Proost Beer Records 2.7X Revenue Growth, Achieves EBITDA Breakeven

India’s alcoholic beverages industry is expected to see slower growth in the December quarter (Q3FY26), marking a pause after four straight quarters of double-digit expansion, according to brokerage estimates. Analysts tracking liquor, beer and wine companies expect revenue growth to cool to mid-single digits during the quarter. JM Financial estimates industry Read more on- https://lnkd.in/g4J7R3qM

The Non-Alcoholic Beer market is set for steady growth worldwide as consumers increasingly favor healthier, low- and no-alcohol beverage options. Asia leads the market, expanding from US$14.9 billion in 2025 to US$18.9 billion by 2030 (CAGR 4.9%), followed by the Americas, which grow from US$11.4 billion to US$14.4 billion at a similar rate. Europe rises from US$10.6 billion to US$13.1 billion (CAGR 4.3%), reflecting continued innovation in a mature market. Africa records the fastest growth, increasing from US$1.6 billion to US$2.5 billion (CAGR 9.7%), while Australia & Oceania grows steadily from US$0.33 billion to US$0.42 billion (CAGR 4.9%). More market insights can be found here: https://lnkd.in/es8AP-wv

Is the bev-alc slowdown really about consumers — or an industry that overbuilt? 🍺📉 National Beer Wholesalers Association chief economist Lester Jones argues the category’s biggest challenge is oversupply, not shifting demand, pointing to years of capacity expansion fueled by cheap capital and portfolio sprawl. During a recent webinar, Jones said beer and spirits producers have “invested way too much in capacity,” while consumption levels among legal-age drinkers have remained largely stable. New retailer data from Fintech shows off-premise beer purchases falling sharply, even as on-premise sales quietly gained share and dollars. 📊🍻 Link to the full story in the first comment below 👇 #BevAlc #BeerIndustry #AlcoholTrends #OnPremise #OffPremise #CraftBeer #IndustryAnalysis

Just read that liquor sales are dropping as disposable income tightens and inflation bites. Carlsberg Group’s core beer brands now account for less than half of sales, with 49% coming from non-alcoholic beer and soft drinks. Demand for scotch, cognac, and tequila is in historic decline. 5 of the world’s largest alcohol producers are sitting on $22B of ageing spirits - the highest in over 10y. For Rémy Cointreau, €1.8B of maturing inventory is almost 2x its annual revenues and close to its mkt cap This is a consumer demand story, expressed through capital misallocation and driven by water. Spirits are not simple bevs. They are long-duration, water-intensive assets. From grain + sugar cultivation to fermentation, distillation, barrel ageing, climate-controlled storage, and evap losses, every 🍾 represents years of embedded water and capital. Once a cask is filled, the water, energy and capital are locked. And what remains on balance sheets today is stranded water capital The roots of this mispricing trace back to the pandemic. During COVID, at-home drinking surged and producers scaled prod across alcoholic beverages, mistaking a short-term spike for a lasting trend. Short-term demand became 5–20y water commitments Now that demand has normalised, incomes have tightened, and inflation has reshaped spending priorities, those barrels remain. They sit in warehouses, slowly evaporating, carrying water from specific regions that no longer matches current market demand Health trends are accelerating the shift, with Wegovy (Eli Lilly and Company) and Ozempic (Novo Nordisk) reshaping consumption. Geopolitical risk has added further strain, with China imposing a 34.9% duty on European cognac amid trade tensions with the EU- exempting Pernod Ricard, LVMH, and Rémy only if they agreed to sell at minimum prices. Meanwhile, Diageo and Brown-Forman have already invested millions into expanding production capacity, increasing water demand, capex, and operating costs just as demand weakens. In the US, sales of Don Julio Tequila and Jameson Irish Whiskey continue to deteriorate Carlsberg’s pivot toward non-alc beer and soft drinks reflects more than a lifestyle trend. These products require less water per unit, have shorter prod cycles, faster inventory turnover, and lower storage risk Even without explicit water strategies, balance sheets are forcing a shift toward greater water efficiency Demand destruction, inventory buildup, margin compression, and asset devaluation are all playing out in a sector whose core input is water. Alcohol is simply the most visible example of how long-cycle, water-heavy assets struggle to adapt to volatility in consumption, health trends, geopolitics, and climate risk Caelra Capital supports decision-makers with water-capital intelligence, executive advisory, and proprietary valuation frameworks for water-exposed assets, infrastructure, and supply chains. Access my water capital breakdown for beverages and GLP-1s here 🔽 

