AB InBev’s Stella Artois Brewery. Source: Flickr
This article covers AB InBev’s beverage sale volumes breakdown by segment. AB InBev’s beverage sale volumes are distributed across several regions, which include:
- North America,
- Middle Americas,
- South America,
- EMEA,
- Asia Pacific, and,
- Global Export and Holding Companies.
The definitions of these segments are available here: AB InBev’s segments.
Let’s take a look.
For other key statistics of AB InBev, you may find more resources on this page: ABI key stats.
Please use the table of contents to navigate this page.
Table Of Contents
Definitions And Overview
- Sale Volumes
- North America
- Middle Americas
- South America
- EMEA
- Asia Pacific
- Global Export and Holding Companies
Insight & Summary of Observed Trends
Z1. Insight & Summary of AB InBev’s Beverage Volumes Breakdown By Segment
Beverage Volumes Results
A1. Volumes breakdown by segment
A2. Volumes mix by segment
A3. Volumes growth by segment
Reference, Credits, and Disclosure
S1. References and Credits
S2. Disclosure
Definitions
To help readers understand the content better, the following terms and glossaries have been provided.
Sale Volumes: ABI’s sale volumes is measured based on the product sales within the countries that comprise the business segment rather than based on products manufactured within that business segment but sold elsewhere.
AB InBev’s reported volumes include both beer and non-beer (primarily carbonated soft drinks, spirits-based beverages and energy drinks) volumes.
In addition, volumes include not only brands that ABI owns or licenses, but also third-party brands that it brews and sells, and third-party products that it sells through its distribution network, particularly in Europe and Middle Americas.
Volumes sold by the Global Export business, which comprises the global headquarters and export operations not allocated to any region, are presented separately.
North America: ABI’s North American region includes the following countries: United States and Canada.
Middle Americas: ABI’s Middle Americas region includes the following countries: the Caribbean, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama and Peru.
South America: ABI’s South American region includes the following countries: Argentina, Bolivia, Brazil, Chile, Paraguay and Uruguay.
EMEA: ABI’s EMEA region includes the following countries: Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Spain, Switzerland, the United Kingdom, Botswana, Ghana, Lesotho, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania, Uganda and Zambia and other African, European and Middle East countries.
Asia Pacific: ABI’s Asia Pacific region includes the following countries: China, India, Japan, New Zealand, South Korea, Vietnam and other South Asian and Southeast Asian countries.
Global Export and Holding Companies: ABI’s Global Export and Holding Companies segment includes the company’s headquarters, some non-beverage related businesses, and the countries in which its products are sold only on an export basis and in which ABI generally does not otherwise have any operations or production activities.
Insight & Summary of AB InBev’s Beverage Volumes Breakdown By Segment
AB InBev’s total beverage volumes sold have been broadly flat-to-declining over the period, moving from 559.8 million hectoliters in FY2018 to 561.1 million hectoliters in FY2025 — effectively unchanged at the top line, but only after peaking at 595.1 million hectoliters in FY2022 and falling in each of the three years since. Beneath that plateau, the segment composition has shifted meaningfully: Middle Americas and South America have gained volume share at North America’s expense, while Asia Pacific and the small Global Export and Holding Companies segment have weakened.
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North America is in sustained volume decline North America’s volumes have fallen in nearly every year of the period, from 110.7 million hectoliters in FY2018 to 82.7 million hectoliters in FY2025 — a decline of roughly 25%. Its mix share has fallen correspondingly, from 19.8% to 14.7% over the same window, and its three-year average growth rate of -6.9% is the steepest sustained decline of any core segment, including a particularly sharp drop in FY2023 (-12.2%).
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Middle Americas and South America have become the volume anchors Middle Americas’ volumes grew from 128.8 million hectoliters in FY2018 to 150.5 million hectoliters in FY2025, lifting its mix share from 23.0% to 26.8%, and its three-year average growth of 0.6% is positive against a declining total. South America has followed a similar path, with its mix share rising from 24.2% to 27.7% and volumes up from 135.6 million to 155.2 million hectoliters over the period, though its most recent three-year average growth has turned slightly negative (-1.9%) after several years of gains — the one core segment showing an inflection worth watching.
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EMEA has held broadly steady; Asia Pacific has weakened EMEA’s volumes and mix share have been comparatively stable, with its share rising modestly from 15.6% to 16.6% and a positive three-year average growth of 1.0%. Asia Pacific, by contrast, has declined from 96.1 million hectoliters in FY2018 to 79.0 million hectoliters in FY2025, with its mix share falling from 17.2% to 14.1% and a three-year average growth of -3.7% — now the second-weakest core segment after North America.
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Global Export and Holding Companies remains small and volatile This segment has shrunk from 1.4 million hectoliters in FY2018 to 383 thousand hectoliters in FY2025, with extreme year-to-year growth swings (from +67.0% in FY2021 to -46.2% in FY2022) and a three-year average growth of -20.5%. Its scale — consistently 0.3% of total volumes or less — means it has limited bearing on the consolidated trend despite its volatility.
