Key Players

Key Players in the Beverage Industry in Brazil

Player	Detailed Profile	Relevant Context Information	Estimates of Volumes	Estimates of Revenue
Ambev	Ambev is a subsidiary of Anheuser-Busch InBev (AB InBev) and is one of the largest beverage companies in the world. It operates in beer production and sales, as well as non-alcoholic beverages.	Ambev is controlled by the trio of billionaires from 3G Capital. They have been focusing on premiumization in Brazil, with strong performance from brands like Corona, Spaten, and Original. Their B2B digital platform, BEES, had 3.7 million monthly active users in FY23 and captured USD 39.8 billion in gross merchandise value.	Brazil beer volume growth of 3% and non-alcoholic beverages volume growth of 8% in Q2 2024 compared to the previous year. Total volume in Brazil grew 1.3% in Q3 2024. Ambev's consolidated volumes declined by 0.6% in Q3 2024, but grew 1.3% excluding Argentina.	Consolidated net revenue of R$ 89,453 million in 2024. Net revenue per hectoliter increased by 5% in Q2 2024. Net revenue in Brazil NAB increased by 14.8% and Brazil Beer by 3.5% in Q3 2024. Net revenue was R$ 27.0 billion in Q4 2024.
Heineken Brasil	Heineken Brasil is the Brazilian subsidiary of the Dutch brewer Heineken N.V. It is the second largest brewer in Brazil. The company produces beer and soft drinks.	Heineken entered Brazil in 1990 through a partnership with Kaiser. In 2010, they acquired Femsa, which allowed them to expand their presence using the Coca-Cola system. In 2017, Heineken acquired Brasil Kirin, significantly transforming its business in the country. They have been investing in expanding production capacity. Brazil is one of their largest operating companies.	Beer volume increased organically by 1.6% in FY24. Premium beer volume increased organically by 5.2% in FY24, with notable growth in Brazil. Heineken® volume grew 8.8% in FY24, with Brazil being a key market.	Net revenue (beia) increased organically by 5.0% to €30.0 billion in FY24, supported by strong growth in Brazil. Net revenue in Brazil grew in the first half of 2024, driven by pricing, premiumization, and volume. Total revenue for Heineken N.V. was €35,955 million in 2024.
Coca-Cola FEMSA (KOF)	Coca-Cola FEMSA is the largest Coca-Cola franchise bottler in the world by sales volume. It produces, sells, and distributes beverages under The Coca-Cola Company trademarks. Brazil is a significant market for KOF.	KOF is a subsidiary of Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA). They have been implementing revenue management initiatives and focusing on volume growth. KOF is focusing on sugar-free Coca-Cola and growth strategies in emerging categories in Brazil. They are also investing in increasing production and distribution capacity. KOF is leveraging their B2B platform, Juntos+, which reached 1.2 million monthly active buyers across Latin America in Q3 2024.	Volume increased 3.0% in Q4 2024, with 3.7% growth in Brazil. Total volume increased 2.2% in Q4 2024, driven by growth in Brazil, Mexico, and Guatemala. Volume increased 0.8% in Q3 2024, driven by Brazil, Guatemala, and Central America South. In 2014, reported total sales volume in Brazil increased 39.7% to 733.5 million unit cases.	Total revenues increased 19.4% to Ps. 33,988 million in Q4 2024. Total revenues increased 14.3% to Ps. 75,528 million in Q4 2024. Total revenues increased 12.4% to Ps. 203,873 million in the first nine months of 2024. Total revenues increased 14.2% to Ps. 279,793 million in 2024. South America region (including Brazil) is expected to grow at a CAGR of 9.0% during 2023-2027 in total revenues.
Grupo Petrópolis	Grupo Petrópolis is a Brazilian brewery and a competitor to Ambev. It owns brands like Itaipava and Petra. The company also has operations in energy generation and agribusiness.	The company filed for judicial recovery in March 2023 with dívidas of R$ 4.4 billion. The company experienced a significant reduction in sales volume and revenue from 2020 to 2022. To gain market share, they adopted an aggressive pricing strategy with lower prices than competitors. This strategy appears to be shifting with price increases in recent months.	Volume of beverages sold fell from 31.2 million hectoliters in 2020 to 24.1 million hectoliters in 2022. In September 2024, volumes were stable compared to the previous year, at 1.9 million hectoliters, after five months of average growth of 25%. The company currently has 50% idle capacity.	Gross revenue of the group fell by 17% from 2020 to 2022 due to reduced sales volume. Prices increased by 7% in September 2024 compared to August, but were still 12% below February levels.
