Alcoholic Drinks in Latin America

December 2024

The Latin American alcoholic drinks market quickly recovered from 2020’s pandemic-induced drop in sales, but, with the difficult economic circumstances in a number of countries in the region, including high inflation, sales went into decline in 2023. However, an immediate return to positive growth is expected in 2024, with health trends driving strong sales in non-alcoholic beer, and spirit-based RTDs also expected to be a dynamic performer over 2023-2028.

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Key findings

Sales slump in Argentina in 2023

Against the backdrop of soaring inflation and the erosion of purchasing power, alcoholic drinks sales slumped in Argentina in 2023. With protectionist policies also exacerbating supply chain disruptions and drought hitting wine production, 2023 proved to be a difficult year for most alcoholic drinks categories, including a number of spirits, imported lager and wine.

Non-alcoholic beer continues to power ahead in Brazil

With more brands now being brewed domestically in Mexico, including Bud Light, Stella Artois, Heineken and Michelob, which were previously shipped into the country from abroad, imported premium lager recorded another year of major decline, while sales of domestic premium lager edged upwards in 2023, despite the strong growth already seen in recent years.

Players brewing more brands domestically in Mexico

Non-alcoholic beer maintained its growth momentum, enjoying another very dynamic year in Brazil in 2023, with this being driven primarily by Heineken 0.0 and Budweiser 0.0. Brazil has become the largest market for Heineken 0.0 globally, as it is the leading non-alcoholic beer market in Latin America, and now the third largest worldwide.

RTDs to see dynamic growth over 2023-2028

RTDs are expected to be the most dynamic of the main categories in Latin American alcoholic drinks over the forecast period, with a number of countries, with Colombia to the fore, recording dynamic CAGRs in this product area. New brand Like, from packaged food player Quala, proved a major success in its launch year, taking second spot behind Smirnoff in Colombian RTDs, while the Redd’s brand was also relaunched after exiting the market in 2022.

 

Scope
Key findings
Latin America the most dynamic region over the review period
Positive growth in Brazil helped limit the regional downturn in 2020
Beer dominates sales in both volume and value terms in alcoholic drinks
Availability of premium cachaça increasing in Brazil
RTDs the most dynamic of the main alcoholic drinks categories
Off-trade performs better during the pandemic
Wine experiences a difficult review period
Red wine, wine-based RTDs and mid-priced lager struggling in Brazil
Sales slump in Argentina in 2023
Small local grocers the main distribution channel for alcoholic drinks
Leading beer players expanding their store networks in Mexico
Concentrated competitive landscapes across Latin America
Heineken building new brewery in Mexico
AB InBev, Heineken and Diageo present across the region
Brahma continues to head up the rankings
Positive growth expected for alcoholic drinks throughout the forecast period
Non-alcoholic beer expected to continue doing well in Mexico over 2023-2028
Craft movement will continue to gain momentum in Argentina
Argentina: Market Context
Argentina: Competitive and Retail Landscape
Bolivia: Market Context
Bolivia: Competitive and Retail Landscape
Brazil: Market Context
Brazil: Competitive and Retail Landscape
Chile: Market Context
Chile: Competitive and Retail Landscape
Colombia: Market Context
Colombia: Competitive and Retail Landscape
Costa Rica: Market Context
Costa Rica: Competitive and Retail Landscape
Dominican Republic: Market Context
Dominican Republic: Competitive and Retail Landscape
Ecuador: Market Context
Ecuador: Competitive and Retail Landscape
Guatemala: Market Context
Guatemala: Competitive and Retail Landscape
Mexico: Market Context
Mexico: Competitive and Retail Landscape
Peru: Market Context
Peru: Competitive and Retail Landscape
Uruguay: Market Context
Uruguay: Competitive and Retail Landscape

Alcoholic Drinks

Alcoholic drinks is the aggregation of beer, wine, spirits, cider/perry and RTDs.

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