Alcoholic Drinks - Us - Marketline

MarketLine Industry Profile
Alcoholic Drinks in
the United States
July 2015
Reference Code: 0072-2201
Publication Date: July 2015
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
United States - Alcoholic Drinks

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
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EXECUTIVE SUMMARY
Market value
The United States alcoholic drinks market grew by 1.6% in 2014 to reach a value of $189,246.3 million.
Market value forecast

In 2019, the United States alcoholic drinks market is forecast to have a value of $205,775.8 million, an increase of 8.7%
since 2014.
Market volume
The United States alcoholic drinks market remained at a volume of 30,230.4 million liters in 2014.
Market volume forecast

In 2019, the United States alcoholic drinks market is forecast to have a volume of 30,879.8 million liters, an increase of
2.1% since 2014.
Category segmentation
Beer, cider & fabs is the largest segment of the alcoholic drinks market in the United States, accounting for 43.7% of the
market's total value.
Geography segmentation
The United States accounts for 16.4% of the global alcoholic drinks market value.
Market share
AB InBev is the leading player in the United States alcoholic drinks market, generating a 40.5% share of the market's
volume.
Market rivalry
Since it stagnated in 2009, the US alcoholic drinks market has been growing at a steady, however, low rate, which may
attract newcomers and increase the intensity of rivalry to some extent. Rivalry is intensified between existing incumbents
once the profitability of firms should be affected by low rates of market growth.

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TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2
Market value............................................................................................................................................................... 2
Market value forecast ................................................................................................................................................. 2
Market volume............................................................................................................................................................ 2
Market volume forecast .............................................................................................................................................. 2
Category segmentation .............................................................................................................................................. 2
Geography segmentation ........................................................................................................................................... 2
Market share .............................................................................................................................................................. 2
Market rivalry.............................................................................................................................................................. 2
Market Overview ............................................................................................................................................................ 7
Market definition ......................................................................................................................................................... 7
Market analysis .......................................................................................................................................................... 7
Market Data ................................................................................................................................................................... 8
Market value............................................................................................................................................................... 8
Market volume............................................................................................................................................................ 9
Market Segmentation ................................................................................................................................................... 10
Category segmentation ............................................................................................................................................ 10
Geography segmentation ......................................................................................................................................... 11
Market share ............................................................................................................................................................ 12
Market distribution .................................................................................................................................................... 13
Market Outlook ............................................................................................................................................................. 14
Market value forecast ............................................................................................................................................... 14
Market volume forecast ............................................................................................................................................ 15
Five Forces Analysis .................................................................................................................................................... 16
Summary .................................................................................................................................................................. 16
Buyer power ............................................................................................................................................................. 17
Supplier power ......................................................................................................................................................... 18
New entrants ............................................................................................................................................................ 19
Threat of substitutes................................................................................................................................................. 20
Degree of rivalry ....................................................................................................................................................... 21
Leading Companies ..................................................................................................................................................... 22

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Anheuser-Busch InBev SA/NV ................................................................................................................................. 22

Constellation Brands, Inc. ........................................................................................................................................ 26
Heineken N.V. .......................................................................................................................................................... 29
MillerCoors LLC ....................................................................................................................................................... 33
Macroeconomic Indicators ........................................................................................................................................... 34
Country Data ............................................................................................................................................................ 34
Methodology................................................................................................................................................................. 36
Industry associations ................................................................................................................................................ 37
Related MarketLine research ................................................................................................................................... 37
Appendix ...................................................................................................................................................................... 38
About MarketLine ..................................................................................................................................................... 38

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LIST OF TABLES
Table 1: United States alcoholic drinks market value: $ million, 201014 ...................................................................... 8
Table 2: United States alcoholic drinks market volume: million liters, 201014 ............................................................. 9
Table 3: United States alcoholic drinks market category segmentation: $ million, 2014 .............................................. 10
Table 4: United States alcoholic drinks market geography segmentation: $ million, 2014 ........................................... 11
Table 5: United States alcoholic drinks market share: % share, by volume, 2014 ....................................................... 12
Table 6: United States alcoholic drinks market distribution: % share, by volume, 2014 ............................................... 13
Table 7: United States alcoholic drinks market value forecast: $ million, 201419 ...................................................... 14
Table 8: United States alcoholic drinks market volume forecast: million liters, 201419.............................................. 15
Table 9: Anheuser-Busch InBev SA/NV: key facts ....................................................................................................... 22
Table 10: Anheuser-Busch InBev SA/NV: key financials ($) ........................................................................................ 24
Table 11: Anheuser-Busch InBev SA/NV: key financial ratios ..................................................................................... 24
Table 12: Constellation Brands, Inc.: key facts ............................................................................................................ 26
Table 13: Constellation Brands, Inc.: key financials ($) ................................................................................................ 27
Table 14: Constellation Brands, Inc.: key financial ratios ............................................................................................. 27
Table 15: Heineken N.V.: key facts .............................................................................................................................. 29
Table 16: Heineken N.V.: key financials ($) ................................................................................................................. 30
Table 17: Heineken N.V.: key financials () ................................................................................................................. 30
Table 18: Heineken N.V.: key financial ratios ............................................................................................................... 31
Table 19: MillerCoors LLC: key facts ........................................................................................................................... 33
Table 20: United States size of population (million), 201014 ..................................................................................... 34
Table 21: United States gdp (constant 2005 prices, $ billion), 201014 ...................................................................... 34
Table 22: United States gdp (current prices, $ billion), 201014 .................................................................................. 34
Table 23: United States inflation, 201014 .................................................................................................................. 35
Table 24: United States consumer price index (absolute), 201014 ............................................................................ 35
Table 25: United States exchange rate, 201014 ........................................................................................................ 35

