Global beer results prove why diversification is so important

We look back at the results from the first half of 2025 and check in on the performances of the world’s largest global beer companies (Heineken, Carlsberg, AB InBev, Molson Coors, Constellation Brands, and Royal Unibrew). We also look at three major themes affecting the beer business in 2025: the dramatic impact of harsh immigration policies on American Latinos, the struggles of European brewers to push costs onto consumers, and the urgency and surprising success of global beer businesses betting big on non-alcoholic beverages.  Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: [email protected] Check out the rest of our written research: rabobank.com/knowledge Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.  

Southern Glazer’s Wine & Spirits is the largest alcohol wholesaler in the United States. We caught up with Mark Chaplin, John Wittig, and David Chaplin, three of Sourthern’s senior executives, to discuss the toughest issues facing alcohol distribution in 2025 and increasing pressure to become a total beverage distributor.  Note: This episode was recorded only a few days prior to Southern’s acquisition of AB InBev’s wholly owned New York City distribution operations. In the coming weeks, we will have the Southern team back on the show to discuss that transaction.  Catch up on our additional coverage of route-to-market strategy: REPORT: National alignment: How US wine and spirits brands can get the most out of their wholesaler PODCAST: How to negotiate a better distribution agreement PODCAST: What is driving wholesaler consolidation? PODCAST: Do wine and spirits wholesalers need to be more like beer distributors? Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: [email protected]  Check out the rest of our written research: rabobank.com/knowledge  Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

With tariffs, falling demand, and an unfavorable exchange rate, it can feel as though the cosmos are conspiring to make life hard for US importers. However, many import brands and bulk products remain very competitive in the US market. In this episode, we discuss how importers are adjusting to survive and if not thrive in the current operating environment. This is episode two from our discussion with Ryan O’Hara, CEO of MHW, and Serena Campell, Operations Director for USA Wine West. Check out episode one here: How to import wine and spirits into the US   Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: [email protected]  Check out the rest of our written research: Rabobank.com/knowledge Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Winning in the US market is the holy grail for many brands around the world, but how do you get started? What type of importer should you use, what should you expect from them, and what should you be prepared to bring to the table? What gets an importer excited to support your brand? In this episode we speak with Ryan O’Hara, CEO of MHW, and Serena Campbell, Operations Director for USA Wine West, for a crash course on how to maximize your chance of succeeding in the competitive, confusing, and tremendously large US wine and spirits market. This is part 1 of a two-part episode.    Want to sign up for our written research? Have a question, qualm or story to tell, reach out via email: [email protected] Check out the rest of our written research: Rabobank.com/knowledge Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

It seems unthinkable that a simple legal loophole for hemp would lead to the de facto legalization of marijuana edibles in the United States, but here we are. Intoxicating hemp products are everywhere, and everyone seems to be excited about them. But the story of hemp-derived THC's rise and the greatest threat to its future are inexorably linked to its legal status. In this episode, we speak to two legal experts, Marc Hauser and Rebecca Stamey-White, about how the intoxicating hemp business came to life, how long it could last, and how the sector's tenuous legal status is influencing every aspect of the industry, from who invests and founds a hemp business to where it can be sold.  Be sure to check out Marc’s fantastic substack “Cannabis Musings”: Click here.   Want to sign up for our written research? Have a question, qualm or story to tell, reach out via email: [email protected] Check out the rest of our written research: Rabobank.com/knowledge   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services Cannabis Musings is not a part of Rabobank Group. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

Caroline Levy and Carol Reber know a lot about being on a board. Between them, they sit on the board of six different companies that include Celsius Holdings, Far Niente Wine Estates, Health-Ade, Arterra Wines Canada, Rack & Riddle, and Athletic Brewing Company. On today’s episode, Carol and Caroline share their journeys and bring us up to speed on what a company board of directors actually does, who should be on them, and what characteristics distinguish a good board from a bad one. Want to sign up for our written research? Have a question, qualm or story to tell, reach out via email: [email protected] Check out the rest of our written research: Rabobank.com/knowledge Be sure to listen to Caroline’s fantastic podcast, Drinks With Caroline:  Click here   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Drinks With Caroline is not a part of Rabobank Group. Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

In this episode, we discuss all the ways a beverage firm can diversify its business and the consequences when things go wrong. Whether it is geographical expansion, vertical integration, moving into adjacent categories, or route to market, we debate the merits, downsides, and myriad real-world examples of seven different diversification strategies and runway for each strategy to be successful going forward. Read our report on diversification strategies: Beverage market buzz: Balancing diversification versus focus. Want to sign up for our written research? Have a question, qualm, or story to tell, reach out via email: [email protected]. Check out the rest of our written research: Rabobank.com/knowledge.   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.   Disclaimer: Please refer to our global RaboResearch disclaimer at https://www.rabobank.com/knowledge/disclaimer/011417027/disclaimer for information about the scope and limitations of the material published on the podcast.

What happens when you move a production plant from Europe to the United States or switch from Florida oranges to Brazilian oranges? Does your product still taste the same? Has technology made it possible to replace 50% of the sugar in a beverage with zero-calorie sweetener and avoid a nasty aftertaste? John Kelly and Paul Villis from Kerry Group join us to talk through how beverage brands are changing ingredients and deciding to focus on either reformulation (i.e., cost savings) or innovation (i.e., revenue growth).  Want to sign up for our written research? Have a question, qualm or story to tell, reach out via email: [email protected]   Check out the rest of our written research: Rabobank.com/knowledge   Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services Please read our disclaimer here: https://www.rabobank.com/knowledge/disclaimer/011410028/disclaimer

It’s not a fun time to work in the alcohol business. Demand is down in almost every segment and in almost every geography. Costs are rising. And most every category is in some state of oversupply. How on earth did we get here?  Erica Duecy and Scott Rosenbaum, hosts of the Business of Drinks podcast, join the RaboResearch team to debate what is driving the recent declines in the alcohol industry using our favorite debate format: a draft!  Want to sign up for our written research? Have a question, qualm, or a story to tell? Reach out via email: [email protected] Check out the rest of our written research: Rabobank.com/knowledge Check out Business of Drinks on Spotify or Apple Podcasts Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services. Business of Drinks is not a part of Rabobank Group. Please read our disclaimer here:  https://www.rabobank.com/knowledge/disclaimer/011410028/disclaimer  

Young people are drinking less, but virtually all those declines are driven by men. If they do consume alcohol, men drink twice as much as women. In this episode, we speculate on what could be changing in the culture and in the lives of young men that is pushing them away from alcohol.    Link to our report on Gen Z drinking habits: Click here.     Want to sign up for our written research? Have a question, qualm or story to tell, reach out via email: [email protected]   Check out the rest of our written research:  Rabobank.com/knowledge Note: The content and opinions presented within this podcast are not intended as investment advice, and the opinions rendered are that of the individuals and not Rabobank or its affiliates and should not be considered a solicitation or offer to sell or provide services.