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E-Malt.com Newsletter 09b February 27 - March 02, 2025
Quote of the Week
Tell me and I forget. Teach me and I remember. Involve me and I learn.
Benjamin Franklin

Currency Rates
Base Currency: US Dollar on February 28, 2025 |
Base Currency: Canadian Dollar on February 28, 2025 |
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1 USD = 0.9572 EUR
1 USD = 0.7907 GBP
1 USD = 1.4382 CAD
1 USD = 1.5930 AUD
1 USD = 149.5990 JPY
1 USD = 5.8147 BRL
1 USD = 87.1809 RUB
1 USD = 7.2678 CNY
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1 CAD = 0.6952 USD
1 CAD = 0.5498 GBP
1 CAD = 0.6655 EUR
1 CAD = 1.1075 AUD
1 CAD = 104.0080 JPY
1 CAD = 4.0427 BRL
1 CAD = 60.6120 RUB
1 CAD = 5.0529 CNY
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Currency Rates Chart

Equities of the Largest Breweries
USA: Beer market forecast to experience a slight increase in performance within the next ten years
...Click here
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USA: Constellation Brands downgraded to "Equal-weight" amid concerns over long-term beer volume growth
...Click here
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USA: US Budweiser, Michelob prices safe from tariff impact for now
...Click here
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USA, MO: WellBeing Brewing Co. acquired by MNG 2005 Inc.
...Click here
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Vietnam: Sabeco grappling with mounting challenges in Vietnam
...Click here
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Argentina: Barley crop forecast remains at 5 mln tonnes
...Click here
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Chile: Compania Cervecerias Unidas reports fourth-quarter profit at $76.9 mln
...Click here
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UK: Malting barley premiums remain under pressure in the UK
...Click here
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Austria: Heineken’s subsidiary accused of abuses of market dominance in Austria
...Click here
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DR Congo: Heineken reports disruption amid DR Congo conflict
...Click here
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Europe and Africa: Diageo names new Africa and Europe presidents
...Click here
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South Korea: Johnny Walker Black Ruby to become available in South Korea
...Click here
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Graph of the Week
Table of the Week
World Use of Hops and Hop Products 1997 - 2024s
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
27 February
1557 - 1st Russian Embassy opens in London, Russia and U.S. sign trade agreement
1990 - Exxon Corp and Exxon Shipping are indicted on 5 criminal counts
1998 - Apple discontinues developing Newton computer
28 February
1956 - Forrester issued a patent for computer core memory
1982 - American Telephone and Telegraph Co. looses record $7 BILLION for fiscal year ending on this day
1986 - European Economic Community sign "Special Act" for Europe free trade
01 March
1867 - Howard University chartered, Washington D.C
1927 - Bank of Italy becomes a National Bank
1947 - International Monetary Fund begins operation
02 March
1809 - The earliest known bank failure in the U.S. is reported when the Farmers Exchange Bank of Glocester, R.I., goes bust after issuing $800,000 in fraudulent loans against total capital of $45
2000 - Wall Street creates what may be the most worthless company of all time. 3Com Corp. spins off 23 million shares of Palm, Inc. on NASDAQ at an initial price of $38
2000 - Shares in MicroStrategy Inc., a hot software consulting firm, fall from $246.75 to $86.75 in a single day as chairman Michael Saylor announces that the company will have to slash its reported revenues and earnings for the past two years
Agenda
March 2025:
03 - 07: IBD Asia Pacific Convention 2025 (Hobart, Tasmania)
12 - 15: Festival Brasileiro da Cerveja 2025 (Blumenau, Brazil)
19 - 20: BeerX 2025 (Liverpool, UK)
21 - 23: St Malo Craft Beer Expo 2025 (St Malo, France)