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LIST OF FIGURES
Figure 1: United States alcoholic drinks market value: $ million, 201014..................................................................... 8
Figure 2: United States alcoholic drinks market volume: million liters, 201014 ............................................................ 9
Figure 3: United States alcoholic drinks market category segmentation: % share, by value, 2014 .............................. 10
Figure 4: United States alcoholic drinks market geography segmentation: % share, by value, 2014 .......................... 11
Figure 5: United States alcoholic drinks market share: % share, by volume, 2014 ...................................................... 12
Figure 6: United States alcoholic drinks market distribution: % share, by volume, 2014 .............................................. 13
Figure 7: United States alcoholic drinks market value forecast: $ million, 201419 ..................................................... 14
Figure 8: United States alcoholic drinks market volume forecast: million liters, 201419 ............................................ 15
Figure 9: Forces driving competition in the alcoholic drinks market in the United States, 2014 ................................... 16
Figure 10: Drivers of buyer power in the alcoholic drinks market in the United States, 2014 ....................................... 17
Figure 11: Drivers of supplier power in the alcoholic drinks market in the United States, 2014 ................................... 18
Figure 12: Factors influencing the likelihood of new entrants in the alcoholic drinks market in the United States, 201419
Figure 13: Factors influencing the threat of substitutes in the alcoholic drinks market in the United States, 2014 ....... 20
Figure 14: Drivers of degree of rivalry in the alcoholic drinks market in the United States, 2014 ................................. 21
Figure 15: Anheuser-Busch InBev SA/NV: revenues & profitability.............................................................................. 24
Figure 16: Anheuser-Busch InBev SA/NV: assets & liabilities ..................................................................................... 25
Figure 17: Constellation Brands, Inc.: revenues & profitability ..................................................................................... 28
Figure 18: Constellation Brands, Inc.: assets & liabilities ............................................................................................. 28
Figure 19: Heineken N.V.: revenues & profitability ....................................................................................................... 31
Figure 20: Heineken N.V.: assets & liabilities ............................................................................................................... 32

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MARKET OVERVIEW
Market definition
The alcoholic drinks market consists of retail sale of beers, ciders & FABs, spirits and wines. The market is valued
according to retail selling price (RSP) and includes any applicable taxes. Any currency conversions used in the creation
of this report have been calculated using constant 2013 annual average exchange rates.
For the purposes of this report, North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Colombia, and Venezuela.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the United
Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Saudi Arabia and United Arab Emirates. The global market is the sum of North and South
America, Europe, Asia-Pacific, Middle East, Nigeria, and South Africa
Market analysis
The US alcoholic drinks markets value grew over last five years at slow pace. The market is expected to practically
maintain the same expansionary pace over the forecasted period.
The US alcoholic drinks market had total revenues of $189,246.3m in 2014, representing a compound annual growth
rate (CAGR) of 1.8% between 2010 and 2014. In comparison, the European and Asia-Pacific markets grew with
compound annual growth rate (CAGR)s of 1.3% and 6% respectively, over the same period, to reach respective values
of $495,658.6m and $346,860.8m in 2014.
Globally, the alcoholic drinks market is dominated by Europe, which accounted for 43% of the revenues in 2014.
However, the United States accounts for 16.4% of the global market.
Market consumption volumes declined with a compound annual rate of change (CARC) of -0.2% between 2010 and
2014, to reach a total of 30,230.4 million liters in 2014. The market's volume is expected to rise to 30,879.8 million liters
by the end of 2019, representing a CAGR of 0.4% for the 2014-2019 period.
The beer, cider & FABs segment was the market's most lucrative in 2014, with total revenues of $82,629.5m, equivalent
to 43.7% of the market's overall value. The spirits segment contributed revenues of $69,055.7m in 2014, equating to
36.5% of the market's aggregate value.
The performance of the market is forecast to follow a similar pattern with an anticipated CAGR of 1.7% for the five-year
period 2014 - 2019, which is expected to drive the market to a value of $205,775.8m by the end of 2019. Comparatively,
the European and Asia-Pacific markets will grow with CAGRs of 1.8% and 7.7% respectively, over the same period, to
reach respective values of $543,189.7m and $503,160.4m in 2019.

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MARKET DATA
Market value
The United States alcoholic drinks market grew by 1.6% in 2014 to reach a value of $189,246.3 million.
The compound annual growth rate of the market in the period 201014 was 1.8%.
Table 1: United States alcoholic drinks market value: $ million, 201014

Year
$ million
million
2010
175,878.4
132,338.9
2011
179,296.1
134,910.5
1.9%
2012
182,857.1
137,590.0
2.0%
2013
186,190.1
140,097.9
1.8%
2014
189,246.3
142,397.5
1.6%
CAGR: 201014
SOURCE: MARKETLINE
% Growth
1.8%
MARKETLINE
Figure 1: United States alcoholic drinks market value: $ million, 201014
SOURCE: MARKETLINE

MARKETLINE
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Market volume
The United States alcoholic drinks market remained at a volume of 30,230.4 million liters in 2014.
The compound annual rate of change of the market in the period 201014 was -0.2%.
Table 2: United States alcoholic drinks market volume: million liters, 201014
Year
million liters
2010
30,445.3
2011
30,372.9
(0.2%)
2012
30,275.6
(0.3%)
2013
30,244.2
(0.1%)
2014
30,230.4
0.0%
CAGR: 201014
SOURCE: MARKETLINE
% Growth
(0.2%)
MARKETLINE
Figure 2: United States alcoholic drinks market volume: million liters, 201014
SOURCE: MARKETLINE

MARKETLINE
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MARKET SEGMENTATION
Category segmentation
Beer, cider & fabs is the largest segment of the alcoholic drinks market in the United States, accounting for 43.7% of the
market's total value.
The Spirits segment accounts for a further 36.5% of the market.
Table 3: United States alcoholic drinks market category segmentation: $ million, 2014
Category
2014
Beer, cider & FABs
82,629.5
43.7%
Spirits
69,055.7
36.5%
Wine
37,561.1
19.8%
Total
189,246.3
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 3: United States alcoholic drinks market category segmentation: % share, by value, 2014
SOURCE: MARKETLINE

