Beer is the world’s most popular alcoholic beverage, consumed all around the world.
By 2031, the global beer market size is expected to reach $1,315.46 billion, nearly double its size in 2022.
However, it is worth noting that the most popular beer brands belong to one of the biggest beer companies, be it Anheuser-Busch InBev, Heineken, Carlsberg, or Asahi.
At Business 2 Community, we ranked the top 10 companies by market cap, outlining their core beer business, growth strategies, mergers and acquisitions, and annual revenue.
Top 10 Largest Beer Companies (A Quick Summary)
- Anheuser-Busch InBev (AB InBev): The largest beer company, with a market cap of $123.15 billion, owning over 500 beer brands.
- Diageo: Known for Guinness, with a market cap of $83.24 billion, focusing on drinks since 2000.
- Heineken: Operating in 190 countries with a market cap of $53.29 billion, known for its green branding and global presence.
- Constellation Brands: Owns US rights to Modelo, with a market cap of $47.11 billion.
- Carlsberg Group: Innovators of brewing science, with a market cap of $19.40 billion.
- Asahi Group Holdings: Pioneers of Japan’s beer industry, with a market cap of $18.04 billion.
- China Resources Beer: Owners of Snow, the best-selling beer in China, with a market cap of $14.23 billion.
- Molson Coors: Known for diversification into non-alcoholic beverages, with a market cap of $13.72 billion.
- Tsingtao Brewery Group: Exporting beer to over 100 countries, with a market cap of $12.35 billion.
- Kirin Holdings: Diversified into food and pharmaceuticals, with a market cap of $11.31 billion.
The World’s 10 Biggest Beer Companies
All of the world’s largest beer companies have a market cap of over $10 billion, producing lagers, ales, non-alcoholic beers, specialty beers, spirits, and other alcoholic and non-alcoholic beverages.
Some have ventured into other businesses, such as Kirin Holdings with its pharmaceuticals segment, while others have chosen to remain uniquely in the beverage industry like Diageo did when it sold its food segment in 2000.
Here is more information about the world’s beer giants:
1. Anheuser-Busch InBev (AB InBev) – $123.15 billion
In 1860, Eberhard Anheuser and Adolphus Busch formed the Anheuser-Busch Brewing Association in St Louis, Missouri. Together, they developed a lighter lager, tailored to Americans’ taste, and called it Budweiser. A few decades later, Belgian brewing company Brouwerij Artois created a Christmas beer — Stella Artois.
Fast forward to the 2000s, Brouwerij Artois had become Interbrew, having merged with Piedboeuf Brewery. Interbrew then joined forces with the Brazilian brewery Ambev to create InBev.
In 2008, InBev acquired Anheuser-Busch for $52 billion, creating Anheuser-Busch InBev. Today, AB InBev owns over 500 beer brands, including Beck’s, Budweiser, Corona, Leffe, Hoegaarden, Modelo Especial (outside the US), and Brahma.
AB InBev has been investing billions in innovative breweries, AI-powered transport, and infrastructure optimization. It made $59.4 billion in revenue in 2023, producing 505.90 million hectoliters of beer.
Operating 172 major breweries in 50 countries, the company generated $57.83 billion in sales worldwide in 2023.
Company Name | Anheuser-Busch InBev |
Headquarters | Brussels, Belgium |
Market Cap | $123.15 billion |
Founding Date | 1860 |
Employee Count | Over 150,000 |
2. Diageo – $83.24 billion
Diageo has a wide range of alcoholic beverages in its brand portfolio, including Scotch whisky brand Johnnie Walker, gin brand Tanqueray, vodka brand Smirnoff, and beer brand Guinness.
Although Diageo was founded in 1997, some of its brands date back to the 17th century. The world-famous stout brand Guinness is one of them. The iconic beer company is known for its quirky start, when its founder, Arthur Guinness, signed a 9,000-year lease on St. James’s Gate Brewery in 1759.
In 1997, Guinness PLC made a $15.6 billion deal with Grand Metropolitan PLC, merging to create the world’s seventh-largest food and drink company, Diageo. The company decided to focus uniquely on drinks in 2000 and sold all its food assets, including Burger King.
It has since acquired stakes in major brands, such as Captain Morgan, United Spirits Limited, and Don Julio.
Diageo considers Guinness at the heart of its business, as beer is its second-largest business segment after scotch. Available in over 100 countries in the world, Guinness became Britain’s number-one beer brand by value share in the United Kingdom for the first time in 2022.
Company Name | Diageo |
Headquarters | London, United Kingdom |
Market Cap | $83.24 billion |
Founding Date | 1997 |
Employee Count | Over 30,000 |
3. Heineken – $53.29 billion
Heineken owns 300 brands and 167 breweries around the world. Its story started in 1864 as a family business in Amsterdam. Its owner, Gerard Adriaan Heineken, had taken a risk and acquired Haystack Brewery with little brewing experience.
He uniquely focused on brewing high-quality lager, and his efforts paid off. In 1875, Heineken won a Medal d’Or at the International Maritime Exhibition.
