The global marketplace
Over the last 12 months there has been further restructuring in the global beer industry. Only 15 years ago, the world’s five largest brewers accounted for about 17% of world beer sales, however that figure has risen to 40% today and is forecast to top 50% in five years’ time.
We believe that the first phase of consolidation, where larger established players buy underperforming local assets, is now over and that we are well into the second phase of consolidation, largely defined by mergers of relative equals; a phase that arguably began with the Miller transaction.
Today we are established in the world’s top tier and believe that we have the scale and the efficiencies we need to keep growing organically. If other valueadding opportunities come along, we will of course consider their merits but we don’t need another landscape-changing merger or acquisition. Our focus, now, will be on raising the performance of our existing businesses.
Quite simply, our success will depend on knowing how to run a beer business better than our competitors and extracting maximum value from the assets now in place. The group’s beer businesses around the world are already some of the most efficient and we intend to turn our best local practices into common global practices.
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