Ambev SA


Business Description

Ambev SA (Ambev), a subsidiary of Interbrew International B.V. produces, distributes, and sells beer, malt, and food products. Its product portfolio comprises beer, draft beer, soft drinks, carbonated soft drinks, water, isotonic beverages, and energy drinks, among others. The company markets these products under more than 200 brands of drinks, including Budweiser, Stella Artois, Beck's, Leffe, Hoegaarden, Bud Light, Skol, Brahma, Antarctica, Quilmes, Michelob Ultra, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske, Hasseröder, and Jupiler, among others.

Through subsidiaries, Ambev operates in 19 countries including the US, Brazil, Luxembourg, Argentina, Bolivia, Ecuador, Paraguay, Peru, Panama, Uruguay, Chile, Dominican Republic, Saint Vincent, Antigua, Dominica, Cuba, Guatemala, and Canada. It operates 32 breweries and two Maltese in Brazil and manages 100 direct-distribution centers and six excellence centers in Brazil.

The company classifies its business operations into four segments: Brazil, CAC, Latin America South, and Canada.

R&D Overview

Research and Development (R&D) activities of the company is constantly working on enhancing production process and the quality of our products. Its R&D facilities are located in the city of Rio de Janeiro, State of Rio de Janeiro, at the Universidade Federal do Rio de Janeiro, and Zone Innovation and Technology Center (ZITEC). The center is focused on accelerate product innovation by developing new liquids and modern packaging to assure continuous product differentiation. It consists of an prototype laboratory, which enables the creation of complete prototypes, and supports the process of creating new products. In FY2020, the company launched two brands Berrio and Esmera, two brands made with local crop productions from in the States of Piauí and Goias, respectively.

Geographical Segments

Comprises the sales of beer and non-alcoholic beverages (NAB).

Beer category offers beer with 600-milliliter glass bottles and 350-milliliter one-way aluminum can packaging under Skol, Brahma, and Antarctica brands that sold in bars and supermarkets. NAB category offers isotonic beverages, energy drinks, coconut water, CSD, bottled water, ready-to-drink teas, and powdered and natural juices.


Reported revenue of BRL30,196.5 million for FY2020, which grew 7.3% YoY, and recorded a CAGR of 6.1% during 2018-20. The segment accounted for 51.7% of the company's revenue in FY2020.

Growth in revenue was due to a 5.6% increase in volume sold, coupled with an increase in net revenue per hectoliter in 2020.

Inventore veritatis
Target Markets

Canada and the US


Represents Labatt operations, which sells ready-to-drink and cider brands, domestic and ABI beer brands. Also, export Kokanee beer brand to the US.

Major brands include Budweiser, Bud Light, Michelob Ultra, Busch, Corona, Labatt Blue, Alexander Keith’s, Stella Artois and Kokanee.


Reported revenue of BRL9,302.4 million for FY2020, which grew 31.2% YoY, and recorded a CAGR of 16.5% during 2018-20. The segment accounted for 15.9% of the company's revenue in FY2020.

Growth in revenue was due to the positive volumes in the region driven by market share gains in the premium segment.

Target Markets

Dominican Republic, Antigua, Saint Vincent, Dominica, Cuba, Barbados, Guatemala (which also serves El Salvador, Honduras, and Nicaragua), and Panama.


Offers drinks with the packaging of 250-milliliter, 275-milliliter returnable glass bottles, 12 ounce, 16-ounce cans and 1-liter glass bottles.

Markets beer in returnable bottles through small retailers.


Reported revenue of BRL7,319.3 million for FY2020, which grew 8.3% YoY, and recorded a CAGR of 12.2% during 2018-20. The segment accounted for 12.5% of the company's revenue in FY2020.

Growth in revenue was due to the restrictions imposed by local governments in response to the COVID-19, with an impact on the Dominican Republic and Panama.

Target Markets

Argentina, Paraguay, Bolivia, Uruguay, and Chile.


Bottles and sells beers and other soft drinks in the target markets.

Exclusive bottler for Pepsi in Argentina. Major brands include Pepsi-Cola, Seven-Up, Quilmes Clasica, Brahma, Stella Artois, Becker, Corona, Budweiser, Cusquena, Pilsen and Ouro Fino.


Reported revenue of BRL11,560.8 million for FY2020, which grew 15.3% YoY, and recorded a CAGR of 3.7% during 2018-20. The segment accounted for 19.8% of the company's revenue in FY2020.

Growth in revenue was due to the high inflation in Argentina and to currency translation impacts as local currencies appreciated in relation to the Brazilian real during the period.