Nestlé Brasil	Nestlé is a multinational food and beverage company. Nestlé in Brazil is the company's 4th largest market. Their product categories in Brazil include confectionery, beverages, milk products, ice cream, and more.	Nestlé has been in Brazil for 93 years. They hold a strong market positioning in the majority of categories they operate in, often ranking first or second. The company has been adjusting prices to offset higher costs. They expect organic sales growth in 2024.	Real internal growth (RIG), a measure of sales volume, was 0.1% in the first half of 2024.	Sales in the first half of 2024 totaled 45 billion Swiss francs (approximately US$ 50.9 billion), a decrease of 2.7% compared to the previous year. For the full fiscal year 2024, Nestlé projected organic sales growth of at least 3%. Nestlé Brasil Ltda. reported revenue of BRL 7,992,916,907 in 2024.
Britvic Brasil	Britvic is an international soft drinks business. They entered the Brazilian market through the acquisition of the soft drinks firm Ebba. They manufacture brands like Robinsons and Pepsi (under license).	The acquisition of Ebba in 2015 was a significant move to enter the Brazilian market, which was the sixth largest soft drinks market at the time. Britvic aimed to leverage Ebba's position as a leading supplier of liquid concentrates and double its revenue by 2020. Recent acquisitions have contributed to their growth in Brazil.	Group volume growth of 4.4% in the six months ended March 31, 2024. In December 2024, group volume was up 6.4% from a year earlier. Brazil revenue growth included the benefit of a recent acquisition.	Brazil revenue surged 21% in the first quarter ended December 31, 2024. Brazil revenue grew 34.7% in the six months ended March 31, 2024, driven by the core portfolio and a recent energy acquisition. Brazil revenue grew 48.1% in Q3 2024, with growth from existing brands and the Extra Power acquisition. Group revenue increased 11.2% to £880.3m in the six months ended March 31, 2024.
Brown-Forman Brasil	Brown-Forman is a spirits and wine company with a presence in Brazil. Their portfolio includes brands like Jack Daniel's.	Brazil is considered an emerging market for Brown-Forman and has shown strong growth. They have seen growth in brands like Jack Daniel's Tennessee Whiskey, Jack Daniel's Tennessee Honey, and Jack Daniel's Tennessee Apple in Brazil.	Emerging markets, including Brazil, posted an 11% gain in the nine months to January 2024.	Brazil's reported net sales increased 45% in FY23. Brazil showed strong double-digit organic net sales growth in Q1 2025. Organic sales for Brown-Forman were flat in fiscal 2024. For the nine months of fiscal year 2025, reported net sales decreased 4%, but increased 2% on an organic basis. Organic net sales growth is expected to be 2-4% in fiscal 2025.

Note: Due to the dynamic nature of the market and the availability of public data, providing a definitive top 10 list with precise, universally comparable revenue and volume figures for the exact 2024-2025 period for all players is challenging. The table above includes major players with significant reported activity and provides the most recent available data points related to their performance in Brazil. The ranking is based on the general market understanding and the scale of operations suggested by available financial information, though precise comparative revenue figures for all entities in the same reporting period are not consistently accessible.