In 1933, Heineken became the first imported beer in the USA during the end of prohibition. In four short years, its US exports grew by 600%. Gerard Adriaan Heineken’s grandson Alfred Henry Heineken built the company’s brand in the 1950s, introducing the ‘smiling e’ logo and claiming green as the brand color.
Since then, Heineken has acquired major beer companies, including Amstel, Sol, Tiger, Birra Moretti, Edelweiss, and Desperados.
As of 2024, Heineken is the beer brand with the widest global market presence, operating in 190 countries. Its 2023 annual revenue was €36.4 billion (around $39,7 billion), with investments in data-driven technologies, artificial intelligence, renewable sources, and local economies.
Company Name | Heineken |
Headquarters | Amsterdam, Netherlands |
Market Cap | $53.29 billion |
Founding Date | 1864 |
Employee Count | Over 85,000 |
4. Constellation Brands – $47.11 billion
Constellation Brands started as a small wine company in 1945 when Marvin Sands bought Canandaigua Industries. In its first year, it sold 200,000 gallons of wine, making $150,000 in sales. When it went public in 1973, it changed its name to Canandaigua Wine Company, still focusing uniquely on wine.
This changed in 1993 when the company acquired Barton Incorporated, entering the imported beer and distilled spirits categories. Constellation Brands adopted its current name in 2000 to reflect its diverse portfolio.
In 2006, Grupo Modelo created a joint venture with Constellation Brands to market the Mexican beer brand in the USA and Guam for 10 years.
Seven years later, the company acquired Modelo’s US business, with exclusive rights to import, market, and sell Modelo and Corona in the US. In all other countries, AB InBev owns Modelo’s distribution rights.
Modelo surpassed Bud Light as the top-selling beer brand in the US in 2023. According to economist Bart Watson, Modelo’s sales have been rising while Bud Light’s have been falling for the past ten years.
The same year Modelo overtook Bud Light, Constellation Brands made $9.82 in revenue.
Company Name | Constellation Brands |
Headquarters | Victor, New York, United States |
Market Cap | $47.11 billion |
Founding Date | 1945 |
Employee Count | Over 10,000 |
5. Carlsberg Group – $19.40 billion
J.C. Jacobsen took over his father’s small Copenhagen brewery in 1835. When he realized he needed more cool storage space in 1847, he moved the company outside Copenhagen.
This would be the start of Carlsberg, named after Jacobsen’s son, Carl.
In 1875, Jacobsen founded the Carlsberg Research Laboratory to study the science behind beer. Emil Chr. Hansen, head of the laboratory’s physiology department, would make a ground-breaking discovery in 1883: purifying yeast to avoid beer sickness, a big problem back in the day.
Hansen named the new yeast Saccharomyces Carlsbergensis after the Carlsberg Laboratory. Another important invention of the lab was the pH scale, which is now used in nearly every kind of science and in most industries such as agriculture, chemistry, medicine, and more.
Carlsberg got its first overseas license in 1966 and brewed beer outside Denmark for the first time in Photos Photiades Breweries in Cyprus. In 1970, Carlsberg merged with Tuborg to create the Carlsberg Breweries, the Tuborg Breweries, and The United Breweries A/S.
From the 1990s onwards, the company continued growing by acquiring shares in breweries.
Today, it owns Baltika Breweries, Kronenbourg, Wernesgrüner, and Grimbergen. Carlsberg generated an annual revenue of DKK 73.585 billion (around $10.744 billion) in 2023.
Company Name | Carlsberg Group |
Headquarters | Copenhagen, Denmark |
Market Cap | $19.40 billion |
Founding Date | 1847 |
Employee Count | Over 30,000 |
6. Asahi Group Holdings – $18.04 billion
The founding of Osaka Brewery, Japan Brewery, and Sapporo Brewery in 1889 marked a key moment in Japan’s beer industry. Osaka Brewery, Asahi’s predecessor, launched Asahi Beer in 1892.
In 1906, Osaka Brewery formed a joint venture with Nippon Brewery and Sapporo Brewery to start Dai Nippon Brewery Co. The combined company split into Asahi Breweries and Nippon Brewery in 1949, starting a new era in Asahi’s history. Asahi went on to launch many firsts, including Japan’s first canned beer (1958), Japan’s first aluminum canned beer (1971), and the world’s first super dry taste beer, Asahi Dry (1987).
The 1990s marked Asahi’s entry into the Chinese beer market, the 2000s into the Oceanian market, and the 2010s into the European market. As of 2024, Asahi owns Pilsner Urquell, Kozel, Peroni Nastro Azzurro, Grolsch Premium Pilsner, Schweppes Australia, and other beverage brands. The company’s 2023 revenue was JPY 2,511.1 billion (around $16.883 billion) from its operations in Japan, Europe, Oceania, and Southeast Asia.
Company Name | Asahi Group Holdings |
Headquarters | Tokyo, Japan |
Market Cap | $18.04 billion |
Founding Date | 1889 |
Employee Count | Over 25,000 |
7. China Resources Beer – $14.23 billion
Founded in 1992, China Resources Beer is a part of China Resources Holdings. Its wholly-owned subsidiary, China Resources Snow Breweries, is China’s national beer company, operating in mainland China.
