Global Beverages: Surveying the US spirits, beer and RTD market for 2Q26

Research evidence excerpt

Global Beverages: Surveying the US spirits, beer and RTD market for 2Q26

Barclays | Global Beverages

to 2.60 months from 2.70 and retail inventory falling to 3.08 months from 3.22. However, this

inventory improvement did not translate into better market health or sentiment.

Beer was more mixed, but directionally better than spirits. The combined health of the

beer market improved slightly to 2.24 from 2.20, driven by a stronger retailer read, although

wholesaler health softened further. Beer premiumisation in the quarter improved to 2.39

from 2.27, while next-quarter premiumisation expectations were broadly stable at 2.41.

However, beer volume expectations over the next 12 months weakened to +0.04 from

+0.18, with wholesalers moving back into negative territory. This suggests that while

premiumisation and channel health improved slightly, respondents remain cautious on

actual volume delivery.

Beer portfolio scores improved across all major brewers in Q2 26. Constellation retained

the highest combined score at 3.12, followed by Molson Coors at 3.08 and Heineken at 3.06.

ABI improved to 3.00, while Boston Beer (not covered) recovered to 2.86. The breadth of

improvement across the beer portfolios contrasts with spirits, where portfolio performance

was more mixed. Beer inventory also improved at retail, with combined retail inventory

declining to 2.24 months from 2.48, while wholesale inventory was broadly stable at 2.41

months.

In RTD, the debate shifted meaningfully toward new-to-the-world brands. Brand

extensions from established spirits brands remained the most successful product type, but

the share fell to 42% from 51%, while new-to-the-world RTD brands rose to 36% from 26%.

This suggests that while established spirits brands still have an advantage, the perceived gap