Beer Market PDF

MarketLine Industry Profile
Beer in the United

States
April 2015
Reference Code: 0072-0744
Publication Date: April 2015
WWW.MARKETLINE.COM
MARKET LINE. T HIS PROFILE IS A LICENSED PRODUCT AND IS NOT T O BE PHOT OCOPIED
United States - Beer

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
0072 - 0744 - 2014

Page | 1
EXECUTIVE SUMMARY
Market value
The United States beer market grew by 0.5% in 2014 to reach a value of $80,634.3 million.
Market value forecast

In 2019, the United States beer market is forecast to have a value of $84,401.9 million, an i ncrease of 4.7% since 2014.
Market volume
The United States beer market shrank by 0.5% in 2014 to reach a volume of 24,055.7 million liters.
Market volume forecast

In 2019, the United States beer market is forecast to have a volume of 23,997.3 million lite rs, a decrease of 0.2% since
2014.
Category segmentation
Standard lager is the largest segment of the beer market in the United States, accounting for 35% of the market's total
value.
Geography segmentation
The United States accounts for 16.3% of the global beer market value.
Market share
Anheuser-Busch InBev is the leading player in the United States beer market, generating a 50.6% share of the market's
volume.
Market rivalry
The American beer market has seen an unprecedented upsurge in the production of c raft beer over the last couple of
years. Its production, in terms of market share in volumes, increased from 4.9% in 2009 to 7.8% in 2013, according to
the Brewers Association in the United States. Buyer power in this market is driven up by low switching c osts and the
large size of many buyers, but tempered by buyers' need to stock a wide variety of beers in order to remain competitive.

0072 - 0744 - 2014

Page | 2
TABLE OF CONTENTS
Executive Summary..........................................................................................................................................................................2
Market value ..................................................................................................................................................................................2
Market value forecast...................................................................................................................................................................2
Market volume...............................................................................................................................................................................2
Market volume forecast ...............................................................................................................................................................2
Category segmentation................................................................................................................................................................2
Geography segmentation ............................................................................................................................................................2
Market share..................................................................................................................................................................................2
Market ri valry .................................................................................................................................................................................2
Market Overview ...............................................................................................................................................................................7
Market definition............................................................................................................................................................................7
Market analysis .............................................................................................................................................................................7
Market Data........................................................................................................................................................................................8
Market value ..................................................................................................................................................................................8
Market volume...............................................................................................................................................................................9
Market Segmentation .....................................................................................................................................................................10
Category segmentation..............................................................................................................................................................10
Geography segmentation ..........................................................................................................................................................11
Market share................................................................................................................................................................................12
Market distribution ......................................................................................................................................................................13
Market Outlook ................................................................................................................................................................................14
Market value forecast.................................................................................................................................................................14
Market volume forecast .............................................................................................................................................................15
Five Forces Analysis ......................................................................................................................................................................16
Summary......................................................................................................................................................................................16
Buyer power.................................................................................................................................................................................17
Supplier power ............................................................................................................................................................................18
New entrants ...............................................................................................................................................................................19
Threat of substitutes...................................................................................................................................................................20
Degree of rivalry..........................................................................................................................................................................21
Leading Companies........................................................................................................................................................................22

0072 - 0744 - 2014

Page | 3
Anheuser-Busch InBev SA/N V .................................................................................................................................................22

Constellation Brands, Inc. .........................................................................................................................................................26
Heineken N.V. .............................................................................................................................................................................29
MillerCoors LLC ..........................................................................................................................................................................33
Macroeconomic Indicators.............................................................................................................................................................34
Country Data ...............................................................................................................................................................................34
Methodology ....................................................................................................................................................................................36
Industry associations..................................................................................................................................................................37
Related MarketLine research....................................................................................................................................................37
Appendix...........................................................................................................................................................................................38
About MarketLine........................................................................................................................................................................38

0072 - 0744 - 2014

Page | 4
LIST OF TABLES
Table 1: United States beer market value: $ million, 201014 ..................................................................................................8
Table 2: United States beer market volume: million liters, 201014 ........................................................................................9
Table 3: United States beer market category segmentation: $ million, 2014........................................................................10
Table 4: United States beer market geography segmentation: $ million, 2014 ....................................................................11
Table 5: United States beer market share: % share, by volume, 2014..................................................................................12
Table 6: United States beer market distribution: % share, by value, 2014............................................................................13
Table 7: United States beer market value forecast: $ million, 2014 19.................................................................................14
Table 8: United States beer market volume forecast: million liters, 2014 19 .......................................................................15
Table 9: Anheuser-Busch InBev SA/N V: key facts ....................................................................................................................22
Table 10: Anheuser-Busch InBev SA/N V: ke y financials ($) ...................................................................................................24
Table 11: Anheuser-Busch InBev SA/N V: ke y financial ratios ................................................................................................24
Table 12: Constellation Brands, Inc.: ke y facts ..........................................................................................................................26
Table 13: Constellation Brands, Inc.: ke y financials ($)............................................................................................................27
Table 14: Constellation Brands, Inc.: ke y financial ratios.........................................................................................................27
Table 15: Heineken N.V.: ke y facts ..............................................................................................................................................29
Table 16: Heineken N.V.: ke y financials ($) ...............................................................................................................................30
Table 17: Heineken N.V.: ke y financials () ...............................................................................................................................30
Table 18: Heineken N.V.: ke y financial ratios.............................................................................................................................31
Table 19: MillerCoors LLC: key facts ...........................................................................................................................................33
Table 20: United States size of population (million), 201014 ................................................................................................34
Table 21: United States gdp (constant 2005 prices, $ billion), 201014 ...............................................................................34
Table 22: United States gdp (current prices, $ billion), 201014............................................................................................34
Table 23: United States inflation, 201014.................................................................................................................................35
Table 24: United States consumer price index (absolute), 201014......................................................................................35
Table 25: United States exchange rate, 201014 .....................................................................................................................35

