Heineken, the second-largest brewer globally, faced a setback in its beer sales during the third quarter of 2023 in Nigeria and South Africa. This decline was attributed to the adverse impact of high inflation and currency devaluation in these markets. During the July-September period, the company witnessed a 4.2% decrease in its global beer volumes, with declines in all regions except the Americas. The African beer market faces numerous obstacles, including high inflation, currency devaluation, and rising energy costs, all of which reduce the affordability of beer for consumers. Nonetheless, the long-term prospects for the African beer market remain promising, driven by the continent’s youthful and expanding population.

Source: Ethiopian News October 26, 2023 22:29 UTC