AB InBev Financial Results
VOLUMES
The table below summarizes the volume evolution per region and the related comments are based on organic numbers.
Volumes include not only brands that we own or license, but also third-party brands that we brew as a subcontractor and
third-party products that we sell through our distribution network, particularly in Europe. Volumes sold by the Global Export
business, which includes our global headquarters and the export businesses which have not been allocated to our regions,
are shown separately.
Thousand hectoliters
North America
Middle Americas
South America
EMEA
Asia Pacific
Global Export and Holding Companies
AB InBev Worldwide
Organic
Organic growth
2021
Scope
growth
2022
%
106 965
2
(4 293)
102 674
(4.0)%
141 447
105
6 072
147 624
4.3%
156 622
421
7 276
164 319
4.6%
86 707
76
3 997
90 780
4.6%
88 379
4
1 558
581 678
(607)
515
(112)
13 455
88 898
0.6%
838
(11.8)%
595 133
2.3%
North America total volumes decreased by 4.0%
In the United States, our sales-to-wholesalers ("STWs") declined by 4.2% and our sales-to-retailers ("STRS") declined by
4.1%, estimated to be below the industry. In 2022, our above core beer portfolio outperformed the industry, led by Michelob
ULTRA which grew volumes by high-single digits and by the growth of our premium brands including Stella Artois, Kona
Big Wave and Estrella Jalisco. In Beyond Beer, our spirits-based ready-to-drink portfolio grew volume by strong double-
digits and continued to outperform the industry, led by Cutwater, the #1 spirits-based cocktail in the country, and NÜTRL,
the industry's #2 vodka seltzer.
In Canada, while total volumes declined low-single digits due to a soft industry, we gained share of beer for the third year
in a row.
Middle Americas total volumes increased by 4.3%.
In Mexico, we delivered volume growth across all segments of our portfolio, with our above core beer brands growing over
20%, led by Modelo, Pacifico and Michelob ULTRA. In the fourth quarter of 2022, we completed the final wave of our Oxxo
channel expansion with our portfolio now available in approximately 20 000 Oxxo stores nationwide. We continued to
progress our digital transformation with over 60% of our BEES customers now also BEES Marketplace buyers and our
digital DTC platform, TaDa, now fulfilling over 300 000 orders per month.
In Colombia, led by the consistent implementation of our category expansion levers, the beer category continues to grow,
gaining 80bps share of total alcohol volume this year and with 2022 marking the highest beer per capita consumption in
over 25 years. Our volumes grew by high-single digits in 2022 compared to 2021, delivering volume growth across all
segments of our portfolio. Our premium and super premium brands led the way, delivering over 25% volume growth and
reaching an all-time high volume and share of our total revenue. More than 45% of our BEES customers are now also
BEES Marketplace buyers.
In Peru, our volumes grew by high-single digits in 2022 reaching a new all-time high for the fiscal year, with the beer and
Beyond Beer categories increasing share of total alcohol. In December, the industry momentum was impacted by social
unrest in certain regions and our volumes declined by low-single digits in the fourth quarter of 2022. Over 55% of BEES
customers are now also BEES Marketplace buyers.
In Ecuador, we delivered high-single digits volume growth, driven by the expansion of the beer category and supported by
post COVID-19 recovery. Approximately 75% of BEES customers are now also BEES Marketplace buyers.
South America total volumes increased by 4.6%.
In Brazil, our total volume grew by 5.6% in 2022, with beer volumes up by 3.5%, outperforming the industry according to
our estimates, and non-beer volumes up by 12.0% compared to 2021. In 2022, we once again delivered record high beer
volumes driven by continued expansion of our market share. BEES continued to expand, delivering an all-time high Net
Promoter Score (NPS) in the fourth quarter of 2022 and more than 70% of our BEES customers are now also BEES
Marketplace buyers. Our digital DTC platform, Zé Delivery, fulfilled over 62 million orders this year and has now reached
4.8 million monthly active users, a 17% increase versus December 2021.
In Argentina, volumes grew by low-single digits led by the strong performance of our above core beer and non-beer brands.
EMEA total volumes increased by 4.6%.
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