25 - 27: Expo Antad & Alimentaria Mexico 2025 (Expo Guadalajara, Jalisco, Mexico)
25 - 27: 109th International Brewing & Engineering Congress 2025 (Kulmbach, Germany)
April 2025:
03 - 05: Warsaw Beer Festival 2025 (Warsaw, Poland)
06 - 09: 15th International Trends in Brewing 'Beer & Society' 2025 (Leuven, Belgium)
06 - 08: Planete Biere 2025 (Paris, France)
10 - 12: KIBEX 2025 (Seoul, South Korea)
11 - 12: InnBrew 2025 (Barcelona, Spain)
11 - 13: Barcelona Beer Festival 2025 (Barcelona, Spain)
15 - 17: Craft Beer China 2025 (Shanghai, China)
28 - 01 May: Craft Brewers Conference & BrewExpo America 2025 (Indianapolis, USA)
28 - 30: 27th Annual International Beer Strategies 2025 (Prague, the Czech Republic)
May 2025:
01 - 01: World Beer Cup 2025 (Indiana Convention Center, Indianapolis, IN, USA)
06 - 06: The Melbourne Royal Australian International Beer Awards 2025 (Melbourne, Australia)
08 - 11: Wiener Bierfest 2025 (Vienna, Austria)
12 - 13: European Malt Supply Summit 2025 (https://rmi-analytics.com/event/european-regional-summit-paris-2025/)
13 - 15: International Beer Strategies Conference 2025 (Prague, the Czech Republic)
16 - 18: Cerveza Mexico Expo 2025 (Expo Guadalajara, Jalisco, Mexico)
16 - 17: Copenhagen Beer Festival 2025 (Copenhagen, Denmark)
18 - 20: EBC Symposium 2025 (Budapest, Hungary)
26 - 01 June: Budapest Beer Week 2025 (Budapest, Hungary)
June 2025:
10 - 11: IGC Grains Conference 2025 (116 Pall Mall, London, UK)
13 - 14: Tallinn Craft Beer Weekend 2025 (Tallinn, Estonia)
16 - 18: VLB Africa Brewing Conference 2025 (Maputo, Mosambique)
20 - 22: Mondial de la Biere 2025 (Montreal, Canada)
July 2025:
03 - 04: The CIBD Sustainability in Brewing Conference 2025 (Nottingham, UK)
18 - 19: London Craft Beer Festival 2025 (London, UK)
August 2025:
05 - 09: Great British Beer Festival 2025 (Birmingham, UK)
07 - 09: VIETFOOD & BEVERAGE - PROPACK VIETNAM 2025 (Saigon Exhibitions and Conventions Center, 799 Nguyen Van Linh Street, District 7, HoChiMinh City, Vietnam)
13 - 15: Brewing Summit 2025 (Palm Desert, CA, USA)
22 - 23: Beervana 2025 (Wellington, New Zealand)
September 2025:
04 - 06: Stockholm Beer & Whisky Festival 2025 (Stockholm, Sweden)
13 - 14: Bruges Beer Festival 2025 (Bruges, Belgium)
15 - 19: Drinktec 2025 (Munich, Germany)
20 - 05 October: Oktoberfest 2025 (Munich, Germany)
27 - 29: Whisky Live Paris 2025 (Paris, France)
October 2025:
09 - 11: The Great American Beer Festival 2025 (Denver, USA)
16 - 17: Brew Asia 2025 (Bangkok, Thailand)
November 2025:
04 - 06: Brussels Beer Challenge 2025 (Belgium)
10 - 12: 15th Iberoamerican VLB Symposium Brewing & Filling Technology (Parana, Brasil)
13 - 15: Drink Technology India 2025 (Bombay Exhibition Centre, Mumbai, India)
December 2025:
03 - 05: Drink Japan 2025 (Makuhari Messe, Japan)
News Articles
USA: Beer market forecast to experience a slight increase in performance within the next ten years
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Driven by rising demand, the beer market in the United States is projected to experience a slight increase in performance, with an expected CAGR
...More info on site
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USA: Constellation Brands downgraded to "Equal-weight" amid concerns over long-term beer volume growth
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Morgan Stanley downgraded Constellation Brands (NYSE:STZ) to "Equal-weight" amid concerns over long-term beer volume growth due to shifting consumer trends and also on macroeconomic pressures, Yahoo Finance reported on February 27.
The brokerage pointed to structural challenges, including a decline in alcohol consumption among younger generations, increased health and wellness trends, cannabis competition, and muted overall beer industry growth.
“We are EW STZ, with increased concern over long term beer growth, including pressure from health/wellness, less younger age alcohol consumption than in prior generations, cannabis, competition,” analyst said.
It also flagged near-term pressures such as macroeconomic headwinds, Hispanic consumer sentiment post-elections, and high-end light beer discounting.
