports 2025 revenue for spirits slips 2.2% to $36.4 billion even as overall volumes rise 1.9% to 318.1 million 9‑liter cases, evidence that consumers are trading down to cheaper products rather than cutting consumption. Ready‑to‑drink (RTD) canned cocktails are the notable outlier, surging more than 16% to $3.8 billion and more than doubling market share since 2021.
Beer‑centric firms face strategic pressure as tequila and RTDs reshape demand
The shift toward lower‑price tequila and RTDs creates a strategic challenge for AnheuserBusch InBev SA/NV, which is heavily weighted to beer and contains limited tequila exposure. Industry executives say macroeconomic pressure and weaker consumer confidence push shoppers into value tiers, with tequila volume growth concentrated in the lowest tracked price points (up 6.5% and 2.8% in the two cheapest bands) while traditional categories such as vodka, American whiskey and cordials post revenue declines. That pattern favors companies with established low‑price tequila brands and broad RTD portfolios; analysts and executives single out Diageo and Brown‑Forman as relatively well positioned, while beer‑heavy groups such as AnheuserBusch InBev and Molson Coors lack the same depth in tequila.
As the market normalizes and moves toward contraction, AnheuserBusch InBev is compelled to consider how to protect share and margins without abandoning its core beer franchise. Observers say the company can leverage scale and distribution to accelerate RTD beer and spirit‑based offerings or pursue partnerships and targeted acquisitions to fill tequila and RTD gaps. The rapid consumer pivot to canned cocktails and lower‑priced tequila segments makes execution speed and trade promotion especially important as discretionary beverage spending remains under pressure.
Category details and retail signals
DISCUS data show nearly every major spirits category posts revenue declines: vodka falls 3% to $7.0 billion, tequila and mezcal slip 4.1% to $6.4 billion, American whiskey declines 0.9% and cordials are down 3.2%. Meanwhile photographs of canned RTDs from brands such as Captain Morgan, Bacardi and Malibu appearing in stores underline the on‑shelf momentum for ready‑to‑drink formats.
Industry tone and outlook
DISCUS chief Chris Swonger describes the industry as resilient despite the downturn, and Bernstein analyst Trevor Stirling characterizes reported results as weak but not worse than expected. Analysts warn that economic headwinds continue into 2026, reinforcing the need for companies to adapt portfolios to low‑price tequila and fast‑growing RTD demand.