0072 - 0744 - 2014

Page | 5
LIST OF FIGURES
Figure 1: United States beer market value: $ million, 201014.................................................................................................8
Figure 2: United States beer market volume: million liters, 201014.......................................................................................9
Figure 3: United States beer market category segmentation: % share, by value, 2014 .....................................................10
Figure 4: United States beer market geography segmentation: % share, by value, 2014..................................................11
Figure 5: United States beer market share: % share, by volume, 2014 ................................................................................12
Figure 6: United States beer market distribution: % share, by value, 2014 ..........................................................................13
Figure 7: United States beer market value forecast: $ million, 201419 ...............................................................................14
Figure 8: United States beer market volume forecast: million liters, 2014 19......................................................................15
Figure 9: Forces driving competition in the beer market in the United States, 2014 ...........................................................16
Figure 10: Drivers of buyer power in the beer market in the United States, 2014 ...............................................................17
Figure 11: Drivers of supplier power in the beer market in the United States, 2014 ...........................................................18
Figure 12: Factors influencing the likelihood of new entrants in the beer market in the United States, 2014 .................19
Figure 13: Factors influencing the threat of substitutes in the beer market in the United States, 2014 ...........................20
Figure 14: Drivers of degree of rivalry in the beer market in the United States, 2014.........................................................21
Figure 15: Anheuser-Busch InBev SA/N V: re venues & profitability .......................................................................................24
Figure 16: Anheuser-Busch InBev SA/N V: assets & liabilities ................................................................................................25
Figure 17: Constellation Brands, Inc.: re venues & profitability ................................................................................................28
Figure 18: Constellation Brands, Inc.: assets & liabilities.........................................................................................................28
Figure 19: Heineken N.V.: re venues & profitability....................................................................................................................31
Figure 20: Heineken N.V.: assets & liabilities.............................................................................................................................32

0072 - 0744 - 2014

Page | 6
MARKET OVERVIEW
Market definition
The beer market consists of retail sales of ales, stouts & bitters, low/no alcohol beers, premium lager, specialty beers
and standard lager. The market is valued according to retail selling price (RSP) and inc ludes any applicable taxes. Any
currency conversions used in the creation of this report have been calculated using constant 2013 annual average
exchange rates.
For the purposes of this report, North America consists of Canada, Mexico, and the United State s.
South America comprises Argentina, Brazil, Colombia, and Venezuela.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Romania, Russia, Spain, Sweden, Switzerland, Turkey, and the United
Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Saudi Arabia and United Arab Emirates.
Market analysis
The US beer market saw a very weak rate of value growth through the period 2010 -2014. Through the forecast period
2013-2018 this trend expected to remain, with a very slight acceleration.
The US beer market had total revenues of $80.6bn in 2014, representing a compound annual growth rate (CAGR) of
0.8% between 2010 and 2014. In comparison, the European and Asia -Pacific markets grew with compound annual
growth rate (CAGR)s of 1.5% and 5.6% respectively, o ver the same period, to reach respective values of $179.8bn and
$172.3bn in 2014.
Market consumption volumes declined with a compound annual rate of change (CARC) of -0.7% between 2010 and
2014, to reach a total of 24.1 billion liters in 2014. The market's volume is expected to remain practically unchanged by
the end of 2019.
According to the Brewers' Association, craft beers accounted for 11% of the US market volume in 2014, and around 20%
of its revenues. While the overall beer market barely changed in volume, the craft segment expanded by 18%, which
implies a clear decrease in volume for conventional beers and lagers.
Supermarkets / hypermarkets account for the largest proportion of sales in the US beer market in 2 014, sales through
this channel generated $50.1bn, equivalent to 62.1% of the market's overall value. Sales through the on -trade channel
generated revenues of $14.6bn in 2014, equating to 18.1% of the market's aggregate revenues.
The performance of the market is forecast to follow a similar pattern with an anticipated CAGR of 0.9% for the five -year
period 2014 - 2019, which is expected to drive the market to a value of $84.4bn by the end of 2019. Comparatively, the
European and Asia-Pacific markets will grow with CAGRs of 2% and 7.6% respectively, o ver the same period, to reach
respective values of $199.0bn and $248.6bn in 2019.

0072 - 0744 - 2014

Page | 7
MARKET DATA
Market value
The United States beer market grew by 0.5% in 2014 to reach a value of $80,634.3 million.
The compound annual growth rate of the market in the period 201014 was 0.8%.
Table 1: United States beer market value: $ million, 201014

Year
$ million
million
2010
78,234.8
58,867.4
2011
78,592.2
59,136.3
0.5%
2012
79,490.3
59,812.1
1.1%
2013
80,198.2
60,344.8
0.9%
2014
80,634.3
60,672.9
0.5%
CAGR: 201014
SOURCE: MARKETLINE
% Growth
0.8%
M AR KE TL IN E
Figure 1: United States beer market value: $ million, 201014
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 8
Market volume
The United States beer market shrank by 0.5% in 2014 to reach a volume of 24,055.7 million liters.
The compound annual rate of change of the market in the period 2010 14 was -0.7%.
Table 2: United States beer market volume: million liters, 201014

Year
million liters
2010
24,722.8
2011
24,522.1
(0.8%)
2012
24,321.1
(0.8%)
2013
24,171.2
(0.6%)
2014
24,055.7
(0.5%)
CAGR: 201014
SOURCE: MARKETLINE
% Growth
(0.7%)
M AR KE TL IN E
Figure 2: United States beer market volume: million liters, 201014
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 9
MARKET SEGMENTATION
Category segmentation
Standard lager is the largest segment of the beer market in the United States, accountin g for 35% of the market's total
value.
The Premium lager segment accounts for a further 34.1% of the market.
Table 3: United States beer market category segmentation: $ million, 2014

Category
2014
Standard lager
28,261.4
35.0%
Premium lager
27,469.8
34.1%
Specialty beer
21,796.5
27.0%
2,464.4
3.1%
642.2
0.8%
80,634.3
100%
Ales, stouts & bitters

