Beer
Premium lagers continue gaining share. The interesting reset is in the value tier, where private label premium is now matching pace.
Country outlooks
All outlooks →- Q2 2026
Beer in Spain: Q2 2026 Outlook
Heineken's Q1 2026 trading update named Spain as one of a handful of European markets delivering volume growth, alongside France and the UK. Premium volume grew 5.8% across Heineken's portfolio globally, with the Heineken brand up 6.9%, and no/low-alcohol expanded double digits. Those global and European signals point to the same structural shift playing out in Spain: premium tiers are gaining ground, no/low-alcohol is moving from niche to mainstream, and mainstream lager faces ongoing pressure. No Spain-specific market size or share figures are available in current sourced signals; KPIs and brand positions are therefore drawn from global and European-level reporting. Commercial leaders operating in Spain should watch Heineken's in-market execution, the pace at which no/low-alcohol converts casual trial into repeat purchase, and any regulatory or labelling developments that could reshape on-trade and retail shelf dynamics.
- Q2 2026
Beer in Italy: Q2 2026 Outlook
Heineken's Q1 2026 trading update shows the global premium and no/low-alcohol trend is firmly in motion, with net revenue up 2.8% and the Heineken brand growing volume 6.9% across its markets. Italy sits within the European geography where Heineken reported volume growth alongside France, Spain, and the UK. The structural read for Italy in Q2 2026: the premium tier is expanding, no/low-alcohol is growing double digits globally, and mainstream lager faces continued pressure from private label and value alternatives. No Italy-specific beer market size or share figures are available in current sourced signals; KPIs and brand shares are therefore directional, drawn from global and European-level reporting. Commercial leaders in Italy should watch how Heineken's global premium push lands in-market, and whether the regulatory scrutiny that just hit Italian snack private label suppliers signals broader enforcement appetite across categories.
- Q1 2026 / H1 FY26
Beer in the United Kingdom
Three of the four largest UK beer players reported in late April 2026. Heineken Q1 net revenue grew 2.8% with premium volume +5.8% (Heineken brand +6.9%) and the UK contributing to European volume growth. Diageo H1 FY26 (six months ended 31 December 2025) showed Guinness up 10.9% globally with Great Britain +2.9% led by Guinness; Diageo confirmed Guinness as the UK's number-one beer and Guinness 0.0 as the UK's number-one alcohol-free beer. AB InBev Q1 2026 reported operating profit +7.9% on volume -2.2% globally. The structural reads: premium tier expansion and no/low alcohol are the visible growth drivers; mainstream lager faces continued private-label and value pressure.
Recent signals
All news →- Portfolio
Suja Founder Bets on Protein Soda as Next Beverage Category
Jeff Church, who built Suja Juice into a $100m+ brand, launches Proda with 10g of whey protein isolate per can and zero sugar to capture an emerging category at the intersection of soda and functional nutrition.
BeverageDaily · 1d ago - Portfolio
Carlsberg Malaysia doubles down on premiumisation despite sales slump
The brewer is pushing premium brands and innovation as mainstream and alcohol-free products tumble in Malaysia and Singapore.
BeverageDaily · 2d ago - Earnings analysis
Heineken Q1 2026: net revenue +2.8%, premium volume +5.8% led by Heineken brand at +6.9%
Heineken Q1 2026 trading update (April 23, 2026): revenue +2.2% to ~£6.8B, net revenue +2.8%, net revenue per hectolitre +3.0%. Premium volume grew 5.8% led by the Heineken brand at +6.9%. Low and no-alcohol grew double digits. UK delivered volume growth in Europe alongside France and Spain. Heineken gained or held share in ~60% of markets. FY outlook 2 to 6% organic profit growth maintained.
Heineken IR (Q1 2026 trading update) · 2w ago - Earnings analysis
Diageo H1 FY26: Guinness +10.9% globally, confirmed as the UK's number-one beer
Diageo H1 FY26 (six months ended 31 December 2025): net sales $10.5B with organic net sales -2.8%. Guinness was the standout: +10.9% globally with growth in every region except Asia Pacific. Great Britain +2.9% led by Guinness. Diageo confirmed Guinness as UK's number-one beer and Guinness 0.0 as UK's number-one alcohol-free beer. Non-alcoholic sales group-wide +14%.
Diageo IR (2026 Interim Results) · 10w ago
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