References

• Heineken N.V. enters into agreement to acquire Brasil Kirin Holding S.A. (2017-02-13) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALs-F9LsR3--cgTod1l9y8e6TD24EHljQEaCiqR5V-F8BKtCBuF0wPvNGUxyE8aR_q2M-CPFoOBM7FQZTFkUBHh5vCH_X7drCuMdRhjNsvXnVXpnuQ3gTN6DkLeW3gj3S9IpCJT5ewevTAurNQk5Do8h2QebUNXAsw0eDtsBiF7hwY9tmeAm_eze5IvLyS1sjk0M7nyOL6VfxDxbiEJt6MAc9Tg8AsQDQ==
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• Britvic's £114M Brazilian buyout to double earnings - Food Manufacture (2015-07-23) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKWnifQUGcLFdQnuZ85VuE3XbyOs6pT4upBTQGTYsdoUWwNj_G-qn2cUfPEjU3-Fr9aN_7Ng1xz7YGRCVNCJyOktoS-jgOMtpkKv-6U-l9tZwtyjeHdeuAy8KnE13Vo9XSYPdrE46mmAVzy1wnqa7OTyMjrnMZxBcTLe0i8ZCvFmh-_Nwg6P-W2
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• UPDATE: Britvic corrects December group revenue performance - Morningstar (2024-01-25) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJg94qnewxurBnvnG2Ya5GCVzT7qwHj6l9iALuEpuaDpbxoWWS1E-6d2Oa5oPGR3ZEW6YOXcVE8mI9BGh-ocCfrqzguMglfi3nJcUQ9LyLuFX2TQIob1Vz_42EL2Y1He9bkoGFG9tvCZLWV2qiFqi9iwad0bdt60NT0Kjk6o8i44TXrAp26dntxPLMk2ilcJw2weQGyQQpW6IBwMtLsZWxgkH7vt28n4OPsQtamNaiViYr-
• Nestlé Brazil | PPT - SlideShare (2014-06-03) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIYFvQMpWiNixPFJDBN9xjwXLWffugSW6LYXWthEebNMnLjQzvf0_TMHPuZPxmq74R0Fseu-GDsQZPcBXsVoGNLdIBMklGACFbD-AgphyrJO48VU3_9yX8E6ySQ1Y04P_xTY1qFD18NPFB7OcCVUsfbUoZE
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• Financial Highlights - RI - Ambev https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIqi-nfCbzWD6NgTtMQwK1CCH8W3MMgGiKbxmjOry721_zuyzv3dXbaIEuVQxMCiVlZ93_sD1mbn1A2UHeDsIzvllju2hhLKmPplUzGGSoSJ5z0Vx4j6L1wyH_HSWZ1_lxx-sjMkh331ILuST5goGo=
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• Brown-Forman 2023 Integrated Annual Report https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAK5Ktn2UnxGfGAwEAfTpsSWVmSXnImlFo-JJ_oDJoM1iEZ0IBr_nar3mDzohoB-6MIc4nHHIqXcJ0Jcj6RckZdO03mAcMgbStg1BLIPbhc_clPEkv-1PVigZ9D76PQQK2mCTajF9wZjzK7_sDfXn3WS_97y5ig5v_29ACuwVdSbNAuWm4GW
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• AB InBev amplia lucro e receita no 2º trimestre - CNN Brasil (2024-08-01) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKtYv94jvVvMM_s9SXrlt4boJoW9OQVT1mRVb9Z9Zka-G83uA390Pu-KuI9dkMp7s0j9Pv2Q3XVJgoZ08aX8PvVGfbNZav3GUIIz_NFhOeUEIrh9oITuk76iE66Rnv2uVxAM_bE87VxxI9y8ddabZsLCTxtF0EWtSe6Op9bvMKGD-3YkQmmLjzmjcJY7VZGLnpRcVL8jogxuyxVd6-c4b4LsftFJk1gaA==
• Heineken N.V. reports 2024 full year results (2025-02-12) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIzEs02WoI6sW8t70ZfJ_Z4L0-GmR9PhD71KOptPeSd4Lr9VkSNKYC_QlthWensGal6C4hXQpWB8IohWQ1uL5gNJeB8op0zY-_PTXyLfl6fipu4D78_hjIz6giPp2-KqERPPGF84CzXhWHSyUqPckzDmKKivOY8b7ohTgts2-ekzBf88ea3wYZ8A5cD_Lc=