Low/no alcohol
Total
SOURCE: MARKETLINE
M AR KE TL IN E
Figure 3: United States beer market category segmentation: % share, by value, 2014
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 10
Geography segmentation
The United States accounts for 16.3% of the global beer market value.
Europe accounts for a further 36.4% of the global market.
Table 4: United States beer market geography segmentation: $ million, 2014

Geography
2014
Europe
179,811.2
36.4
Asia-Pacific
172,271.3
34.8
United States
80,634.3
16.3
Rest of the World
61,667.2
12.5
494,384
100%
Total
SOURCE: MARKETLINE
M AR KE TL IN E
Figure 4: United States beer market geography segmentation: % share, by value, 2014
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 11
Market share
Anheuser-Busch InBev is the leading player in the United States beer market, generating a 50.6% share of the market's
volume.
MillerCoors accounts for a further 29.3% of the market.
Table 5: United States beer market share: % share, by volume, 2014

Company
% Share
Anheuser-Busch InBev
50.6%
MillerCoors
29.3%
Heineken N.V.
6.1%
Constellation Brands, Inc.
4.7%
Other
9.3%
Total
100%
SOURCE: MARKETLINE
M AR KE TL IN E
Figure 5: United States beer market share: % share, by volume, 2014
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 12
Market distribution
Supermarkets / hypermarkets form the leading distribution channel in the United States beer market, accounting for a
62.1% share of the total market's value.
On-trade accounts for a further 18.1% of the market.
Table 6: United States beer market distribution: % share, by value, 2014

Channel
% Share
Supermarkets / hypermarkets
62.1%
On-trade
18.1%
Specialist Retailers
12.3%
Service Stations
3.0%
Other
4.4%
Total
100%
SOURCE: MARKETLINE
M AR KE TL IN E
Figure 6: United States beer market distribution: % share, by value, 2014
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 13
MARKET OUTLOOK
Market value forecast
In 2019, the United States beer market is forecast to have a value of $84,401.9 million, an increase of 4.7% since 2014.
The compound annual growth rate of the market in the period 201419 is predicted to be 0.9%.
Table 7: United States beer market value forecast: $ million, 201419

Year
$ million
million
% Growth
2014
80,634.3
60,672.9
0.5%
2015
81,258.9
61,142.9
0.8%
2016
81,988.9
61,692.2
0.9%
2017
82,762.6
62,274.3
0.9%
2018
83,605.2
62,908.4
1.0%
2019
84,401.9
63,507.8
1.0%
CAGR: 201419
SOURCE: MARKETLINE
0.9%
M AR KE TL IN E
Figure 7: United States beer market value forecast: $ million, 201419
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 14
Market volume forecast

In 2019, the United States beer market is forecast to have a volume of 23 ,997.3 million liters, a decrease of 0.2% since
2014.
The market is therefore expected to be stagnant in the period 2014 19.
Table 8: United States beer market volume forecast: million liters, 201419
Year
million liters
% Growth
2014
24,055.7
(0.5%)
2015
24,016.8
(0.2%)
2016
23,993.8
(0.1%)
2017
23,986.2
0.0%
2018
23,998.3
0.1%
2019
23,997.3
0.0%
CAGR: 201419
SOURCE: MARKETLINE
(0.0%)
M AR KE TL IN E
Figure 8: United States beer market volume forecast: million liters, 2014 19
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 15
FIVE FORCES ANALYSIS

The beer market will be analyzed taking brewers of beer as players. The key buyers will be taken as food and drink
retailers, and producers of ingredients for brewers as the key suppliers.
Summary
Figure 9: Force s driving competition in the beer market in the United States, 2014
SOURCE: MARKETLINE
M AR KE TL IN E
The American beer market has seen an unprecedented upsurge in the production of craft beer over the last couple of
years. Its production, in terms of market share in volumes, increased from 4.9% in 2009 to 7.8% in 2013, according to
the Brewers Association in the United States. Buyer power in this market is driven up by low switching costs and the
large size of many buyers, but tempered by buyers' need to stock a wide variety of beers in order to remain competitive.
Many suppliers in this market, particularly hop growers, are small and numerous, limiting their abil ity to influence market
players. Larger breweries are usually also capable of some degree of vertical integration, weakening suppliers' positions
further. Raw materials are important to this industry though, and not all suppliers depend on the beer industr y primarily;
both of these factors strengthen supplier power.
For new entrants, the heavy investment required in production capacity constitutes one barrier, and government
regulation another. Higher-end beers can command higher prices, however, which can allow smaller players an initial
foothold in the market as a microbrewery.
Switching costs in this market are fairly low which increases the risk of substitutes, and alternatives such as wines or
spirits are often cheaper and easier to store and transport. On the other hand, most buyers will need to stock a range of
alcoholic and non-alcoholic beverages, making it difficult to forego beer completely.
Finally, in terms of rivalry, hefty fixed costs and a highly consolidated market work to drive up rivalry, w hich is
compounded by disappointing growth.

0072 - 0744 - 2014

Page | 16
Buyer power
Figure 10: Drivers of buyer power in the beer market in the United States, 2014
SOURCE: MARKETLINE
M AR KE TL IN E
Supermarkets and hypermarkets are the major buyers in the US beer market, accounting for 62.1% of sales. Such
buyers are often able to negotiate favorable terms on price with beer producers; this increases buyer power significantly.
Switching costs for buyers are low, which increases buyer power in all ma rkets.
Beer producers can differentiate their products quite strongly in a variety of ways, not only by the overall segment (lager
or bitter, for example) but also by brand, strength, ingredients, and style, among other options.
Major buyers generally need to offer a wide range of beers to accommodate consumer preferences. This undermines
buyer power. Furthermore, producers and retailers operate in distinct businesses, with very little likelihood of forward or
backward integration. Overall, buyer power is assessed as moderate.

