Anheuser-Busch InBev SA/NV (BUD) Stock Analysis

Anheuser-Busch InBev’s primary competitive advantage is its unmatched global scale and brand portfolio. As the world’s largest brewer by volume (513.5 million hectoliters in 2023), BUD is more than 90% larger than its nearest rival, Heineken (265.5 million hectoliters). This scale enables superior procurement terms, distribution reach, and marketing efficiency.

BUD’s portfolio includes seven of the world’s top ten most valuable beer brands, such as Budweiser, Corona, and Stella Artois. These “megabrands” command premium pricing and strong consumer loyalty, with Corona holding a super-premium price advantage of 20 percentage points over comparable brands. The company’s premium and super-premium segments are growing at more than twice the rate of the overall beer market, outpacing rivals like Molson Coors and Carlsberg, which have less exposure to premiumization trends.

BUD’s distribution network is extensive, with leading market share in key profit pools such as the U.S., Brazil (~70% share), and Mexico. Its digital platforms (e.g., BEES) and direct-to-consumer initiatives further entrench customer relationships and drive efficiency.

While competitors like Heineken and Carlsberg are also global, BUD’s breadth, local scale, and marketing investment ($7.2 billion in 2024) are difficult to replicate. However, the company faces threats from shifting consumer preferences (e.g., craft, spirits, health trends) and regulatory risks, which require ongoing adaptation.