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    Deutsche Bank cautious on alcohol and Spirits, backs soft drinks and multibeverage brewers

    Picture of Royal Unibrew A/S logoRoyal Unibrew A/S
    10/09/2025 12:11
    ** Deutsche Bank is increasingly cautious about beverage alcohol, particularly spirits, while soft drinks remain its most attractive sub-segment in European beverages

** With 2025 set to be the fourth consecutive year of absolute decline for Total Beverage Alcohol (TBA) consumption in the U.S., per capita consumption in litres of pure alcohol (LPA) is likely to end 2025 below 2017 levels, it says

** Abstention rates are rising in the U.S. as health concerns build, while rising cannabis consumption and less time spent socialising are also headwinds, DB notes

** TBA consumption declined in 79% of developed markets during 2019-2024 but grew in 55% of emerging markets, it says

** However, beer is outperforming spirits in both developed and emerging markets

** In such a scenario, the brokerage favours multibeverage companies such as Carlsberg CARLb.CO ("buy") and Royal Unibrew RBREW.CO, which it raises to "buy" from "hold", as well as EM-focussed brewers such as AB Inbev ABI.BR ("buy")

** Its top picks in Soft Drinks remain Coca-Cola HBC CCH.BN and Coca-Cola Europacific Partners CCEPC.L

** It remains cautious on spirits with Remy Cointreau RCOP.PA "sell"-rated


    COMPANYNEW RATINGOLD RATING
    AB Inbevbuybuy
    Carlsbergbuybuy
    Coca-Cola Europacific Partnersbuybuy
    Coca-Cola HBCbuybuy
    Campari Group CPRI.MIholdhold
    Diageo DGE.Lholdhold
    Heineken HEIN.ASholdhold
    Remy Cointreausellsell
    Royal Unibrewbuyhold
    

 (Reporting by Marta Frąckowiak)

 ((marta.frackowiak@thomsonreuters.com))

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