MARKETLINE
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Geography segmentation
The United States accounts for 16.4% of the global alcoholic drinks market value.
Europe accounts for a further 43% of the global market.
Table 4: United States alcoholic drinks market geography segmentation: $ million, 2014
Geography
2014
Europe
495,658.6
43.0
Asia-Pacific
346,860.8
30.1
United States
189,246.3
16.4
Rest of the World
120,245.4
10.4
1,152,011.1
99.9%
Total
SOURCE: MARKETLINE
MARKETLINE
Figure 4: United States alcoholic drinks market geography segmentation: % share, by value, 2014
SOURCE: MARKETLINE

MARKETLINE
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Market share
AB InBev is the leading player in the United States alcoholic drinks market, generating a 40.5% share of the market's
volume.
MillerCoors accounts for a further 23.6% of the market.
Table 5: United States alcoholic drinks market share: % share, by volume, 2014
Company
% Share
AB InBev
40.5%
MillerCoors
23.6%
Constellation Brands, Inc.
5.2%
Heineken N.V.
4.9%
Other
25.9%
Total
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 5: United States alcoholic drinks market share: % share, by volume, 2014
SOURCE: MARKETLINE

MARKETLINE
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Market distribution
Supermarkets/hypermarkets form the leading distribution channel in the United States alcoholic drinks market,
accounting for a 55.2% share of the total market's volume.
On-trade accounts for a further 21.3% of the market.
Table 6: United States alcoholic drinks market distribution: % share, by volume, 2014
Channel
% Share
Supermarkets/hypermarkets
55.2%
On-trade
21.3%
Specialist Retailers
15.2%
Service Stations
3.5%
Other
4.8%
Total
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 6: United States alcoholic drinks market distribution: % share, by volume, 2014
SOURCE: MARKETLINE

MARKETLINE
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MARKET OUTLOOK
Market value forecast
In 2019, the United States alcoholic drinks market is forecast to have a value of $205,775.8 million, an increase of 8.7%
since 2014.
The compound annual growth rate of the market in the period 201419 is predicted to be 1.7%.
Table 7: United States alcoholic drinks market value forecast: $ million, 201419
Year
$ million
million
% Growth
2014
189,2 6.3
142,397.5
1.6%
2015
192,508.4
144,852.0
1.7%
2016
195,848.0
147,364.9
1.7%
2017
199,163.6
149,859.7
1.7%
2018
202,465.0
152,343.8
1.7%
2019
205,775.8
154,835.1
1.6%
CAGR: 201419
SOURCE: MARKETLINE
1.7%
MARKETLINE
Figure 7: United States alcoholic drinks market value forecast: $ million, 201419
SOURCE: MARKETLINE

MARKETLINE
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Market volume forecast

In 2019, the United States alcoholic drinks market is forecast to have a volume of 30,879.8 million liters, an increase of
2.1% since 2014.
The compound annual growth rate of the market in the period 201419 is predicted to be 0.4%.
Table 8: United States alcoholic drinks market volume forecast: million liters, 201419
Year
million liters
% Growth
2014
30,230.4
0.0%
2015
30,306.9
0.3%
2016
30,400.0
0.3%
2017
30,516.1
0.4%
2018
30,655.7
0.5%
2019
30,879.8
0.7%
CAGR: 201419
SOURCE: MARKETLINE
0.4%
MARKETLINE
Figure 8: United States alcoholic drinks market volume forecast: million liters, 201419
SOURCE: MARKETLINE

MARKETLINE
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FIVE FORCES ANALYSIS

The alcoholic drinks market will be analyzed taking brewers, distillers, and winemakers as players. The key buyers will
be taken as food and drink retailers and on-trade establishments, and providers of raw materials and bottling supplies as
the key suppliers.
Summary
Figure 9: Forces driving competition in the alcoholic drinks market in the United States, 2014
SOURCE: MARKETLINE
MARKETLINE
Since it stagnated in 2009, the US alcoholic drinks market has been growing at a steady, however, low rate, which may
attract newcomers and increase the intensity of rivalry to some extent. Rivalry is intensified between existing incumbents
once the profitability of firms should be affected by low rates of market growth.
The market leaders produce their own, recognized brands and operate in various segments of the market, which is
possible due to the ease of capacity increases, once a company is established.
There is a high degree of product differentiation, due to the variety of products offered within the three defined segments,
which include: beers, ciders & FABs (flavored alcoholic beverages), spirits and wines.
Buyer power varies, depending on buyers reliance on alcoholic drinks sales to generate revenues. Therefore, buyer
power is greater amongst larger retailers (supermarkets/hypermarkets), as alcoholic drinks are just one of many products
they have on offer. In the US, supermarkets account for over 55% of sales in value terms and this strengthens buyer
power.
A recent trend in the alcoholic drinks market has been the gradual move to higher price segments and increased interest
in imported brands. The wide range of brands available, with an accompanying variance in quality and price, boosts
buyer power. This is, however, diminished to some extent if consumers favor particular brands as retailers will be forced
to store them. This is the case with well established brands such as Budweiser and Coors.
Entering a niche segment may form a successful strategy, as there is a rising demand for specialty alcoholic beverages
and these are marketed on the basis of quality and can be sold at higher prices.

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Buyer power
Figure 10: Drivers of buyer power in the alcoholic drinks market in the United States, 2014
SOURCE: MARKETLINE
MARKETLINE
The main buyers within the alcoholic drinks market are supermarkets/hypermarkets, on-trade businesses and specialist
retailers. Together these channels account for 91.7% of all sales. The sheer number of buyers reduces their power to
some extent. The alcoholic drinks market is controlled wholly by consumers preferences. Due to this fact leading players
invest considerably in marketing campaigns to promote their products. This is particularly the case for on-trade
businesses and specialist retailers, as alcoholic drinks are essentially their business; this reduces the buyer power
somewhat.
The switching costs for buyers are not particularly high, and due to existing possibilities of product differentiation across
the three segments in this market (beers, ciders & FABs, spirits and wines) consumer demand is likely to influence
retailers stocking decisions.
Additionally, brand loyalty is of importance in this market and customers preferences towards some brands influence
players stocking decisions, weakening buyer power to some extent. This is prevalent in the United States with wellestablished big brands such as Budweiser, Coors, and Miller.
However, alcoholic drinks are not the only products on most retailers offer, which indicates that they are not reliant upon
the sale of these alone. Consequently, this increases buyer power and with supermarkets accounting for 55.2% of all
sales in the US, buyer power is boosted.
Possibilities of backward integration exist, i.e. in the form of supermarket chains producing their own drinks which are
often cheaper than their branded counterparts. However, in terms of brand quality, the major alcoholic drinks
manufacturers have the edge over their supermarket rivals, diminishing their buyer power.
Overall, buyer power is moderate in the alcoholic drinks market.