0072 - 0744 - 2014

Page | 17
Supplier power
Figure 11: Drivers of supplier power in the beer market in the United States, 2014
SOURCE: MARKETLINE
M AR KE TL IN E
The main inputs for beer producers are malted grain, hops and bottles or barrels. Traditionally, beer makers in the United
States operated non-vertically integrated businesses: buying hops from independent producers along with either barley
from farmers for processing at the brewerys own malting house, or malted barley from third-party producers. Beer would
then be packaged on site. However, the scale of the dominant multinational players in the market means that some
breweries now incorporate some degree of vertical integration, weakening supplier power. Independent hop growers are
numerous, and include some fairly small operations, which further weakens supplier power. Independent barley growers
can find alternative markets, reducing their dependency on the beer market. For example, barley can be sold for animal
feed and malted barley for distillation in the production of spirits, and it is also possible to integrate forwards into beer making. These factors augment supplier power. Raw material quality is highly important in this business: the end product
is strongly influenced by the nature of the ingredients used. Overall, there is a moderate degree of supplier power.

0072 - 0744 - 2014

Page | 18
New entrants
Figure 12: Factors influencing the likelihood of new entrants in the beer market in the United
States, 2014
SOURCE: MARKETLINE
M AR KE TL IN E
Heavy investment in production equipment is required before entry in to this market, but this can be recovered by adding
a good margin to the price of the end-product. Since high quality beers can command premium prices, i t is possible to
enter the market on a small scale, as a 'microbrewery'.
Larger companies, however, tend to rely on the mass -market production of internationally palatable lagers; here, margins
may be much lower.
Producers need to distribute their products widely, so often depend heavily upon retail channels such as supermarkets.
Despite the presence of company-owned on-trade outlets, these retail chains often have considerable buyer power,
which can force down the prices that beer producers are able to ob tain. In such a market, economies of scale become
much more important. As a result, barriers to entry, such as the capital outlay on large scale production equipment, and
the need to establish reliable supply chains from multiple third-party hop and barley growers, become much higher as
players approach the mass market.
Government regulation of beer and other alcoholic beverages is stringent in many countries, which may also impact on
the ease of market entry.
Overall, the threat of new entrants to this market is assessed as moderate.

0072 - 0744 - 2014

Page | 19
Threat of substitutes
Figure 13: Factors influencing the threat of substitute s in the beer market in the United States,
2014
SOURCE: MARKETLINE
M AR KE TL IN E
The main substitutes for beer are other alcoholic beverages such as spirits, cider and wine, and in some cases non alcoholic beverages such as functional drinks. Switching costs are not high, and per -unit-volume prices are higher for
beer than for spirits or wine, for both consumers and distributers.
The potential benefits and drawbacks of alternatives to beer are rather difficult to pin down. Most retailers and
distributors will find they need to stock a combination of beer and its potential substitutes in order to please the widest
possible range of customers, but some restaurants for example may feel as though their wines make up a much more
important part of their menu. Conversely, for many bars, beer is indispensable, while wines and spirits seem of
secondary importance. On a practical level, alternatives such as wines and spirits may seem more attractive: beer is
comparatively heavy, bulky, and might need refrigerating before sale. This drives up distribution and storage costs.
Overall, there is a moderate threat from substitutes.

0072 - 0744 - 2014

Page | 20
Degree of rivalry
Figure 14: Drivers of degree of rivalry in the beer market in the United States, 2014
SOURCE: MARKETLINE
M AR KE TL IN E
The US beer market is consolidated, with the top four players controlling 90.7% of the m arket. Some large beer
producers have begun to employ brand management strategies in order to ensure their brand is identifiable to the public.
This is especially important because purchasers have a wide variety of beers to choose from, and incur only low
switching costs when changing brands. Major players may offer premium beers, but much of their business involves
mass-market products; this means large breweries are required, and therefore that players in this market endure high
fixed costs. At the same time, beer prices are subject to heavy downward pressure by large chain retailers, which are
often able to exert strong bargaining power.
Overall, rivalry is assessed as strong.

0072 - 0744 - 2014

Page | 21
LEADING COMPANIES
Anheuser-Busch InBev SA/NV
Table 9: Anheuser-Busch InBev SA/NV : key facts
Head office:
Brouwerijplein 1, 3000 Leuven, BEL
Telephone:
32 16 27 61 11
Fax:
Telephone:
32 16 50 61 11
Anheuser-Busch Cos. Inc., One Busch Place, St. Louis, Missouri 63118,
USA
1 800 342 52 83
Fax:
1 800 342 52 83
Website:
www.ab-inbev.com
Financial year-end:
December
Ticker:
ABI
Stock exchange:
Euronext Brussels
Local office:
SOURCE: COMPANY WEBSITE
M AR KE TL IN E
AB InBe v is engaged in the production, distribution and sale of beer and soft drinks. The company has operations in 24
countries across the world. The company offers a portfolio of over 200 brands, including global flagship brands
Budweiser, Stella Artois and Corona (except in the US) and multi -country brands Beck's , Leffe and Hoegaarden. In
addition, the company offers local brands including Bud Light, Michelob Ultra, Corona Light, Modelo Especial, Modelo
Light, Negra Modelo, Victoria, Pacifico, Skol, Brahma, Antarctica, Quilmes, Jupiler, Hasseroder, Klinskoye, Sibirskaya
Korona, Chernigivs ke, Harbin and Sedrin. The company also produces and distributes soft drinks, particularly in Latin
America. As of December 31, 2014, the company operated 153 beverage manufacturing facilities globally, including 123
beer production plants, 13 soft drinks production plants and 17 production plants that produce both beer and soft drinks.
Additionally, the company owns 48 production facilities that produce raw materials and packaging materials for its
beverages.
AB InBev operates through eight business segments: North America, Latin America North, Western Europe, Asia Pacific,
Latin America South, Mexico, global export and holding companies and Central and Eastern Europe.
The North American segment includes operations in the US and Canada. Some of the key glob al brands sold in this
zone include Budweiser, Stella Artois and Corona, and the international brands include Beck's , Hoegaarden and Leffe.
Additionally, the company sells several local brands such as Bass, Bud Light, Busch, Michelob, Goose Island, Shock
Top and Natural Light in the US and Alexander Keith's , Bass, Bud Light, Kokanee, Labatt, Lucky, Lakeport and Oland in
Canada. The company operates 21 beverage manufacturing plants through this segment.
The Latin America North segment encompasses the company's operations in Brazil, the Dominican Republic and
Guatemala. In Brazil, the company operates through its subsidiary, Companhia de Bebidas das Americas -AmBev
(AmBev), which sells local beer brands such as Antarctica, Bohemia, Brahma and Skol, amongst othe r international
brands. The segment is also engaged in the manufacture and sale of several soft drinks brands including Guarana
Antarctica, Pepsi, 7UP and Red Rock. The segment operates 30 manufacturing plants across the region.