Since 2002, China Resources Snow Breweries has aimed to become a national brand, so it turned its breweries into regional companies and launched targeted marketing campaigns. By 2005, it became the biggest beer brand in China with a single-brand sales volume of 1.58 million liters.
The company’s flagship brand, Snow, was crowned the world’s best-selling beer in 2015, although it was only sold in China. As of December 2022, China Resources Beer had 63 breweries across China’s cities and provinces. The same year, it generated the equivalent of $5.11 billion in revenue.
Company Name | China Resources Beer |
Headquarters | Wanchai, Hong Kong |
Market Cap | $14.23 billion |
Founding Date | 1992 |
Employee Count | Over 10,000 |
8. Molson Coors – $13.72 billion
Molson Coors started in 2005 as a result of a merger of equals between the Canadian company Molson and American company Coors. Molson dates back to 1786 when John Molson, an English immigrant, created Canada’s oldest brewery. As for Coors, it opened for business as Golden Brewery in Colorado in 1873.
After the merger, Molson Coors made a series of acquisitions and joint ventures. In 2008, it joined forces with SABMiller, combining both companies’ US and Puerto Rico operations. It then acquired breweries in Europe, India, and the United States.
Today, the company owns Aguila, Blue Moon, Staropramen, and Sol Cerveza as its beer brands. However, as a part of its 2023 Acceleration Plan, it aims to diversify beyond beer, moving toward non-alcoholic beverages, including non-alcoholic beer and energy drinks. In the 2023 fiscal year, Molson Coors made a revenue of $11.70 billion.
Company Name | Molson Coors |
Headquarters | Chicago, Illinois, USA |
Market Cap | $13.72 billion |
Founding Date | 1786 |
Employee Count | Over 15,000 |
9. Tsingtao Brewery Group – $12.35 billion
China’s second-largest beer company, Tsingtao Brewery Group, was one of the first breweries in the country.
Founded in 1903 by German and British merchants, it used to be called Germania-Brauerei Tsingtao Co., Ltd. The company prides itself on combining Chinese craftsmanship with German technology. In 1932, Tsingtao produced China’s first stout beer, making it an industry pioneer.
Unlike China Resources Beer, Tsingtao has an international outlook, exporting beer to over 100 countries, and sponsoring global sporting events, such as the Beijing 2008 Olympic Games and the Beijing 2022 Winter Olympic Games.
In 2022, it generated a revenue of 32.172 billion RMB (around $4.47 billion).
Company Name | Tsingtao Brewery Group |
Headquarters | Qingdao, China |
Market Cap | $12.35 billion |
Founding Date | 1903 |
Employee Count | Over 30,000 |
10. Kirin Holdings – $11.31 billion
Japan’s second-biggest beer company, Kirin Brewery, was opened in 1907. It adopted the German beer style, which was popular with Japanese consumers. During Japan’s economic growth in the mid-50s, the demand for beer increased, witnessing an average annual growth rate of 20.6% between 1956 and 1964.
However, the situation soon reversed following the oil crises in the 1970s. This pushed Kirin to expand into other businesses, such as food and pharmaceuticals.
In 2023, Kirin Holdings’ beer segment, Kirin Brewery, generated 684.9 billion JPY (around $4.6 billion) in revenue, largely thanks to its flagship brand Kirin Ichiban, and its health-conscious brand Kirin Ichiban Zero Sugar.
In addition to its beer business, the company operates Four Roses’ bourbon distillery in the USA, San Miguel Brewery in the Philippines, Kirin Europe in Germany, and Yo-Ho Brewing Company in Tokyo for craft beer. With all its business segments, Kirin Holdings made 2,134.4 billion JPY (around $14.3 billion) in revenue in 2023.
Company Name | Kirin Holdings |
Headquarters | Tokyo, Japan |
Market Cap | $11.31 billion |
Founding Date | 1907 |
Employee Count | Over 30,000 |
Learning from the Biggest Beer Companies in the World
It took three companies for Anheuser Busch InBev to become the largest beer company: Anheuser-Busch, Ambev, and Interbrew. First, Interbrew and Ambev merged, forming InBev.
Then, InBev acquired Anheuser-Busch, adding the AB to AB InBev. Strategic acquisitions, joint ventures, and mergers have also moved up other beer companies, including Molson Coors’ equal merger in 2005 and Diageo’s combining of Guinness and Grand Metropolitan in 1997.
Many leading brewers have expanded globally, diversifying their customer base and increasing their reach.
However, they made sure to adapt their strategies depending on the market. For example, one of Asahi‘s priorities in Oceania is to promote a multi-beverage strategy, while in Europe, it aims to develop its five premium beer brands.
The biggest brands constantly look for ways to expand, whether that is increasing their products, investing in new technologies and trends, or venturing into new segments. Heineken, for example, acquired Distell and Namibia Breweries in 2023 to create Heineken Beverages in South Africa, producing spirits, wines, ciders, and ready-to-drink products.
AB InBev invested €31 million to improve its non-alcoholic beer brewing facilities, as no- and low-alcohol beer is one of the industry’s fastest-growing segments.