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Supplier power
Figure 11: Drivers of supplier power in the alcoholic drinks market in the United States, 2014
SOURCE: MARKETLINE
MARKETLINE
Suppliers to the alcoholic drinks market are relatively diversified, as each segment (beers, ciders & FABs, spirits and
wines) requires different inputs to form the principle ingredients of each individual product. This illustrates that suppliers
are relatively fragmented, when the market is considered as a whole. Depending on market segment, specific inputs may
differ.
Key inputs to the beers, ciders & FABs segment include malted grain, hops, apples and other flavorings. The raw
materials required for the production of spirits are cereal grains, fruit and vegetables used in the distillation process.
Hops are generally bought from independent producers, with barley often bought from farmers. Apple growers are key
suppliers for the production of cider. Grapes are a key input for the production of wine, and although some larger players
own/lease vineyards, they also source grapes from independent suppliers. Constellation Brands' (a large scale US
company) latest annual report states that the company buys grapes from around 1,000 US-based independent growers
and around 200 in other countries around the world. These purchases are at prevailing market rates, which suggests that
even a large wine-making company such as this does not have much control over prices of its supplies. Its own 20,000
acre vineyards supply only a small proportion of its total needs, and are focused on super-premium products. As many of
these suppliers operate independently and on a relatively small scale, their influence on the market is weakened.
The beers, ciders & FABs segment is predominant, which suggests that suppliers to this segment have a greater
influence than that of remaining suppliers of raw materials.
Manufacturers have relatively little freedom to substitute alternative raw materials if they are to maintain consistent
product characteristics for the end-consumer. It is highly unlikely that suppliers would forward integrate (except perhaps
for grape growers), which reduces supplier power.
Overall, supplier power is moderate in the alcoholic drinks market.

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New entrants
Figure 12: Factors influencing the likelihood of new entrants in the alcoholic drinks market in the
United States, 2014
SOURCE: MARKETLINE
MARKETLINE
New players may enter the market through one or multiple segments. Entry to the alcoholic beverages market may be
achieved on large or small scale by finding a niche market. There is a rising demand for specialty alcoholic beverages,
such as so-called real ales and flavored spirits. These are marketed on the basis of quality and diversity and can be
sold at higher prices. The American beer market has seen an unprecedented upsurge in the production of craft beer over
the last couple of years. Its production, in terms of market share in volumes, increased from 4.9% in 2009 to 7.8% in
2013, according to the Brewers Association in the United States.
Investment in production equipment can be recouped by adding a good margin to the price of the end-product. The
larger companies, however, tend to rely on the mass-market production of internationally palatable alcoholic drinks.
Here, margins may be much lower.
Producers need to distribute their product widely, which generally relies upon retail channels, such as supermarkets.
Despite the presence of company-owned on-trade outlets, these retail chains often have considerable buyer power,
which can force down the prices that beer producers are able to obtain.
In this market, scale economies of production become very important. As a result, barriers to entry, such as capital outlay
on large-scale production plants and the need to establish reliable supplies from multiple third-party growers, become
much higher. Government regulation of wine and other alcoholic beverages is stringent in the US, which may impede
market entry. Excise taxes are applied to all alcoholic beverages. Purchasers of alcohol must be at least 21 years of age
(high compared to most countries). Restrictions on the times and locations of alcohol sales are controlled at the state
level, and often include limitations of sales on election days, and on Sundays. However, there is little regulation of
marketing activities such as advertising, product, placement, or event sponsorship.
The market has been growing at a slow, however, steady rate in recent years and this may attract newcomers.
Overall, the threat from new entrants is weak in this market.

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Threat of substitutes
Figure 13: Factors influencing the threat of substitutes in the alcoholic drinks market in the United
States, 2014
SOURCE: MARKETLINE
MARKETLINE
Substitutes to the alcoholic drinks market include non-alcoholic beverages, such as juices, carbonated soft drinks or
water. Some alcoholic drink producers offer their own alternatives, like alcohol free lager. These alcohol-free drinks do
not carry the same tax/duty as beer, wine, spirits etc. and so are often cheaper alternatives.
There is scope for inter-segmental substitutes, as most operators focus on one production segment within the market,
e.g. beers, ciders & FABs (flavored alcoholic beverages), spirits or wines. For such players, substitutes could include
spirits if the main product they manufacture is beer. Many of the large players already sell these products in addition to
alcoholic drinks, resulting in much less overall damage to revenues if there is mass consumer movement away from
main products. Smaller firms, however, will have to invest in building brand loyalty as a means to keep customers.
There is some difficulty with assessing the benefits of substitutes within the defined segments of the alcoholic drinks
market. For example, not only beer but also champagne and white wine are optimally stored in chilled cabinets, which
make storage more expensive; more concentrated forms of alcohol (spirits) may offer better returns on shelf space than
higher-volume wines and beers, but the per-unit-volume price is often scaled with alcohol content.
In terms of non-alcoholic beverages, there are health benefits associated with ingredients, such as fruit, which have
vitamin content. This is in stark contrast to the potential detrimental effects of the over-consumption of alcohol, which
include liver damage, and addiction. Some medical research has argued for the benefits of consuming wine in
moderation. There is however, no general agreement on this. Health considerations could influence the performance of
the market leading to changes in market trends, with consumers becoming more health conscious and switching over to
health drinks such as Glaceaus "vitaminwater".
Ultimately, due to extensive product differentiation within the alcoholic drinks market, and the wide variety of nonalcoholic drinks available, the threat from substitutes is boosted and is assessed as moderate overall.