0072 - 0744 - 2014

Page | 22
The Latin America South segment includes operations in Bolivia, Paraguay, Uruguay, Argentina, Chile, Ecuador and
Peru. In Argentina, AB InBev operates through its subsidiary Cerveceria y Malteria Quilmes. The segment is also
engaged in the manufacture and sale of soft drinks under l icensed brand names (Pepsi, H2OH!, 7UP, Concordia, and
Triple Kola) in Argentina, Bolivia, Uruguay and Peru. The segment operates nine beverage manufacturing units in the
region that produce and sell international brands such as Hoegaarden and Leffe. The c ompany also sells several local
brands in the region, including Andes, Brahma, Norte, Patagonia, Quilmes, Antarctica, Bohemia and Skol.
The Western Europe segment includes the company's operations primarily in Belgium, Germany and the UK. InBev
Belgium and AB InBev UK are the operating subsidiaries of the company in the respective countries, while the company
operates through Anheuser-Busch InBev Deutschland in Germany. The segment operates 12 beverage manufacturing
units in the region that produce and sell international brands such as Budweiser, Corona, Stella Artois and Beck's . The
segment also sells several local brands in the region, including Belle -Vue, Jupiler, Vieux Temps, Diebels, Franziskaner,
Haake-Beck, Hasseroder, Lowenbrau, Spaten and Gilde.
The Asia Pacific segment primarily consists of the company's operations in China through the Anheuser -Busch InBev
China subsidiary. The company has 39 beer manufacturing facilities across China that manufacture and sell several
international, multi-country and local brands including Budweiser, Stella Artois, Beck's, Hoegaarden, Leffe, Double Deer,
Harbin, Jinling, Jinlongquan, KK, Sedrin and Shiliang.
The Mexico segment primarily consists of beer and packaging businesses. The company operates seven manufacturi ng
plants through this segment. The key brands of AB InBe v sold in this region include Corona, Budweiser, Bud Light,
Modelo Especial, Victoria, Pacifico, and Negra Modelo.
The global export and holding companies segment includes the export sales as well as the intra-group transactions.
The Central and Eastern Europe segment primarily comprises the company's operations in Russia and Ukraine through
SUN InBev Russia and SUN InBev Ukraine subsidiaries, respectively. Besides the international brands, the segmen t
manufactures and sells beers under several local brands such as Bagbier, Brahma, Klinskoye, Lowenbrau, Sibirskaya
Korona, T and Tolstiak in Russia. Additionally, the Ukrainian subsidiary manufactures and sells local brands of beer such
as Chernigivske, Rogan and Yantar in the country. The segment operates six beverage manufacturing plants in Russia,
and three in Ukraine.
Anheuser Busch operates 13 breweries in the US: St. Louis, Missouri; Newark, New Jersey; Los Angeles, California;
Houston, Texas; Columbus, Ohio; Jacksonville, Florida; Merrimack, New Hampshire; Williamsburg, Virginia; Fairfield,
California; Baldwinsville, New York; Fort Collins, Colorado; Cartersville, Georgia; and Chicago, Illinois. Local brands
produced and sold in the US include: Bass , Brahma, Bud Light, Busch, Michelob, Natural Light, and Goose Island 312
Urban Wheat Ale.
Key Metrics
The company recorded revenues of $43,195 million in the fiscal year ending December 2013, an increase of 8.6%
compared to fiscal 2012. Its net income was $14,394 million in fiscal 2013, compared to a net income of $7,243 million in
the preceding year.
More recent financial information was not available for this company at the time of publication.

0072 - 0744 - 2014

Page | 23
Table 10: Anheuser-Busch InBev S A/NV: key financials ($)

$ million
Revenues
Net income (loss)
Total assets
Total liabilities
Employees
2009
2010
2011
2012
2013
36,758.0
36,297.0
39,046.0
39,758.0
43,195.0
4,613.0
4,026.0
5,885.0
7,243.0
14,394.0
112,525.0
114,342.0
112,427.0
122,621.0
141,666.0
79,354.0
75,543.0
71,383.0
77,180.0
86,358.0
116,000
114,000
116,000
116,278
117,632
SOURCE: COMPANY FILINGS
M AR KE TL IN E
Table 11: Anheuser-Busch InBev S A/NV: key financial ratios

Ratio
2009
2010
2011
2012
2013
Profit margin
12.5%
11.1%
15.1%
18.2%
33.3%
Revenue growth
56.4%
(1.3%)
7.6%
1.8%
8.6%
Asset growth
(0.6%)
1.6%
(1.7%)
9.1%
15.5%
Liabilities growth
(11.2%)
(4.8%)
(5.5%)
8.1%
11.9%
Debt/asset ratio
70.5%
66.1%
63.5%
62.9%
61.0%
Return on assets
4.1%
3.5%
5.2%
6.2%
10.9%
$316,879
$318,395
$336,603
$341,922
$367,205
$39,767
$35,316
$50,733
$62,290
$122,365
Revenue per employee

Profit per employee
M AR KE TL IN E
Figure 15: Anheuser-Busch InBev SA/ NV: revenues & profi tability

M AR KE TL IN E
0072 - 0744 - 2014

Page | 24
Figure 16: Anheuser-Busch InBev SA/ NV: a ssets & liabilities

M AR KE TL IN E
0072 - 0744 - 2014

Page | 25
Constellation Brands, Inc.

