"No-low", AB InBev's new fuel

The world's largest brewing group posted promising results on Thursday, with sales volumes declining more slowly than analysts had anticipated. And, in addition to strong performance in emerging markets that offset difficulties in the West, AB InBev's low- and no-alcohol beers are driving growth.

© CORONA

“Around the world, consumers are looking for a more balanced lifestyle,” said Michel Doukeris, CEO of AB InBev, in an interview with the Wall Street Journal on the sidelines of its 2025 annual results . He did not explicitly mention the “no-low” phenomenon, a growing trend towards consuming alcohol-free (no) or low-alcohol (low) beverages.

Nevertheless, even though the range of non-alcoholic beers represents only 1% of the brewing giant's volume, it now represents double what it was in 2021. And it is a sector that should become more important in the coming years given the "significant growth potential".

The company's flagship beers, Corona Cero, Michelob Ultra, and Busch Light, are driving growth in a struggling industry. Revenue in this segment is projected to increase by 34% between 2020 and 2025 at AB InBev, while revenue from traditional beers has stagnated.

“We are market leaders in non-alcoholic beer in several of our key markets, including the United States, Canada, Brazil, Mexico, Colombia, and Belgium,” the Belgian-Brazilian group stated. “Our overall portfolio of balanced, low-carb, sugar-free, gluten-free, and alcohol-free brands saw an 8.9% increase in sales.”

With an annual operating profit of $21.22 billion (+4.9%) and a slower decline in sales volumes (-2.3%), the producer of Jupiler said it was confident in the "improved momentum" and good positioning for 2026. The football World Cup this summer and other major sporting events should naturally help to boost hectoliters.

Like its competitors, AB InBev has expanded its range of non-beer beverages, including ready-to-drink cocktails and other fruit-flavored sparkling drinks. Growth in its Beyond Beer portfolio accelerated in fiscal year 2025, with a 23% increase in revenue, now representing 3% of our total sales.

"The performance was led by Cutwater in the United States, which recorded triple-digit revenue growth and ranked No. 1 in terms of market share across the entire spirits sector in the fourth quarter of 2025, as well as by Brutal Fruit and Flying Fish, which expanded into new markets in Africa, Europe and Latin America," the brewing group listed.