Heineken beer volumes fall more than expected on demand slump

Heineken NV beer volumes fell slightly more than expected in the first quarter as demand slumped in crucial markets, including Europe and the Americas.

The Dutch brewer, which also makes the Tecate and Amstel brands, said Thursday that the volumes fell 0.8%, compared with the 0.7% drop expected by analysts. Heineken kept its full-year outlook of 2% to 6% organic growth in operating profit unchanged.

The brewing industry has faced a slowdown in recent years as concerns over the impact of alcohol consumption grow, particularly among younger consumers. While Heineken and its rivals Carlsberg A/S and Anheuser-Busch InBev have been affected, Heineken has taken the longest to turn around its business. Last year, the company said it would cut about 7% of its workforce to streamline operations and improve productivity.

Beer volumes in Europe and the Americas both fell 2.7% in the quarter, led by mid-single digit volume declines in the US and Brazil, the brewer said. Poland recorded a double-digit decline after the government implemented a deposit return scheme on single-use plastic bottles, which led the company to phase out shipments, it added.

Chief Executive Officer Dolf van den Brink said consumer sentiment could see an impact from rising costs in some markets and volatile energy availability, according to the statement. Like Heineken, other companies are increasingly warning about the impact of the Iran war on the cost of doing business.

Van den Brink is stepping down in May after about six years at the helm, and his successor has yet to be named.

The brewer has previously said it’s optimistic about beer demand in emerging markets, such as Vietnam and South Africa, where demographics and rising incomes are driving sales.

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