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Degree of rivalry
Figure 14: Drivers of degree of rivalry in the alcoholic drinks market in the United States, 2014
SOURCE: MARKETLINE
MARKETLINE
The US alcoholic drinks market is tending towards consolidation with AB InBev, MillerCoors, Constellation Brands and
Heineken accounting for over 74.1% of the market in volume terms.
In the US, the beers, ciders & FABs (flavored alcoholic beverages) segment is by far the largest within the alcoholic
drinks market, accounting for 43.7% of the markets value.
Relatively strong product differentiation across the three segments of this market (beers, ciders & FABs, spirits and
wines) reduces rivalry to some extent.
Although specialty products are available, significant players largely operate mass-marketed products. This implies high
fixed costs, because of the need to operate large breweries, distilleries, and requirement of significant storage space and
facilities for fermentation.
Also, strong branding does allow certain players to stand out, which also reduces rivalry slightly. However, the
competitors have to consider not only brand but also product quality, flavor, packaging and promotion.
The market has been posting low rates of growth in recent years and with this trend expected to continue in the forecast
period, rivalry should intensify somewhat but is still assessed as moderate overall.

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LEADING COMPANIES
Anheuser-Busch InBev SA/NV
Table 9: Anheuser-Busch InBev SA/NV: key facts
Head office:
Brouwerijplein 1, 3000 Leuven, BEL
Telephone:
32 16 27 61 11
Fax:
Telephone:
32 16 50 61 11
Anheuser-Busch Cos. Inc., One Busch Place, St. Louis, Missouri 63118,
USA
1 800 342 52 83
Fax:
1 800 342 52 83
Website:
www.ab-inbev.com
Financial year-end:
December
Ticker:
ABI
Stock exchange:
Euronext Brussels
Local office:
SOURCE: COMPANY WEBSITE
MARKETLINE
AB InBev is engaged in the production, distribution and sale of beer and soft drinks. The company has operations in 24
countries across the world. The company offers a portfolio of over 200 brands, including global flagship brands
Budweiser, Stella Artois and Corona (except in the US) and multi-country brands Beck's, Leffe and Hoegaarden. In
addition, the company offers local brands including Bud Light, Michelob Ultra, Corona Light, Modelo Especial, Modelo
Light, Negra Modelo, Victoria, Pacifico, Skol, Brahma, Antarctica, Quilmes, Jupiler, Hasseroder, Klinskoye, Sibirskaya
Korona, Chernigivske, Harbin and Sedrin. The company also produces and distributes soft drinks, particularly in Latin
America. As of December 31, 2014, the company operated 153 beverage manufacturing facilities globally, including 123
beer production plants, 13 soft drinks production plants and 17 production plants that produce both beer and soft drinks.
Additionally, the company owns 48 production facilities that produce raw materials and packaging materials for its
beverages.
AB InBev operates through eight business segments: North America, Latin America North, Western Europe, Asia Pacific,
Latin America South, Mexico, global export and holding companies and Central and Eastern Europe.
The North American segment includes operations in the US and Canada. Some of the key global brands sold in this
zone include Budweiser, Stella Artois and Corona, and the international brands include Beck's, Hoegaarden and Leffe.
Additionally, the company sells several local brands such as Bass, Bud Light, Busch, Michelob, Goose Island, Shock
Top and Natural Light in the US and Alexander Keith's, Bass, Bud Light, Kokanee, Labatt, Lucky, Lakeport and Oland in
Canada. The company operates 21 beverage manufacturing plants through this segment.
The Latin America North segment encompasses the company's operations in Brazil, the Dominican Republic and
Guatemala. In Brazil, the company operates through its subsidiary, Companhia de Bebidas das Americas-AmBev
(AmBev), which sells local beer brands such as Antarctica, Bohemia, Brahma and Skol, amongst other international
brands. The segment is also engaged in the manufacture and sale of several soft drinks brands including Guarana
Antarctica, Pepsi, 7UP and Red Rock. The segment operates 30 manufacturing plants across the region.

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The Latin America South segment includes operations in Bolivia, Paraguay, Uruguay, Argentina, Chile, Ecuador and
Peru. In Argentina, AB InBev operates through its subsidiary Cerveceria y Malteria Quilmes. The segment is also
engaged in the manufacture and sale of soft drinks under licensed brand names (Pepsi, H2OH!, 7UP, Concordia, and
Triple Kola) in Argentina, Bolivia, Uruguay and Peru. The segment operates nine beverage manufacturing units in the
region that produce and sell international brands such as Hoegaarden and Leffe. The company also sells several local
brands in the region, including Andes, Brahma, Norte, Patagonia, Quilmes, Antarctica, Bohemia and Skol.
The Western Europe segment includes the company's operations primarily in Belgium, Germany and the UK. InBev
Belgium and AB InBev UK are the operating subsidiaries of the company in the respective countries, while the company
operates through Anheuser-Busch InBev Deutschland in Germany. The segment operates 12 beverage manufacturing
units in the region that produce and sell international brands such as Budweiser, Corona, Stella Artois and Beck's. The
segment also sells several local brands in the region, including Belle-Vue, Jupiler, Vieux Temps, Diebels, Franziskaner,
Haake-Beck, Hasseroder, Lowenbrau, Spaten and Gilde.
The Asia Pacific segment primarily consists of the company's operations in China through the Anheuser-Busch InBev
China subsidiary. The company has 39 beer manufacturing facilities across China that manufacture and sell several
international, multi-country and local brands including Budweiser, Stella Artois, Beck's, Hoegaarden, Leffe, Double Deer,
Harbin, Jinling, Jinlongquan, KK, Sedrin and Shiliang.
The Mexico segment primarily consists of beer and packaging businesses. The company operates seven manufacturing
plants through this segment. The key brands of AB InBev sold in this region include Corona, Budweiser, Bud Light,
Modelo Especial, Victoria, Pacifico, and Negra Modelo.
The global export and holding companies segment includes the export sales as well as the intra-group transactions.
The Central and Eastern Europe segment primarily comprises the company's operations in Russia and Ukraine through
SUN InBev Russia and SUN InBev Ukraine subsidiaries, respectively. Besides the international brands, the segment
manufactures and sells beers under several local brands such as Bagbier, Brahma, Klinskoye, Lowenbrau, Sibirskaya
Korona, T and Tolstiak in Russia. Additionally, the Ukrainian subsidiary manufactures and sells local brands of beer such
as Chernigivske, Rogan and Yantar in the country. The segment operates six beverage manufacturing plants in Russia,
and three in Ukraine.
Anheuser Busch operates 13 breweries in the US: St. Louis, Missouri; Newark, New Jersey; Los Angeles, California;
Houston, Texas; Columbus, Ohio; Jacksonville, Florida; Merrimack, New Hampshire; Williamsburg, Virginia; Fairfield,
California; Baldwinsville, New York; Fort Collins, Colorado; Cartersville, Georgia; and Chicago, Illinois. Local brands
produced and sold in the US include: Bass, Brahma, Bud Light, Busch, Michelob, Natural Light, and Goose Island 312
Urban Wheat Ale.
Key Metrics
The company recorded revenues of $43,195 million in the fiscal year ending December 2013, an increase of 8.6%
compared to fiscal 2012. Its net income was $14,394 million in fiscal 2013, compared to a net income of $7,243 million in
the preceding year.
More recent financial information was not available for this company at the time of publication.