Table 12: Constellation Brands, Inc.: key facts
Head office:
207 High Point Drive, Building 100, Victor, New York 14564, USA
Telephone:
1 888 724 2169
Website:
www.cbrands.com
Financial year-end:
February
Ticker:
STZ
Stock exchange:
New York
M AR KE TL IN E
Constellation Brands is a multi-category supplier of alcoholic beverages. The company conducts its business through
wholly-owned subsidiaries as well as through a variety of joint ventures and other entities. Th e company operates 18
wineries in the US, nine wineries in Canada, five wineries in Italy and four wineries in New Zealand.
The company operates through two business segments: wine and spirits, and beer.
Constellation Brands produces and markets premium wine brands across the table wine, sparkling wine and dessert
wine categories. It has presence across all price points: popular, premium, super-premium and fine wine. The portfolio of
super-premium and fine wines is supported by vine yard holdings in the US, Canada, New Zealand and Italy. The
company markets wine produced in the US domestically and in Canada and the UK. Wine produced in Canada is
primarily marketed domestically and wine produced in New Zealand is marketed in the US, Canada, Australia, the UK,
and domestically. The company sells wine produced in Italy in the US, Canada and domestically. Constellation Brands
also exports its wine products to other major wine consuming markets of the world.
The company's key wine brands include Robert Mondavi, Clos du Bois, Blackstone, Estancia, Arbor Mist, Toasted Head,
Simi, Mark West, Black Box, Ravenswood, Rex Goliath, Kim Crawford, Franciscan Estate, Wild Horse, Ruffino, Nobilo,
Mount Veeder, and Inniskillin. Constellation Brands also offers spirits under the Black Velvet Canadian Whisky and
Svedka Vodka brand names.
In the beer segment, the company has exclusive right to import market and sell Corona Extra, Corona Light, Modelo
Especial, Pacifico, Negra Modelo and Victoria brands in all 50 states of the US.
Constellation Brands also operates a brewery, wineries, a distilling plant and bottling plants, many of which include
warehousing and distribution facilities on the premises. Additionally, some of the company's businesses maintain office
space for sales and similar activities and offsite warehouse and distribution facilities in a variety of geographic locations.
In the US, the company operates one winery in New York, 16 wineries in California and one winery in Washington. Of
these, 16 wineries are owned and two wineries are leased. In Canada, it operates nine wineries, of which seven wineries
are owned and two wineries are leased. The company also owns and operates a distilling plant in Lethbridge, Canada. In
New Zealand, Constellation Brands owns and operates four wineries. In Italy, the company operates five leased
wineries. Constellation Brands also operates four leased warehouse, distribution and other production facilities in the US;
three owned and one leased warehouse, distribution and other production facilities in Canada; and one owned and
seven leased warehouse, distribution and other production facilities in Italy.
Key Metrics
The company recorded revenues of $4,864 million in the fiscal year ending February 2014, an increase of 74.0%
compared to fiscal 2013. Its net income was $1,943 million in fiscal 2014, compared to a net income of $388 million in
the preceding year.

0072 - 0744 - 2014

Page | 26
Table 13: Constellation Brands, Inc.: key financials ($)

$ million
2010
2011
2012
2013
2014
3,364.8
3,332.0
2,654.3
2,796.1
4,864.0
99.3
559.5
445.0
387.8
1,943.0
Total assets
8,094.3
7,167.6
7,109.9
7,638.1
14,302.0
Total liabilities
5,518.0
4,615.7
4,433.9
4,777.8
9,321.0
6,000
4,300
4,400
4,500
6,300
Revenues
Net income (loss)
Employees
M AR KE TL IN E
Table 14: Constellation Brands, Inc.: key financial ratios

Ratio
2010
2011
2012
2013
2014
Profit margin
3.0%
16.8%
16.8%
13.9%
39.9%
(28.8%)
(1.0%)
(20.3%)
5.3%
74.0%
0.7%
(11.4%)
(0.8%)
7.4%
87.2%
Liabilities growth
44.1%
(16.4%)
(3.9%)
7.8%
95.1%
Debt/asset ratio
68.2%
64.4%
62.4%
62.6%
65.2%
Return on assets
1.2%
7.3%
6.2%
5.3%
17.7%
$560,800
$774,884
$603,250
$621,356
$772,063
$16,550
$130,116
$101,136
$86,178
$308,413
Revenue growth
Asset growth

Profit per employee

M AR KE TL IN E
0072 - 0744 - 2014

Page | 27
Figure 17: Constellation Brands, Inc.: revenues & profitability
M AR KE TL IN E
Figure 18: Constellation Brands, Inc.: assets & liabilities

