As the world’s most popular alcoholic beverage, beer can be found in nearly every corner of the globe. But when it comes to the companies that have the largest slice of the pie, massive conglomerates continue to dominate sales year-over-year.

According to data collected and published by Business 2 Community (B2C), Anheuser-Busch InBev secured the largest share of the beer industry’s market in 2023 with a market capitalization of over $123 billion, despite Bud Light’s massive losses. The conglomerate — which owns over 500 brands including Budweiser, Corona, and Stella Artois — even maintained a market cap almost $40 billion higher than No. 2 Diageo.

U.K.-based Diageo, whose beer profile contains just Guinness, secured a total market cap of $83.24 billion. Rounding out the top three is Heineken with $53.29 billion in stock value.

B2C indicates that each of the top 10 largest beer companies have market caps exceeding $10 billion. With the global beer market expected to exceed $1,315 billion by 2031, it’s likely that these massive companies will only continue to grow.

Check out the full list of the world’s biggest beer companies ranked by market cap below.

Ranking Company Country Market Cap
1 Anheuser-Busch InBev Belgium $123.15 billion
2 Diageo United Kingdom $83.24 billion
3 Heineken The Netherlands $53.29 billion
4 Constellation Brands USA $47.11 billion
5 Carlsberg Group Denmark $19.40 billion
6 Ashai Group Holdings Japan $18.04 billion
7 China Resources Beer Hong Kong $14.23 billion
8 Molson Coors USA $13.72 billion
9 Tsingtao Brewery Group China $12.35 billion
10 Kirin Holdings Japan $11.31 billion


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