𝗖𝗮𝗿𝗹𝘀𝗯𝗲𝗿𝗴'𝘀 𝗺𝗮𝗶𝗻𝘀𝘁𝗿𝗲𝗮𝗺 𝗯𝗲𝗲𝗿 𝗶𝘀 𝗻𝗼𝘄 𝗹𝗲𝘀𝘀 𝘁𝗵𝗮𝗻 𝗵𝗮𝗹𝗳 𝗼𝗳 𝘀𝗮𝗹𝗲𝘀. 𝗙𝗶𝗿𝘀𝘁 𝘁𝗶𝗺𝗲 𝗲𝘃𝗲𝗿. 𝗧𝗵𝗶𝘀 𝗶𝘀𝗻'𝘁 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗱𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻. 𝗜𝘁'𝘀 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗺𝗼𝗱𝗲𝗹 𝗿𝗲𝘀𝗲𝘁. → Carlsberg, Tuborg, Kronenbourg: ~20%. → Soft drinks + NA beer: now 33% of revenue. → Britvic acquisition nearly doubled soft drinks' contribution. → Local core beer brands: 49% of sales. Down from 59% in 2024. Every brewer is asking: "How do we defend our core beer business?" ↳ Wrong question. Ask: 𝘏𝘰𝘸 𝘥𝘰 𝘸𝘦 𝘣𝘶𝘪𝘭𝘥 𝘢 𝘵𝘰𝘵𝘢𝘭 𝘣𝘦𝘷𝘦𝘳𝘢𝘨𝘦 𝘤𝘰𝘮𝘱𝘢𝘯𝘺? ↳ Carlsberg's answer is outperforming everyone. 𝗧𝗵𝗲 𝟰 𝗵𝗮𝗿𝗱 𝘁𝗿𝘂𝘁𝗵𝘀 𝗮𝗯𝗼𝘂𝘁 𝗖𝗮𝗿𝗹𝘀𝗯𝗲𝗿𝗴'𝘀 𝗽𝗹𝗮𝘆𝗯𝗼𝗼𝗸: 𝟭. 𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝗶𝗻𝗴 𝗿𝗲𝘀𝘂𝗹𝘁𝘀 ↳ 2019-2024 volume growth: 1.8% annually. ↳ Margins improved 0.7 percentage points. ↳ Peers saw deterioration. Carlsberg didn't. 𝟮. 𝗣𝗿𝗲𝗺𝗶𝘂𝗺𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝗶𝘀𝗻'𝘁 𝘁𝗵𝗲 𝗼𝗻𝗹𝘆 𝗴𝗿𝗼𝘄𝘁𝗵 𝗹𝗲𝘃𝗲𝗿 ↳ Carlsberg expanded into non-beer segments. ↳ Soft drinks. NA beer. Broader occasions. ↳ Growth where competitors aren't looking. ↳ Most brewers bet only on premium. 𝟯. 𝗢𝘂𝘁𝘀𝗶𝗱𝗲𝗿 𝗹𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗹𝗲𝗴𝗮𝗰𝘆 𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 ↳ CEO Aarup-Andersen came from ISS and Danske Bank. ↳ Beer remains central. But not the only game. ↳ Flexible view on consumer trends. ↳ No beer industry orthodoxy. 𝟰. 𝗠𝗼𝗱𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗮𝗹 ↳ Build for resilience, not on reliance on a single segment. ↳ Consumer shift toward moderation isn't temporary. ↳ Drinking habits are diversifying permanently. 𝗧𝗵𝗲 𝟯 𝗶𝗺𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗯𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆: First: Portfolio breadth is now a competitive advantage. ↳ Single-category dependence = structural risk. ↳ Total beverage model builds resilience. Second: M&A + Partnerships for capability, not just scale. ↳ Britvic wasn't about volume. ↳ Britvic strengthened the deal as Pepsi Bottler. ↳ It was about accessing new consumption occasions. Third: Russia exit didn't kill them. ↳ Half of profits came from Russia. ↳ They walked away. And still outperformed. ↳ Strategic clarity > short-term pain. 𝗧𝗵𝗲 𝗵𝗮𝗿𝗱 𝘁𝗿𝘂𝘁𝗵: Mainstream beer is declining as a core revenue driver. This is category reality across developed markets. Carlsberg isn't fighting the trend. They're building around it. Aarup-Andersen calls it "structurally higher growth." The data support it. The question for beverage leaders: Are you defending a shrinking core? Or building a broader future? ___________ 👋 Hi, I am Filiberto. Follow me for sharper FMCG insights. 📖 Like this post? You are going to love my newsletter: https://lnkd.in/dFwbrjwG

Carlsberg has morphed into a business that no longer relies on sales of full-strength beer. Many canny wine producers will do the same. Apart from the other products they will produce (including alc-free, but not necessarily alc-free wine), they'll sell *experiences*, including, but not restricted to, tourism.

Start the week with Filiberto Amati's enlightening post regarding Carlsberg's transformation including portfolio diversification. Understanding to not fight a trend, but to find alternative to grow around it is something most FMCG-companies are currently missing completely.

This has been coming 👀 ⏳ Changing tastes, attitudes and behaviours are depressing sales volumes across many (particularly high %) alcoholic products - provoking a seismic shift towards portfolio diversification and innovation from organisations across the food, beverage and hospitality business. 📊🥤 This is creating a big, urgent oportunity for these companies to focus on listening to new generations of consumers, feeding those insights into product innovation, intensified M&A activity and more intelligent, differentiated marketing. 🧠 💰 Investing in sport and entertainment partnerships is a great way for incumbent and challenger brands to reach new cohorts in authentic ways, with symbiotic sponsorships and cut through campaigns (e.g. Guinness 0.0 x Premier League: https://lnkd.in/eQ95MGuq) ⚽️ 🍻 #marketing #fmcg #knowfansbest #TwoCircles #sport #entertaiment

Marico Limited has made a strategic investment in 4700BC, bringing the premium gourmet snacking brand into its digital-first foods portfolio. The move strengthens Marico’s D2C strategy, expands its value-added foods play, and positions 4700BC for faster, sustainable growth across India’s evolving snacking ecosystem.#pulsedaily Read more: https://lnkd.in/ghfMFK2S Abhishek Shah Saugata Gupta Chirag Gupta

Constellation Brands has reported third-quarter sales and profit that exceeded Wall Street expectations, supported by steady demand for its key beer brands, including Modelo Especial and Corona, despite ongoing pressure in the US alcohol market.  https://lnkd.in/dVD5SUnC  #beverages #financials #beverageindustry #foodindustry