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Structural Takeaway: The structural takeaway is a redistribution of AB InBev’s volume base away from North America and, to a lesser extent, Asia Pacific, toward Middle Americas and South America, which together now account for more than half of total beverage volumes sold (54.5% on a three-year average basis). This has kept total volumes roughly flat over the full period even as North America’s volume base has shrunk by a quarter, masking a more pronounced decline in the segments that were historically larger contributors.
The foreseeable trend, if current trajectories persist, is continued erosion in North America’s volume base with no clear sign of stabilization through FY2025, while the sustainability of total volumes will increasingly depend on Middle Americas and South America’s growth holding up — notably, South America’s recent swing to slightly negative growth is a trend worth monitoring, since a simultaneous slowdown in both of AB InBev’s largest volume segments would remove the main offset to North America’s decline and could turn the current plateau in total volumes into an outright contraction.
The table below combines all key AB InBev’s beverage sale volumes by segment metrics into a single view for the latest three fiscal years.
AB InBev's Beverage Volumes by Segment — Averages
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| AB InBev's Volumes Breakdown by Segment (3-Year Average (FY2023–FY2025)) | |
| North America | 86,382 thousand hectoliters |
| Middle Americas | 149,769 thousand hectoliters |
| South America | 159,466 thousand hectoliters |
| EMEA | 92,447 thousand hectoliters |
| Asia Pacific | 85,374 thousand hectoliters |
| Global Export and Holding Companies | 407 thousand hectoliters |
| Total Beverage Volumes Sold | 573,845 thousand hectoliters |
| AB InBev's Volumes Mix by Segment (3-Year Average (FY2023–FY2025)) | |
| North America | 15.0% |
| Middle Americas | 26.1% |
| South America | 27.8% |
| EMEA | 16.1% |
| Asia Pacific | 14.9% |
| Global Export and Holding Companies | 0.1% |
| Total Beverage Volumes Sold | 100.0% |
| AB InBev's Volumes Growth by Segment (3-Year Average (FY2023–FY2025)) | |
| North America | -6.9% |
| Middle Americas | 0.6% |
| South America | -1.9% |
| EMEA | 1.0% |
| Asia Pacific | -3.7% |
| Global Export and Holding Companies | -20.5% |
| Total Beverage Volumes Sold | -1.9% |
This table covers FY2023–FY2025. Volume averages rounded to the nearest thousand hectoliters. The six segments sum to Total Beverage Volumes Sold in each fiscal year. Volumes mix averages rounded to one decimal place. The six segment shares sum to Total Beverage Volumes Sold's 100.0% share in each fiscal year (subject to rounding). Volumes growth averages rounded to one decimal place.
Volumes breakdown by segment
View data as table
AB InBev Beverage Volumes Breakdown by Segment — All Metrics by Fiscal Year
| Fiscal Year | North America | Middle Americas | South America | EMEA | Asia Pacific | Global Export and Holding Companies | Total Beverage Volumes Sold |
|---|---|---|---|---|---|---|---|
| 2018 | 110,726 thousand hectoliters | 128,802 thousand hectoliters | 135,619 thousand hectoliters | 87,135 thousand hectoliters | 96,116 thousand hectoliters | 1,422 thousand hectoliters | 559,820 thousand hectoliters |
| 2019 | 108,133 thousand hectoliters | 133,537 thousand hectoliters | 139,664 thousand hectoliters | 85,888 thousand hectoliters | 93,168 thousand hectoliters | 1,036 thousand hectoliters | 561,426 thousand hectoliters |
| 2020 | 106,847 thousand hectoliters | 120,799 thousand hectoliters | 144,209 thousand hectoliters | 76,206 thousand hectoliters | 81,648 thousand hectoliters | 933 thousand hectoliters | 530,642 thousand hectoliters |
| 2021 | 106,965 thousand hectoliters | 141,448 thousand hectoliters | 156,622 thousand hectoliters | 86,706 thousand hectoliters | 88,379 thousand hectoliters | 1,558 thousand hectoliters | 581,678 thousand hectoliters |
| 2022 | 102,674 thousand hectoliters | 147,624 thousand hectoliters | 164,319 thousand hectoliters | 90,780 thousand hectoliters | 88,898 thousand hectoliters | 838 thousand hectoliters | 595,133 thousand hectoliters |
| 2023 | 90,140 thousand hectoliters | 148,730 thousand hectoliters | 162,460 thousand hectoliters | 90,213 thousand hectoliters | 92,726 thousand hectoliters | 459 thousand hectoliters | 584,728 thousand hectoliters |
| 2024 | 86,272 thousand hectoliters | 150,086 thousand hectoliters | 160,768 thousand hectoliters | 93,804 thousand hectoliters | 84,397 thousand hectoliters | 380 thousand hectoliters | 575,707 thousand hectoliters |
| 2025 | 82,734 thousand hectoliters | 150,490 thousand hectoliters | 155,171 thousand hectoliters | 93,323 thousand hectoliters | 78,999 thousand hectoliters | 383 thousand hectoliters | 561,100 thousand hectoliters |
The method how AB InBev measures its beverage sale volumes is defined here: sale volumes.
