英文_高盛_美洲饮料_截至5月17日的NielsenIQ数据显示酒精饮料总销售额连续恶化_36页_1mb

Americas Beverages Market Analysis Summary

Overview

The report provides a detailed analysis of the Americas Beverages market, focusing on total alcoholic beverage sales, beer, hard seltzer, cider, and RTD cocktail trends. Key findings indicate a challenging market with declining volume sales in most categories, driven by factors including competitive pressures and changing consumer preferences. Pricing trends show relative stability in some segments, offset by promotional spending reductions compared to pre-pandemic levels.

Beer Category Trends

• Total Volume Decline: Beer experienced a -3.5% volume decline year-over-year for the latest 2-week period, reflecting ongoing market pressure. Imports, such as Modelo and Corona, saw volume drops of -4.1% and -3.0%, respectively.
• Key Brands:
  • Anheuser-Busch InBev (ABI): Despite overall volume weakness, brands like Modelo showed resilience with -2.0% y/y sales growth. Bud Light faced significant pressure, declining -9.2% y/y in sales.
  • Molson Coors (TAP): Coors Light volume decreased -10.2% y/y. Miller brands saw steady declines, while Keystone Light and Coors Banquet showed moderate performance.
  • Heineken: Heineken Original sales declined -8.3% y/y, while Bud Light's share contraction lost 64 basis points.
• Distribution: Anheuser-Busch India rolled out Modelo across key partners but faces potential E. coli issues. Low promotional spend (<20% in 19.9 prior year) indicates cautious manufacturer strategies.

Hard Seltzer and Cider Trends

• Hard Seltzer: Sales volume fell -7.2% y/y, with Truly experiencing the most severe decline (-177% in some periods). Modelo Ranch Water and other premium variants showed modest growth.
• Cider: Natural and FMB categories saw volume drops, while brands like Twisted Tea decelerated growth but maintained market presence. Overall cAd share expanded due to pricing tactics.

RTD Cocktail Performance

• Growth Categories: Spirit-based RTD cocktails continued moderate sales growth (+16.6%), with high popularity for premium brands. Wine-based RTD saw sustained growth (+32.9%), driven by innovative products like Spiked Tea.
• Price and Volume: Avg EQ Price increased moderately, while volume declined for emerging brands.

Promotional Strategies

• Promo Spend: Total US market promotional spend stood at 23.2%, well below 2019 levels (-350bps y/y decrease). Limited discounts focus on non-peak seasons, reflecting supply chain and competitive adjustments.
• Branded Initiatives: Models like Modelo and Truly utilized limited promotions, targeting specific demographics.

Key Conclusions

• Market Challenges: Declining volumes in beer and hard goods indicate stronger competitive dynamics among manufacturers. Consumers favor value, constraining price increases.
• Recommendations: Focus on emerging segments like hard seltzer and cider variants, and monitor brand consolidation and distribution strategies in key regions.
• Cautions: Supply chain disruptions and health risks (e.g., E. coli at Modelo) could pose risks to brand growth. Promotional activity's declining trend may limit near-term recovery.