M AR KE TL IN E
0072 - 0744 - 2014

Page | 28
Heineken N.V.
Table 15: Heineken N.V.: key facts
Head office:
Tweede Weteringplantsoen 21, 1017 ZD Amsterdam, NLD
Telephone:
31 20 523 92 39
Fax:
31 20 626 35 03
Website:
www.theheinekencompany.com
Financial year-end:
December
Ticker:
HEIA
Stock exchange:
NYSE, Euronext, Amsterdam
M AR KE TL IN E
Heineken is a brewing company, with a wide international presence through a global network of distributors and
breweries. The company owns, markets and sells more than 250 beer brands including international premium, regional,
local and specialty beers. Its principal brands are Heineken, Amstel, Ancho r, Birra Moretti, Cru zcampo, Desperados, Dos
Equis, Foster's, Newcastle Brown Ale, Ochota, Primus, Sagres, Sol, Star, Tecate, Tiger and Zywiec. Additionally, the
company markets several brands through joint ventures, which include Cristal and Kingfisher. In addition to its global
beer portfolio, Heineken is a large global player in the cider market, with brands such as Strongbow and Bulmers.
The company's brands are sold in about 178 countries, while it has operations in more than 70 countries across Western
Europe, Central and Eastern Europe, Africa and the Middle East, the Americas, and the Asia Pacific region. The
breweries are either owned by the company or are joint ventures in different countries.
The company operates in five segments, defined based on geographic presence: Western Europe, the Americas,
Central and Eastern Europe, Africa and the Middle East, and Asia Pacific.
Western Europe is Heineken's largest segment. In Western Europe, the company has operations in nine countries,
including the UK, France, Italy, the Netherlands, Belgium, Ireland, Portugal, Spain and Switzerland. In these regions, the
company operates through subsidiaries, joint ventures and licenses. The company also operates one export and dutyfree business in Western Europe. In this region, Heineken operates 26 breweries.
In the Americas, the company acquired the beer operations of Fomento Economico Mexicano (FEMSA) in 2010, through
which it gained access to a large market in Mexico and Brazil. The company also has significant inte rests in Compania
Cervecerias Unidas (CCU). In addition, the Heineken brand is brewed under license in a number of markets, mostly in
Canada. In all, the company has about 19 majority-owned breweries and eight joint venture breweries in the region.
For Central and Eastern European market, Heineken licenses its breweries or imports beers from other breweries under
the Heineken and Amstel brands. In this region, the company owns more than 50 breweries and has operating
companies in 14 countries, including Aus tria, Belarus, Bulgaria, the Czech Republic, Croatia, Germany, Greece,
Hungary, Macedonia, Poland, Romania, Russia, Slovakia and Serbia.
In Africa and the Middle East, Heineken operates through owned breweries. The company manufactures Heineken and
Amstel for local distribution and export, besides distributing several local brands like Fayrouz, Lazi za and Harar. In this
region, Heineken's operations are spread across 23 countries.
Heineken operates in the Asia-Pacific region through Heineken Asia Pacific Pte, a Singapore-based beverage company.
The company also holds a 36.1% stake in United Breweries Limited (UBL) for Indian operations. Heineken Asia Pacific
Pte has 25 breweries in 19 countries across Asia Pacific, while UBL owns 18 breweries in India.

0072 - 0744 - 2014

Page | 29
The company's beer production and manufacturing operations in the above segments are managed by several
subsidiaries, including Heineken Brouwerijen, the Netherlands; Heineken UK; Brau Union, Austria; Heineken France;
and Heineken USA among others.
Key Metrics
The company recorded revenues of $25,485 million in the fiscal year ending December 2013, an increase of 4.5%
compared to fiscal 2012. Its net income was $1,810 million in fiscal 2013, compared to a net income of $3,914 million in
the preceding year.
More recent financial information was not available for this company at the time of publication.
Table 16: Heineken N.V.: key financials ($)

$ million
2009
2010
2011
2012
2013
19,510.3
21,410.7
22,724.6
24,396.8
25,485.1
1,351.0
1,920.4
1,897.8
3,913.7
1,810.2
Total assets
26,781.7
35,384.2
36,001.3
47,749.2
44,242.9
Total liabilities
19,680.2
21,820.8
22,607.8
30,812.2
27,844.7
55,301
65,730
64,252
76,191
80,933
Revenues
Net income (loss)
Employees
M AR KE TL IN E
Table 17: Heineken N.V.: key financials ()

million
2009
2010
2011
2012
2013
14,701.0
16,133.0
17,123.0
18,383.0
19,203.0
1,018.0
1,447.0
1,430.0
2,949.0
1,364.0
Total assets
20,180.0
26,662.0
27,127.0
35,979.0
33,337.0
Total liabilities
14,829.0
16,442.0
17,035.0
23,217.0
20,981.0
Revenues
Net income (loss)

M AR KE TL IN E
0072 - 0744 - 2014

Page | 30
Table 18: Heineken N.V.: key financial ratios

Ratio
2009
2010
2011
2012
2013
Profit margin
6.9%
9.0%
8.4%
16.0%
7.1%
Revenue growth
2.7%
9.7%
6.1%
7.4%
4.5%
Asset growth
(1.9%)
32.1%
1.7%
32.6%
(7.3%)
Liabilities growth
(7.8%)
10.9%
3.6%
36.3%
(9.6%)
Debt/asset ratio
73.5%
61.7%
62.8%
64.5%
62.9%
Return on assets
5.0%
6.2%
5.3%
9.3%
3.9%
$352,802
$325,738
$353,680
$320,206
$314,891
$24,430
$29,216
$29,537
$51,367
$22,367

Profit per employee
M AR KE TL IN E
Figure 19: Heineken N.V.: revenues & profitability

M AR KE TL IN E
0072 - 0744 - 2014

Page | 31
Figure 20: Heineken N.V.: assets & liabilities

M AR KE TL IN E
0072 - 0744 - 2014

Page | 32
MillerCoors LLC
Table 19: MillerCoors LLC: key facts
Head office:
250 South Wacker Drive, Chicago, Illinois 60606 5888, USA
Telephone:
1 800 645 5376
Website:
www.millercoors.com
M AR KE TL IN E
MillerCoors, a joint venture between SABMiller and Molson Coors Brewing Company (MCBC), sells beer in the US
market. The company's brands include Miller Lite, Coors Banquet, Coors Light, Blue Moon Belgian, Foster's, Henry
Weinhard's, Icehouse, Keystone Premium, Leinenkugel's, Killian's Irish Red, Miller Genuine Draft, Miller High Life,
Milwaukee's Best, Molson Canadian, Peroni Nastro Azzurro, Pilsner Urquell, Red Dog.
The company operates eight breweries in the US, and Leinenkugel's craft brewery in Chippewa Falls, Wisconsin; and
two microbreweries, the Tenth Street Brewery in Milwaukee, and the Blue Moon Brewing Company at Coors Field in
Denver. MillerCoors operates in the US, where it is headquartered in Chicago, Illinois.
Key Metrics
As a joint venture between SABMiller and Molson Coors Brewing Company, MillerCoors is not obliged to publish its
financial results.