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Table 10: Anheuser-Busch InBev SA/NV: key financials ($)

$ million
2009
2010
2011
2012
2013
36,758.0
36,297.0
39,046.0
39,758.0
43,195.0
4,613.0
4,026.0
5,885.0
7,243.0
14,394.0
112,525.0
114,342.0
112,427.0
122,621.0
141,666.0
Total liabilities
79,354.0
75,543.0
71,383.0
77,180.0
86,358.0
Employees
116,000
114,000
116,000
116,278
117,632
Revenues
Net income (loss)
Total assets
SOURCE: COMPANY FILINGS
MARKETLINE
Table 11: Anheuser-Busch InBev SA/NV: key financial ratios

Ratio
2009
2010
2011
2012
2013
Profit margin
12.5%
11.1%
15.1%
18.2%
33.3%
Revenue growth
56.4%
(1.3%)
7.6%
1.8%
8.6%
Asset growth
(0.6%)
1.6%
(1.7%)
9.1%
15.5%
Liabilities growth
(11.2%)
(4.8%)
(5.5%)
8.1%
11.9%
Debt/asset ratio
70.5%
66.1%
63.5%
62.9%
61.0%
Return on assets
4.1%
3.5%
5.2%
6.2%
10.9%
$316,879
$318,395
$336,603
$341,922
$367,205
$39,767
$35,316
$50,733
$62,290
$122,365
Revenue per employee

Profit per employee
MARKETLINE
Figure 15: Anheuser-Busch InBev SA/NV: revenues & profitability

MARKETLINE
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Figure 16: Anheuser-Busch InBev SA/NV: assets & liabilities

MARKETLINE
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Constellation Brands, Inc.

Table 12: Constellation Brands, Inc.: key facts
Head office:
207 High Point Drive, Building 100, Victor, New York 14564, USA
Telephone:
1 888 724 2169
Website:
www.cbrands.com
Financial year-end:
February
Ticker:
STZ
Stock exchange:
New York
MARKETLINE
Constellation Brands is a multi-category supplier of alcoholic beverages. The company conducts its business through
wholly-owned subsidiaries as well as through a variety of joint ventures and other entities. The company operates 18
wineries in the US, nine wineries in Canada, five wineries in Italy and four wineries in New Zealand.
The company operates through two business segments: wine and spirits, and beer.
Constellation Brands produces and markets premium wine brands across the table wine, sparkling wine and dessert
wine categories. It has presence across all price points: popular, premium, super-premium and fine wine. The portfolio of
super-premium and fine wines is supported by vineyard holdings in the US, Canada, New Zealand and Italy. The
company markets wine produced in the US domestically and in Canada and the UK. Wine produced in Canada is
primarily marketed domestically and wine produced in New Zealand is marketed in the US, Canada, Australia, the UK,
and domestically. The company sells wine produced in Italy in the US, Canada and domestically. Constellation Brands
also exports its wine products to other major wine consuming markets of the world.
The company's key wine brands include Robert Mondavi, Clos du Bois, Blackstone, Estancia, Arbor Mist, Toasted Head,
Simi, Mark West, Black Box, Ravenswood, Rex Goliath, Kim Crawford, Franciscan Estate, Wild Horse, Ruffino, Nobilo,
Mount Veeder, and Inniskillin. Constellation Brands also offers spirits under the Black Velvet Canadian Whisky and
Svedka Vodka brand names.
In the beer segment, the company has exclusive right to import market and sell Corona Extra, Corona Light, Modelo
Especial, Pacifico, Negra Modelo and Victoria brands in all 50 states of the US.
Constellation Brands also operates a brewery, wineries, a distilling plant and bottling plants, many of which include
warehousing and distribution facilities on the premises. Additionally, some of the company's businesses maintain office
space for sales and similar activities and offsite warehouse and distribution facilities in a variety of geographic locations.
In the US, the company operates one winery in New York, 16 wineries in California and one winery in Washington. Of
these, 16 wineries are owned and two wineries are leased. In Canada, it operates nine wineries, of which seven wineries
are owned and two wineries are leased. The company also owns and operates a distilling plant in Lethbridge, Canada. In
New Zealand, Constellation Brands owns and operates four wineries. In Italy, the company operates five leased
wineries. Constellation Brands also operates four leased warehouse, distribution and other production facilities in the US;
three owned and one leased warehouse, distribution and other production facilities in Canada; and one owned and
seven leased warehouse, distribution and other production facilities in Italy.
Key Metrics
The company recorded revenues of $4,864 million in the fiscal year ending February 2014, an increase of 74.0%
compared to fiscal 2013. Its net income was $1,943 million in fiscal 2014, compared to a net income of $388 million in
the preceding year.

