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The US beer industry underwent a remarkable transformation over the last decade. Many of these changes were already underway by 2010, but they have accelerated since 2015. US beer industry got smaller, but also more premium and less concentrated at the top. There were big winners and losers in this period. Taxpaid Shipments Drove Declines; Down 38 Mil Bbls, 21% Total beer shipments dropped 32 mil bbls, 14.7% 2015-2025, but that includes exports down 3.8 mil bbls, 60%. US shipments down 28 mil bbls, 13.4%. That decline driven by taxpaid domestic shipments, which fell 37.8 mil bbls, 21%. At same time, imports jumped 9.2 mil bbls, 29% in last 10 yrs, even with decline in 2025. And domestic NA also gained 1 mil bbls, basically tripling, we estimate.AB and MC Down 46.5 Mil Bbls in 10 Yrs; Down 13 Share Leading domestic brewers, AB and MC, declined 46.5 mil bbls between them in last 10 yrs. They dropped from 159 mil bbls and over 68% of US beer to 102 mil bbls and 55 share. AB fell most; down 30.8 mil bbls, 32.7%. As AB lost one-third of its volume in 10 yrs, its market share dropped 9 points, from 43.2 to 34.1 even as it increased 0.5 pts in 2025. Meanwhile, Molson Coors declined 15.7 mil bbls, 28.8% and it lost 4.2 share to 20.9. Other top 10 suppliers fell at even steeper rates: Heineken USA lost over 3 mil bbls, 38%, FIFCO USA lost 1 mil bbls, 40% and Pabst lost 2.7 ml bbls, 48%. Those 3 lost 2.3 share.STZ Up 14 Mil Bbls, MAB Up 6 Mil Bbls; Gained 12 Share On the brighter side, Constellation nearly doubled. It jumped 14.4 mil bbls, 93% between 2015-2025. That led to a gain of 9 share points from 7.1 to 16.1. And even with declines in recent yrs, seltzer explosion left both Mark Anthony Brands and Boston Beer much, much bigger than 10 yrs ago. Especially MAB, up 6 mil bbls, 384%. And it gained 3.4 share. Boston Beer didn't climb quite as high and fell further from peak. But it's still up 2.5 mil bbls, 60% in last 10 yrs. Gained 1.7 share to 3.6. So STZ, MAB and SAM gained 14 share in 10 yrs, basically picking up what AB and MC lost and then some. (All supplier and brand #s are BMI estimates.)Mich Ultra Top Gainer for 10 Yrs, Tripled to 15 Mil Bbls; Modelo Especial Up 9 Mil Bbls Some brand changes equally as startling. Michelob Ultra gained the most. Up 9.9 mil bbls, 189% and gained 5.7 share in 10 yrs. And Modelo Especial also jumped 9.2 mil bbls. So as industry declined over past decade, these 2 brands jumped from a little over 10 mil bbls to almost 30 mil bbls collectively. Grew from under 5 share to 16 share. White Claw the 3d biggest gainer; starting from scratch, it was still ~5 mil bbls last yr.Three Brands Down 35 Mil Bbls in 10 Yrs; Bud Light Alone Dropped Nearly 23 Mil Bbls While Mich Ultra was the biggest gainer, Bud Light lost more bbls than any other brand by far. Down 22.7 mil bbls, 62% in 10 yrs and lost 9.3 share on its own. That means AB held share outside of Bud Light. Yet Bud was also the 2d biggest decliner. Off 8.1 mil bbls, 54%. And Coors Light lost 4.1 mil bbls, 24%. Those 3 megabrands lost 35 mil bbls. That's more than the industry declined as a whole. Tuff to be a megabrand in this period, as industry fragmented, premiumized and switched more to flavor. This analysis is based on data published exclusively in our 2026 Beer Industry Update. Available now!

The 10-Year View: A Smaller, More Premiumized Industry; AB, MC Losses; STZ, MAB, SAM Gains

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