• Brazil: Heineken Group posts strong performance in Brazil and Mexico | Verlag W. Sachon (2024-08-06) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALASUmsuS3GALQPOUlBP4TKQQTyTObg5hOu4iuk3uM2wwVEoOhqsPl11sNGuptme0ptl1vcdmNgvs8FwbPQ6BvzY_1AEVJTRjAGI7fJmUjh5mKfV14n6AHxKUXXGIqM2XzABa3jBZg3pvdlZyJ0o9xfgDYvdD71s2P4FILNfz8cG5LeWC9tnzBI2omSWLj2Z30SBZgOvKi7lRAwAd4tvcE=
• Relatório - Research | BTG Pactual (2024-10-14) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJH-hlfdoDzOcQ_1KOBTIoaMZA5qocf4wqaUJeDe9kjXlaPjL3RJkC5Fg8EkNKURq7dkw4ucN_gbb44lPYaoC1qgz-8sHdqK3eNigsXwX2jrhcHeMKp5qRnMrQLLXEvYfgoD6EeCZEdRN2h-X22lcK9YWGzwP_mxOekRsG20bmKJTYkFEYDpyISQCcf8Gvc5g0SHWNpbDO1e2q7u5JcZGA02V2w0KgM8Q==
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• Nestlé registra lucro líquido de US$ 6,33 bi no 1º semestre - CNN Brasil (2024-07-25) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJ4v2tf6VPHj2moZpRsjvFfGQzGunKwl7DAaJIWumwx34i0OnQKDmRrvf7yUUcaXCcEzuEj5h6B_khiglWX3_FmUnzCXKlGRbJTuWGwVcTfRmm2iUxJh0_Df1vV6kw02eBpJeBl3B1w_64dLm5HKakwhQ0tu40HtmN8uF_wLxmhKlNKhHMaMMCXIKECzBgk6p8VNo_tQx-Iomhs5czvlOQ=
• Pedido à Justiça expõe perda de mercado pelo Grupo Petrópolis - Guia da Cerveja (2023-03-29) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKS2NUkroOZ4VsS2BC9aYs3zt9K6Uqq6_3jvg3HVTeREc777KsYGNj0xY2VKPkCpCuYEr5E1zcfjqGcTthV-TB_1vLTvKteD1XwTY4mrmyD0aqcmT0PFLoz3JrxJwPX0EygpIM-5skE9yUw6H-hL2iZSzYzKrmA1HT2NCySGPx_3vTl-7DMOj5UCBVrrS=
• Heineken Holding NV reports 2024 full year results (2025-02-12) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAL2CAI2zcoEiu8zzccO08z3Vkolm4w2rMgS6Ibhq0gEnLFU7REzH4rzCX-3PQjyXYzuDjRwmI1L0A5izHKT9zxO9dGQIVvtL23R4wr8I5iVS191d9m_29atLfhEweGZYT9D7rvjckh7nxiB0kllI8H3HkiKm6nLY5JLkgPGE9A4C-ZvvLDbTlGi_C4du21rwDsdnN2BFlPAB-z5g8I_Q==
• Heineken Brasil tem melhor resultado de série histórica contribuindo para lucro de $ 3,67 bilhões - Catalisi (2025-02-13) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIrW_GK0_XBuPcXE9xVyVwPGZUzACgFtN2r9q4RQ838bXYj_ZNXvSw-JkYdH3q9LAPqZssL1lgy30AavFDtFF3Wd2U8zlKCODhR2U_5ysdvu6_XmjTZESQVCLZ-qL92whNYnvgzS6O4-23Ocg_Aa94CaR3Wse_HeUsG9EFiBxdcRTMhkLFsXjBrGXwPhYWcMSDvwLS2s-fkM-ywHLddtEswCXqp_5XYERlhGLigSg==
• Brown-Forman forecasts flat FY sales - The Spirits Business (2024-03-07) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALsgZ8uEhprp2oWUxk5L9AOZcR7jYWVXee6hy_Hm06fV9zzzg4DMjZ3gvB5-JZ62BwIok7YYy9lCABLceWFmoA5QCN5qd7hrzQ_yL6OGVdKshXlJ7A33rOlQ51n74t1TfsYSOvAow9WGxHpDTrV6FwxKiuwwg7ny7-z_mbh18a2SgEhxuzLSQ==