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Table 13: Constellation Brands, Inc.: key financials ($)

$ million
2010
2011
2012
2013
2014
3,364.8
3,332.0
2,654.3
2,796.1
4,864.0
99.3
559.5
445.0
387.8
1,943.0
Total assets
8,094.3
7,167.6
7,109.9
7,638.1
14,302.0
Total liabilities
5,518.0
4,615.7
4,433.9
4,777.8
9,321.0
6,000
4,300
4,400
4,500
6,300
Revenues
Net income (loss)
Employees
MARKETLINE
Table 14: Constellation Brands, Inc.: key financial ratios

Ratio
2010
2011
2012
2013
2014
Profit margin
3.0%
16.8%
16.8%
13.9%
39.9%
(28.8%)
(1.0%)
(20.3%)
5.3%
74.0%
0.7%
(11.4%)
(0.8%)
7.4%
87.2%
Liabilities growth
44.1%
(16.4%)
(3.9%)
7.8%
95.1%
Debt/asset ratio
68.2%
64.4%
62.4%
62.6%
65.2%
Return on assets
1.2%
7.3%
6.2%
5.3%
17.7%
$560,800
$774,884
$603,250
$621,356
$772,063
$16,550
$130,116
$101,136
$86,178
$308,413
Revenue growth
Asset growth

Profit per employee

MARKETLINE
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Figure 17: Constellation Brands, Inc.: revenues & profitability
MARKETLINE
Figure 18: Constellation Brands, Inc.: assets & liabilities

MARKETLINE
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Heineken N.V.
Table 15: Heineken N.V.: key facts
Head office:
Tweede Weteringplantsoen 21, 1017 ZD Amsterdam, NLD
Telephone:
31 20 523 92 39
Fax:
31 20 626 35 03
Website:
www.theheinekencompany.com
Financial year-end:
December
Ticker:
HEIA
Stock exchange:
NYSE, Euronext, Amsterdam
MARKETLINE
Heineken is a brewing company, with a wide international presence through a global network of distributors and
breweries. The company owns, markets and sells more than 250 beer brands including international premium, regional,
local and specialty beers. Its principal brands are Heineken, Amstel, Anchor, Birra Moretti, Cruzcampo, Desperados, Dos
Equis, Foster's, Newcastle Brown Ale, Ochota, Primus, Sagres, Sol, Star, Tecate, Tiger and Zywiec. Additionally, the
company markets several brands through joint ventures, which include Cristal and Kingfisher. In addition to its global
beer portfolio, Heineken is a large global player in the cider market, with brands such as Strongbow and Bulmers.
The company's brands are sold in about 178 countries, while it has operations in more than 70 countries across Western
Europe, Central and Eastern Europe, Africa and the Middle East, the Americas, and the Asia Pacific region. The
breweries are either owned by the company or are joint ventures in different countries.
The company operates in five segments, defined based on geographic presence: Western Europe, the Americas,
Central and Eastern Europe, Africa and the Middle East, and Asia Pacific.
Western Europe is Heineken's largest segment. In Western Europe, the company has operations in nine countries,
including the UK, France, Italy, the Netherlands, Belgium, Ireland, Portugal, Spain and Switzerland. In these regions, the
company operates through subsidiaries, joint ventures and licenses. The company also operates one export and dutyfree business in Western Europe. In this region, Heineken operates 26 breweries.
In the Americas, the company acquired the beer operations of Fomento Economico Mexicano (FEMSA) in 2010, through
which it gained access to a large market in Mexico and Brazil. The company also has significant interests in Compania
Cervecerias Unidas (CCU). In addition, the Heineken brand is brewed under license in a number of markets, mostly in
Canada. In all, the company has about 19 majority-owned breweries and eight joint venture breweries in the region.
For Central and Eastern European market, Heineken licenses its breweries or imports beers from other breweries under
the Heineken and Amstel brands. In this region, the company owns more than 50 breweries and has operating
companies in 14 countries, including Austria, Belarus, Bulgaria, the Czech Republic, Croatia, Germany, Greece,
Hungary, Macedonia, Poland, Romania, Russia, Slovakia and Serbia.
In Africa and the Middle East, Heineken operates through owned breweries. The company manufactures Heineken and
Amstel for local distribution and export, besides distributing several local brands like Fayrouz, Laziza and Harar. In this
region, Heineken's operations are spread across 23 countries.
Heineken operates in the Asia-Pacific region through Heineken Asia Pacific Pte, a Singapore-based beverage company.
The company also holds a 36.1% stake in United Breweries Limited (UBL) for Indian operations. Heineken Asia Pacific
Pte has 25 breweries in 19 countries across Asia Pacific, while UBL owns 18 breweries in India.

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The company's beer production and manufacturing operations in the above segments are managed by several
subsidiaries, including Heineken Brouwerijen, the Netherlands; Heineken UK; Brau Union, Austria; Heineken France;
and Heineken USA among others.
Key Metrics
The company recorded revenues of $25,485 million in the fiscal year ending December 2013, an increase of 4.5%
compared to fiscal 2012. Its net income was $1,810 million in fiscal 2013, compared to a net income of $3,914 million in
the preceding year.
More recent financial information was not available for this company at the time of publication.
Table 16: Heineken N.V.: key financials ($)

$ million
2009
2010
2011
2012
2013
19,510.3
21,410.7
22,724.6
24,396.8
25,485.1
1,351.0
1,920.4
1,897.8
3,913.7
1,810.2
Total assets
26,781.7
35,384.2
36,001.3
47,749.2
44,242.9
Total liabilities
19,680.2
21,820.8
22,607.8
30,812.2
27,844.7
55,301
65,730
64,252
76,191
80,933
Revenues
Net income (loss)
Employees
MARKETLINE
Table 17: Heineken N.V.: key financials ()

million
2009
2010
2011
2012
2013
14,701.0
16,133.0
17,123.0
18,383.0
9,203.0
1,018.0
1,447.0
1,430.0
2,949.0
1,364.0
Total assets
20,180.0
26,662.0
27,127.0
35,979.0
33,337.0
Total liabilities
14,829.0
16,442.0
17,035.0
23,217.0
20,981.0
Revenues
Net income (loss)

