Anheuser-Busch InBev: Beyond Beer - Sizing the BEES marketplace opportunity

研报英文原文证据摘录

Anheuser-Busch InBev: Beyond Beer - Sizing the BEES marketplace opportunity

Anheuser-Busch InBev UBS Research

Intro to BEES marketplace

ABI has undergone a rapid digitalisation of its sales & distribution in recent years, such

that in 2025 the group now generates 72% of its net sales through digital B2B channels,

up from c55% in 2021. We segment this into 4 parts;

BEES B2B platform - core business: ABI developed its own proprietary B2B e-

commerce platform called BEES, which was piloted in the Dominican Republic in

2019, and has since been rolled out in a total of 29 markets, over indexed to key

emerging markets where ABI has high market shares and high direct distribution

with fragmented retailer base, in particular Brazil, Mexico, Colombia, Argentina,

South Africa, Peru, Ecuador,. We estimate BEES B2B platform accounts for c54%

of group net sales ($32bn), but >80% net sales in most of the aforementioned

markets.

BEES B2B platform - marketplace: ABI is leveraging its scale and distribution

reach to also develop an online B2B marketplace to sell third party products in

markets where it has rolled out BEES, which is an incremental profit stream.

Marketplace is the major focus of this report.

Electronic Data Interchange (EDI): Several CPG companies including ABI are

already digitally connected with modern trade key accounts through legacy

systems, particularly in Europe and the US, but also in certain Emerging markets

where the modern trade might be more developed (e.g. large urban cities).

Direct to consumer: ABI has three main D2C platforms including: i) Perfect Draft,

an at home draught system predominantly in Europe; ii) Ze Delivery in Brazil

(rolling in 10 other markets), a courier service delivering cold beer at home within