• Ambev termina ano com tom positivo e ABEV3 sobe 5,5% após 4T, mas mercado vê questões - InfoMoney (2025-02-26) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqALX-Zee0Iy5P4fIVDhl6S_8JBkfP9uldtTdhDNA29jznW3XQ3Q4qOMdu4YSW5Fp-VgvvAdUC3X979mE8B5cNt5ySa0QpIuoMNZ1AV3ZPUrxZWp-Li-cUUaJRdHFzcmR82lWb-gCVDBzENtsX49n2lBK7QS5PVDWxu8Mt8_MrezUEe4-SQW56I1gHOTWHkytwix6G2cO9OrUUByB0NtKKKZ8JOidmtrWAVIXFwhYMUc=
• Melhores e Maiores 2025 - Exame https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJLwGo7LpZxrLPCrGQlIFLBL9-_vHGq-ULEMZ1HO5-Mth01AaDDtpmyxPH7739gRb9M-x3-7a4B8TIU6tibm-29gXUMfz9qFfSjWKM=
• As maiores empresas de bebidas do Brasil | Exame (2011-08-02) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKlwzKz38sBi1_TdEEd7Z3Q1O2jMah9NqUpFMYmjC7yVs6qrCGb7s5M-ErIjo49x8uTKNHnEAbfdEpSVnkF6uve_9lzWS-BAdiVsiIeXvdJ6JhwDjmzOpmOJoT_RkbaBUllaSfNKZzpkwxHjZXHu03qus8qhuko_4SkTA==
• Financial Statements 2023 - Nestlé (2024-02-21) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAIxd01a8W_Bplcd1yaqGK5tFILtuJX2ac-BMBxRPlX0a_eY0y7dZN_EzyXyrukjjCbsqRonoTl7E_IogS3XXhvUXpLe8wmWLE_BygZpp9VZwN89FrtZhBkSR263urr1Bs25KiSkHhpzUHRRkClkqCjhgOOl-pYGQfA5Ovkc4JI8Diw3Cu3e16PWDg==
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• Brown-Forman Reports Year-to-Date Fiscal 2025 Results; Reaffirms Full Year Growth Outlook - Investor Relations (2025-03-05) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAKi2wySqprJJgln_DOScdktXWeQbsbdid69DMEm0OcrCL-FmRWsbT1giv1y0DEkfvz-IBOEEsaEENXdAVG_JQ-oUGmXfWJ9obWEU1YXVx4Fn7CYgIW1sIKu_v6ZcjsKPTj7LdpjlBP27gU67SUKuU-HnsNDAjWp3VsGLYpF30zFWQJv7ySif8JFQ5O_lkbiW9XxHwliaZ0TbLF56fy4_hBQizT_A_8YrIzcZBGNSyN1og1g6XhDurA-yZ0zpOiCE3IBWNQNjHiR7gBx5WvrCtIdzC0bU6CkrU4A0V8J603riTI0TR_HgmfZ_1k=
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• Kirin Group FY2018 Results & FY2019 Plan (2019-02-14) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAItGMBui1K0zQWghD7tqOdUOHUzt6JBEI2TQS6wQn_aS3fks_QhMf7wv5-a5ZLWpgqXvHTZlS3N4uHf0THClGhsuJduGJr8uBwYQe2kzS6Q2kH0G-hRej0-x2f_vuYZClrynB7s5Atl
• KIRIN CSV REPORT 2019 section-by-section P67,P68,P69,P70,P71,P72 - Kirin Holdings https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJS0JjGBAUhHtS71Ou0l2j_QE5ZlcfG82-_OMiw3TXWgivJGRR1llafkMgN0L2MZD5yt6bNI08CedgUfCf7o5Cr8YxF-FKJXr97loa9Ocv-FSDBQRO3qj-1yL3SHw_uZ52OYWAqJBwDua7ubeHpFwWOYzmJ30Xs1os=
• Kirin Group 2017 Results & 2018 Plan (2018-02-14) https://vertexaisearch.cloud.google.com/grounding-api-redirect/AWQVqAJmkl5cF3QDpiNKMym92jFILVZBTcikx7YXyzii6LcSbdgUvzuXUZs814zBF1VDy9pd89U5td_BvLfq0ZzHQodHafPGiNvTAlPvyyzE4SOXwbeTbWpoWvIAV3zsw4olemqkwS9yq5cf
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