Beverage in Mexico Market Players Analysis¶
Products and Services¶
This report provides a detailed analysis of the top 10 market players in the Mexican beverage industry, their main products and services, and available information regarding their volume and revenue growth or decline, primarily focusing on data from 2023 and 2024 where available.
Fomento Económico Mexicano (FEMSA): As a major multinational holding company, FEMSA's beverage operations are primarily conducted through its subsidiary, Coca-Cola FEMSA (KOF), which is the largest independent Coca-Cola bottler globally. FEMSA's strategic focus includes growth in beverages, retail (OXXO), and digital financial services. While consolidated revenues grew by 4.6% in 4Q23 compared to 4Q22, specific volume and revenue trends for FEMSA's overall beverage segment are best observed through KOF's performance. FEMSA reported total consolidated revenue of P$279,793 million in 2024 and $41.37 billion USD as of December 31, 2023.
Coca-Cola FEMSA (KOF): KOF is the largest Coca-Cola franchise bottler worldwide by sales volume. Its main products include sparkling drinks, water, and non-carbonated beverages under The Coca-Cola Company trademarks. KOF reported a total volume of 4,224.6 million unit cases in 2024, representing a 4.4% increase, and 4,047.8 million unit cases in 2023, a 7.8% increase. Volume growth in Mexico specifically contributed to the overall growth in 2024. Total revenues were P$279,793 million in 2024 and P$245,088 million in 2023, indicating significant revenue growth.
Arca Continental: The second-largest Coca-Cola bottler in Latin America, Arca Continental produces and distributes soft drinks, bottled water, and snacks under The Coca-Cola Company brands and its own brands. The company has shown strong performance in its Mexico operations. While specific recent volume figures for Mexico are not detailed, the company's total beverage volume was 1,200.3 million unit cases in the first half of 2023. Arca Continental reported Net Sales of $11.49 billion USD as of December 31, 2024, and P$106,735 million in the first half of 2023.
Heineken Mexico: A significant brewery operation and part of Heineken N.V., Heineken Mexico's key brands include Tecate, Dos Equis, Indio, Sol, Superior, Carta Blanca, Bohemia, Heineken, Coors Light, Miller Lite, Amstel Ultra, Ladron de Manzanas, Strongbow, and Lagunitas. Mexico is a crucial market for Heineken globally and contributed to organic growth in both 2023 and 2024. Volume growth in Mexico was noted in 2023. Heineken reported sales of 187,000 million pesos in Mexico in 2023.
Grupo Modelo (Part of AB InBev): As part of Anheuser-Busch InBev, Grupo Modelo is a large brewery with key export brands like Corona, Modelo, and Pacífico, and domestic brands including Victoria, Estrella Jalisco, and León. They also import and distribute AB InBev products such as Budweiser and Bud Light in Mexico. While specific recent volume and revenue figures solely for Grupo Modelo are not provided within the context of AB InBev's global results, Mexico is considered the world's fourth-largest profit pool for beer. The company had delivered volume growth across all segments in Mexico in 2022.
GEPP (Grupo GEPP): One of Mexico's largest bottlers of soft drinks and jug water, GEPP is the exclusive bottler of PepsiCo beverage products in Mexico. They market carbonated and non-carbonated soft drinks and jug water under their own and PepsiCo brands, including Gatorade. GEPP has the only nationwide beverage distribution network in Mexico and is the largest distributor of jug water. Specific recent volume and revenue figures for GEPP are not explicitly available in the provided data, although PepsiCo reported low single-digit organic revenue growth in Mexico in Q3 2024.
Grupo Lala: This Mexican company focuses on healthy foods, including milk, dairy products, and beverages, with brands like LALA®, Nutri®, and Vigor®. Mexico is their principal region for sales, accounting for 82.7% of total sales in 2023. While sales volume decreased in Brazil and the US in 2023, Mexico remained the primary sales driver. Grupo Lala reported total revenues of P$98,987 million in 2023 and net sales of $24,677 million pesos in 4Q23. HR Ratings estimates total revenues of P$100,721 million for 2024, suggesting expected growth.
Constellation Brands: This company is primarily focused on importing and marketing Modelo and Corona beer brands in the United States, with substantial brewing operations in Mexico to support these exports. While their revenue is generated from US sales, their activity in Mexico is significant within the beverage industry value chain. Modelo Especial became the top-selling beer in the US by retail dollar sales in May 2023, indicating strong volume demand for their Mexican-produced products in their primary market.
Nestlé Mexico: As a subsidiary of the global food and beverage giant, Nestlé Mexico offers a diverse portfolio likely including water (such as Pureza Vital through a partnership with Grupo Modelo), dairy beverages, juices, and coffee. Nestlé is listed among the top food and beverage companies in Mexico. Specific beverage volume and revenue figures for Mexico are not available in the provided snippets.
Danone Mexico: A subsidiary of the global food company Danone S.A., Danone Mexico is known for its dairy and water products. Their product offerings likely include yogurt, dairy-based beverages, and bottled water. Danone is recognized as a major player in the global functional beverages market. Specific beverage volume and revenue data for their Mexican operations are not provided in the snippets.
Here is a comparative table summarizing the available growth/decline information:
| Company | Main Products/Services | Volume Trend (Recent Available) | Revenue Trend (Recent Available) |
|---|---|---|---|
| FEMSA | Beverages (via KOF), Retail, Logistics | See KOF | Growth (Consolidated 4Q23) |
| Coca-Cola FEMSA (KOF) | Sparkling drinks, Water, Non-carbonated beverages (Coca-Cola) | Growth (2023, 2024) | Growth (2023, 2024) |
| Arca Continental | Soft drinks, Water, Snacks (Coca-Cola and own brands) | Growth in Mexico (2020 noted) | Growth (6M23, 1Q22, 3Q20 noted) |
| Heineken Mexico | Beer (Tecate, Dos Equis, Heineken, etc.) | Growth in Mexico (2023) | Mid-single-digit organic growth in Mexico (3Q23) |
| Grupo Modelo | Beer (Corona, Modelo, Victoria, etc.) | Growth across all segments (2022) | Mexico: 4th largest profit pool for beer (Global context) |
| GEPP (Grupo GEPP) | Soft drinks (PepsiCo), Jug water | Not specified | Low single-digit organic growth (PepsiCo Mexico Q3 2024) |
| Grupo Lala | Milk, Dairy products, Beverages | Decrease in Brazil/US (2023), Mexico principal region | Growth expected (HR Ratings 2024 estimate), Growth (4Q23 Net Sales) |
| Constellation Brands | Mexican Beer for Export (Corona, Modelo) | Strong demand in US market (Modelo Especial top seller May 2023) | Primarily US revenue |
| Nestlé Mexico | Water, Dairy beverages, Juices, Coffee | Not specified | Not specified |
| Danone Mexico | Yogurt, Dairy beverages, Bottled water | Not specified | Not specified |
References¶
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- 4Q and Full Year 2023 FEMSA Results. https://femsa.gcs-web.com/static-files/e6f28f14-4e3d-46cf-a231-f6f983c0a72a
- FOURTH QUARTER 2024 RESULTS - Coca-Cola FEMSA. https://coca-colafemsa.gcs-web.com/static-files/6e2b1633-d627-42e0-88c5-93b0429c1024
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