Heineken’s policy of putting up prices last year has come back to bite it with volumes down by 5% in 2023 compared to the year before.
The Dutch brewer’s pricing policies helped it keep revenues moving forward at €36.4bn, up from €31bn, but profits felt the impact falling 4.3% to €2.3bn.
In a statement, Dolf van den Brink, chairman, said it has had to prioritise pricing to offset unprecedented levels of commodity and energy inflation.
As a result, drinkers had switched to cheaper rivals, he said.
Diverging trends were especially evident in the UK, the brewer said.
Net revenue grew organically by a mid-single-digit, driven by inflation-led pricing, which more than offsett a total volume decline of a mid-single-digit.
“Our premium portfolio outperformed, driven by Birra Moretti and the acceleration of Beavertown.”
Heineken’s UK pub estate also outperformed the wider on-trade market, helped by the introduction of Cruzcampo, which became the biggest new product introduction in the sector last year.