MARKETLINE
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Table 18: Heineken N.V.: key financial ratios

Ratio
2009
2010
2011
2012
2013
Profit margin
6.9%
9.0%
8.4%
16.0%
7.1%
Revenue growth
2.7%
9.7%
6.1%
7.4%
4.5%
Asset growth
(1.9%)
32.1%
1.7%
32.6%
(7.3%)
Liabilities growth
(7.8%)
10.9%
3.6%
36.3%
(9.6%)
Debt/asset ratio
73.5%
61.7%
62.8%
64.5%
62.9%
Return on assets
5.0%
6.2%
5.3%
9.3%
3.9%
$352,802
$325,738
$353,680
$320,206
$314,891
$24,430
$29,216
$29,537
$51,367
$22,367

Profit per employee
MARKETLINE
Figure 19: Heineken N.V.: revenues & profitability

MARKETLINE
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Figure 20: Heineken N.V.: assets & liabilities

MARKETLINE
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MillerCoors LLC
Table 19: MillerCoors LLC: key facts
Head office:
250 South Wacker Drive, Chicago, Illinois 60606 5888, USA
Telephone:
1 800 645 5376
Website:
www.millercoors.com
MARKETLINE
MillerCoors, a joint venture between SABMiller and Molson Coors Brewing Company (MCBC), sells beer in the US
market. The company's brands include Miller Lite, Coors Banquet, Coors Light, Blue Moon Belgian, Foster's, Henry
Weinhard's, Icehouse, Keystone Premium, Leinenkugel's, Killian's Irish Red, Miller Genuine Draft, Miller High Life,
Milwaukee's Best, Molson Canadian, Peroni Nastro Azzurro, Pilsner Urquell, Red Dog.
The company operates eight breweries in the US, and Leinenkugel's craft brewery in Chippewa Falls, Wisconsin; and
two microbreweries, the Tenth Street Brewery in Milwaukee, and the Blue Moon Brewing Company at Coors Field in
Denver. MillerCoors operates in the US, where it is headquartered in Chicago, Illinois.
Key Metrics
As a joint venture between SABMiller and Molson Coors Brewing Company, MillerCoors is not obliged to publish its
financial results.

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MACROECONOMIC INDICATORS
Country Data
Table 20: United States size of population (million), 201014
Year
Population (million)
% Growth
2010
309.3
0.8%
2011
311.6
0.7%
2012
313.9
0.7%
2013
316.4
0.8%
2014
318.9
0.8%
SOURCE: MARKETLINE
MARKETLINE
Table 21: United States gdp (constant 2005 prices, $ billion), 201014
Year
Constant 2005 Prices, $ billion
% Growth
2010
13,597.2
2.5%
2011
13,815.0
1.6%
2012
14,135.6
2.3%
2013
14,449.3
2.2%
2014
14,799.6
2.4%
SOURCE: MARKETLINE
MARKETLINE
Table 22: United States gdp (current prices, $ billion), 201014

Year
Current Prices, $ billion
% Growth
2010
14,964.4
3.8%
2011
15,517.9
3.7%
2012
16,163.2
4.2%
2013
16,768.1
3.7%
2014
17,420.2
3.9%
SOURCE: MARKETLINE

MARKETLINE
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Table 23: United States inflation, 201014

Year
Inflation Rate (%)
2010
1.6%
2011
3.2%
2012
2.1%
2013
1.5%
2014
1.8%
SOURCE: MARKETLINE
MARKETLINE
Table 24: United States consumer price index (absolute), 201014

Year
Consumer Price Index (2005 = 100)
2010
111.7
2011
115.2
2012
117.6
2013
119.3
2014
121.5
SOURCE: MARKETLINE
MARKETLINE
Table 25: United States exchange rate, 201014

Year
Exchange rate (/$)
2010
1.3279
2011
1.3912
2012
1.2856
2013
1.3281
2014
1.3290
SOURCE: MARKETLINE

MARKETLINE
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METHODOLOGY
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLines in-house databases
provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
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Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
-
National/Governmental statistics
International data (official international sources)
National and International trade associations
Broker and analyst reports
Company Annual Reports
Business information libraries and databases
Modeling & forecasting tools MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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Industry associations
International Federation of Wines and Spirits
18, rue d'Aguesseau, F-75008 - Paris, FRA
Tel.: 33 1 4268 8248
Fax: 33 1 4006 0698
www.fivs.org
Master Brewers Association of the Americas

3340 Pilot Knob Road - St. Paul, MN 55121, USA
Tel.: 1 651 454 7250
Fax: 1 651 454 0766
www.mbaa.com
Distilled Spirits Council

1250 Eye Street, NW, Suite 400, Washington, D.C. 20005, USA
Tel.: 1 202 628 3544
www.discus.org
Related MarketLine research

Industry Profile
Global Alcoholic Drinks
Alcoholic Drinks in Asia-Pacific
Alcoholic Drinks in Europe
Alcoholic Drinks in China
Alcoholic Drinks in the UK

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APPENDIX
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United States - Alcoholic Drinks

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Market value forecast

Market volume forecast

United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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Anheuser-Busch InBev SA/NV ................................................................................................................................. 22

United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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Table 1: United States alcoholic drinks market value: $ million, 201014

Figure 1: United States alcoholic drinks market value: $ million, 201014

United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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Beer, cider & FABs

United States - Alcoholic Drinks

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Rest of the World

United States - Alcoholic Drinks

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Constellation Brands, Inc.

United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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Market volume forecast

United States - Alcoholic Drinks

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FIVE FORCES ANALYSIS

United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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Brouwerijplein 1, 3000 Leuven, BEL

SOURCE: COMPANY WEBSITE

United States - Alcoholic Drinks

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United States - Alcoholic Drinks

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Table 10: Anheuser-Busch InBev SA/NV: key financials ($)

SOURCE: COMPANY FILINGS

Table 11: Anheuser-Busch InBev SA/NV: key financial ratios

Revenue per employee