The definitions of ABI’s segments are available here:
- North America,
- Middle Americas,
- South America,
- EMEA,
- Asia Pacific, and
- Global Export and Holding Companies.
AB InBev's Volumes Breakdown by Segment — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| North America | 86,382 thousand hectoliters |
| Middle Americas | 149,769 thousand hectoliters |
| South America | 159,466 thousand hectoliters |
| EMEA | 92,447 thousand hectoliters |
| Asia Pacific | 85,374 thousand hectoliters |
| Global Export and Holding Companies | 407 thousand hectoliters |
| Total Beverage Volumes Sold | 573,845 thousand hectoliters |
Volume averages rounded to the nearest thousand hectoliters. The six segments sum to Total Beverage Volumes Sold in each fiscal year.
Volumes mix by segment
View data as table
AB InBev Beverage Volumes Mix by Segment — All Metrics by Fiscal Year
| Fiscal Year | North America | Middle Americas | South America | EMEA | Asia Pacific | Global Export and Holding Companies |
|---|---|---|---|---|---|---|
| 2018 | 19.8% | 23.0% | 24.2% | 15.6% | 17.2% | 0.3% |
| 2019 | 19.3% | 23.8% | 24.9% | 15.3% | 16.6% | 0.2% |
| 2020 | 20.1% | 22.8% | 27.2% | 14.4% | 15.4% | 0.2% |
| 2021 | 18.4% | 24.3% | 26.9% | 14.9% | 15.2% | 0.3% |
| 2022 | 17.3% | 24.8% | 27.6% | 15.3% | 14.9% | 0.1% |
| 2023 | 15.4% | 25.4% | 27.8% | 15.4% | 15.9% | 0.1% |
| 2024 | 15.0% | 26.1% | 27.9% | 16.3% | 14.7% | 0.1% |
| 2025 | 14.7% | 26.8% | 27.7% | 16.6% | 14.1% | 0.1% |
The method how AB InBev measures its beverage sale volumes is defined here: sale volumes.
The method in which how AB InBev measures its beverage sale volumes is available here: sale volumnes.
- North America,
- Middle Americas,
- South America,
- EMEA,
- Asia Pacific, and
- Global Export and Holding Companies.
AB InBev's Volumes Mix by Segment — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| North America | 15.0% |
| Middle Americas | 26.1% |
| South America | 27.8% |
| EMEA | 16.1% |
| Asia Pacific | 14.9% |
| Global Export and Holding Companies | 0.1% |
| Total Beverage Volumes Sold | 100.0% |
Volumes mix averages rounded to one decimal place. The six segment shares sum to Total Beverage Volumes Sold's 100.0% share in each fiscal year (subject to rounding).
Volumes growth by segment
View data as table
AB InBev Beverage Volumes Growth by Segment — All Metrics by Fiscal Year
| Fiscal Year | North America | Middle Americas | South America | EMEA | Asia Pacific | Global Export and Holding Companies | Total Beverage Volumes Sold |
|---|---|---|---|---|---|---|---|
| 2019 | -2.3% | 3.7% | 3.0% | -1.4% | -3.1% | -27.1% | 0.3% |
| 2020 | -1.2% | -9.5% | 3.3% | -11.3% | -12.4% | -9.9% | -5.5% |
| 2021 | 0.1% | 17.1% | 8.6% | 13.8% | 8.2% | 67.0% | 9.6% |
| 2022 | -4.0% | 4.4% | 4.9% | 4.7% | 0.6% | -46.2% | 2.3% |
| 2023 | -12.2% | 0.7% | -1.1% | -0.6% | 4.3% | -45.2% | -1.7% |
| 2024 | -4.3% | 0.9% | -1.0% | 4.0% | -9.0% | -17.2% | -1.5% |
| 2025 | -4.1% | 0.3% | -3.5% | -0.5% | -6.4% | 0.8% | -2.5% |
The method how AB InBev measures its beverage sale volumes is defined here: sale volumes.
The definitions of ABI’s segments are available here:
- North America,
- Middle Americas,
- South America,
- EMEA,
- Asia Pacific, and
- Global Export and Holding Companies.
AB InBev's Volumes Growth by Segment — Averages (FY2023–FY2025)
| Metric | 3-Year Average (FY2023–FY2025) |
|---|---|
| North America | -6.9% |
| Middle Americas | 0.6% |
| South America | -1.9% |
| EMEA | 1.0% |
| Asia Pacific | -3.7% |
| Global Export and Holding Companies | -20.5% |
| Total Beverage Volumes Sold | -1.9% |
Volumes growth averages rounded to one decimal place.
References and Credits
1. All financial figures presented in this article were obtained and referenced from AB InBev’s earnings releases, quarterly and annual reports, SEC filings, presentations, press releases, etc., which are available in AB InBev Investor Relation.
2. Featured image was used under Creative Common Licenses and obtained from toyohara and VISITFLANDERS.
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Disclosure
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