0072 - 0744 - 2014

Page | 33
MACROECONOMIC INDICATORS
Country Data
Table 20: United States size of population (million), 201014
Year
Population (million)
% Growth
2010
309.3
0.8%
2011
311.6
0.7%
2012
313.9
0.7%
2013
316.4
0.8%
2014
318.9
0.8%
SOURCE: MARKETLINE
M AR KE TL IN E
Table 21: United States gdp (constant 2005 price s, $ billion), 2010 14
Year
Constant 2005 Prices, $ billion
% Growth
2010
13,597.2
2.5%
2011
13,815.0
1.6%
2012
14,135.6
2.3%
2013
14,449.3
2.2%
2014
14,799.6
2.4%
SOURCE: MARKETLINE
M AR KE TL IN E
Table 22: United States gdp (current price s, $ billion), 2010 14

Year
Current Prices, $ billion
% Growth
2010
14,964.4
3.8%
2011
15,517.9
3.7%
2012
16,163.2
4.2%
2013
16,768.1
3.7%
2014
17,420.2
3.9%
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 34
Table 23: United States inflation, 201014

Year
Inflation Rate (%)
2010
1.6%
2011
3.2%
2012
2.1%
2013
1.5%
2014
1.8%
SOURCE: MARKETLINE
M AR KE TL IN E
Table 24: United States consumer price index (absolute), 201014

Year
Consumer Price Index (2005 = 100)
2010
111.7
2011
115.2
2012
117.6
2013
119.3
2014
121.5
SOURCE: MARKETLINE
M AR KE TL IN E
Table 25: United States exchange rate, 201014

Year
Exchange rate (/$)
2010
1.3279
2011
1.3912
2012
1.2856
2013
1.3281
2014
1.3290
SOURCE: MARKETLINE

M AR KE TL IN E
0072 - 0744 - 2014

Page | 35
METHODOLOGY
MarketLine Indus try Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross checked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and su pported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLines in -house databases
provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions Market definitions are standardized to allow comparison from country to country. The param eters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
-
National/Governmental statistics
International data (official international sources)
National and International trade associations
Broker and analyst reports
Company Annual Reports
Business information libraries and databases
Modeling & forecasting tools MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand -related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up -to-date

0072 - 0744 - 2014

Page | 36
Industry associations
Master Brewers Association of the Americas
3340 Pilot Knob Road - St. Paul, MN 55121, USA
Tel.: 1 651 454 7250
Fax: 1 651 454 0766
www.mbaa.com
Master Brewers Association of the Americas

3340 Pilot Knob Road - St. Paul, MN 55121, USA
Tel.: 1 651 454 7250
Fax: 1 651 454 0766
1 651 454 0766
Related MarketLine research

Industry Profile
Global Beer
Beer in Europe
Beer in Asia-Pacific
Beer in Canada
Beer in Mexico

0072 - 0744 - 2014

Page | 37
APPENDIX
About MarketLine
In an information-rich world, finding facts you can rely upon isnt always easy. MarketLine is the solution.
We make it our job to sort through the data and deliver accurate, up -to-date information on companies, industries and
countries across the world. No other business information comp any comes close to matching our sheer breadth of
coverage.
And unlike many of our competitors, we cut the data padding and present information in easy-to-digest formats, so you
can absorb key facts in minutes, not hours.
What we do
Profiling all major companies, industries and geographies, MarketLine is one of the most prolific publishers of business
information today.
Our dedicated research professionals aggregate, analyze, and cross -check facts in line with our strict research
methodology, ensuring a constant stream of new and accurate information is added to MarketLine every da y.
With stringent checks and controls to capture and validate the accuracy of our data, you can be confident in MarketLine
to deliver quality data in an instant.
For further information about our products and services see more at: http://www.marketline.com/overview/
Disclaimer
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or trans mitted in any form by any means,
electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, MarketLine.
The facts of this report are believed to be correct at the time of publication but cannot be guarantee d. Please note that
the findings, conclusions and recommendations that MarketLine delivers will be based on information gathered in good
faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such
MarketLine can accept no liability whatever for actions taken based on any information that may subsequently prove to
be incorrect.

0072 - 0744 - 2014

Page | 38
MARKETLINE | CHRISTCHURCH COURT, 10-15 NEWGATE

STREET, LONDON, UNITED KINGDOM, EC1A 7 AZ
T: +44 20 3377 3045 | F: +44 870 134 4371
REACHUS@MARKETLINE.COM
df

Beer Market PDF

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Beer Market PDF

Uploaded by

Copyright:

Available Formats

MarketLine Industry Profile

Beer in the United

Publication Date: April 2015

United States - Beer

0072 - 0744 - 2014

Market value forecast

Market volume forecast

United States - Beer

0072 - 0744 - 2014

United States - Beer

0072 - 0744 - 2014

Anheuser-Busch InBev SA/N V .................................................................................................................................................22

United States - Beer

0072 - 0744 - 2014

United States - Beer

0072 - 0744 - 2014

United States - Beer

0072 - 0744 - 2014

United States - Beer

0072 - 0744 - 2014

Table 1: United States beer market value: $ million, 201014

Figure 1: United States beer market value: $ million, 201014

United States - Beer

0072 - 0744 - 2014

Table 2: United States beer market volume: million liters, 201014

Figure 2: United States beer market volume: million liters, 201014

United States - Beer

0072 - 0744 - 2014

Table 3: United States beer market category segmentation: $ million, 2014

Ales, stouts & bitters

United States - Beer

0072 - 0744 - 2014

Table 4: United States beer market geography segmentation: $ million, 2014

Rest of the World

United States - Beer

0072 - 0744 - 2014

Table 5: United States beer market share: % share, by volume, 2014

Constellation Brands, Inc.

Figure 5: United States beer market share: % share, by volume, 2014

United States - Beer

0072 - 0744 - 2014

Table 6: United States beer market distribution: % share, by value, 2014

Figure 6: United States beer market distribution: % share, by value, 2014

United States - Beer

0072 - 0744 - 2014

Table 7: United States beer market value forecast: $ million, 201419

Figure 7: United States beer market value forecast: $ million, 201419

United States - Beer

0072 - 0744 - 2014

Market volume forecast

United States - Beer

0072 - 0744 - 2014

FIVE FORCES ANALYSIS

United States - Beer

0072 - 0744 - 2014

United States - Beer

0072 - 0744 - 2014

United States - Beer

0072 - 0744 - 2014

United States - Beer

0072 - 0744 - 2014

United States - Beer