Morgan Stanley lowered its long-term beer depletion growth assumptions and noted potential earnings risks from possible Mexico tariffs, which could impact margins as Constellation expands capacity. However, it said the company’s already compressed valuation appears reasonable.
“A more mature STZ brand portfolio&muted category growth, but already compressed STZ valuation looks reasonable.”
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USA: US Budweiser, Michelob prices safe from tariff impact for now
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Tariffs on aluminium should not have a major impact on the U.S. prices of beers like Budweiser and Michelob Ultra in 2025, but could at a later date, Anheuser-Busch InBev CEO Michel Doukeris said on February 26, Reuters reported.
AB InBev, the world's top beer maker, brews both labels as well as others like Bud Light and Corona, including in the United States where it has can manufacturing operations.
Doukeris told Reuters that for the U.S. market the company buys prepared aluminium for cans mostly from local U.S. companies, but these firms source the raw metal from all over the world.
The cost of the prepared aluminium AB InBev buys could rise as a result of tariffs, and the brewer could also face a secondary impact from levies affecting other materials like chemicals, he said.
These risks have prompted some brewers, especially craft beer makers, to warn of rising prices for their products.
Doukeris anticipated the impact of tariffs to be limited in 2025, thanks to factors like hedging, but he said it could become more pronounced in 2026 if tariffs come into full force.
The company has "different levers" it could pull to mitigate the impact, he said, including raising the price of its beers.
...More info on site
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USA, MO: WellBeing Brewing Co. acquired by MNG 2005 Inc.
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CBD Kratom’s parent company has acquired WellBeing Brewing Co., a Maryland Heights-based craft brewery known for its non-alcoholic beer, St. Louis Post-Dispatch reported on February 26.
Under MNG 2005 Inc., WellBeing will keep its brand identity. Further terms of the deal were not disclosed in an announcement made Tuesday.
To celebrate its expansion, WellBeing will launch a line of infused beverages, including THC-infused drinks. The brewery was started in 2018 and became one of the first NA craft brewers in the country.
“WellBeing has always been about quality, flavor and wellness,” Jeff Stevens, WellBeing’s founder, said in a statement. “Joining MNG Brands gives us the resources to scale, fulfill more orders and introduce new products to market.”
According to a press release, the WellBeing deal opens new wholesale opportunities for MNG and strengthens its position in alternative wellness and functional beverage distribution.
“MNG Brands is driving the future of wellness with innovative, high-quality beverage alternatives,” Dafna Revah, Vice President of MNG 2005 Inc., said in a statement. “By integrating our wholesale networks and expertise, we’re expanding access to diverse wellness solutions that meet evolving consumer demands.”
MNG’s flagship brand CBD Kratom sells Delta-8 and Delta-9-infused gummies, joints, cartridges, CBD-infused bath bombs and more. The company has
...More info on site
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Vietnam: Sabeco grappling with mounting challenges in Vietnam
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Saigon Beer - Alcohol - Beverage Corporation (Sabeco) is grappling with mounting challenges as it struggles to recover from previous setbacks, including the impact
...More info on site
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Argentina: Barley crop forecast remains at 5 mln tonnes
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RMI Analytics’ barley crop’24 forecast for Argentina remains at 5.0 mln tonnes, leaving sufficient malting barley for South American demand, plus an exportable surplus
...More info on site
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Chile: Compania Cervecerias Unidas reports fourth-quarter profit at $76.9 mln
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Compania Cervecerias Unidas (CCU) on February 26 reported fourth-quarter profit of $76.9 million.
On a per-share basis, the Santiago, Chile-based company said it had net
...More info on site
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UK: Malting barley premiums remain under pressure in the UK
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The premium of malting barley over the feed barley price in the UK remains under pressure. Corn Returns data in the month of December
...More info on site
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Austria: Heineken’s subsidiary accused of abuses of market dominance in Austria
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The ECJ’s milestone ruling confirmed that Heineken can be held liable even if it knew nothing about its subsidiary Brau Union’s alleged abuses of
...More info on site
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DR Congo: Heineken reports disruption amid DR Congo conflict
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Heineken sites in DR Congo have been hit by the recent conflict in the east of the country.
The brewing giant said facilities in two cities have been affected.
Last month, the so-called M23 rebels took over territory that included the cities of Bukavu and Goma.
Heineken said its local subsidiary Bralima had suspended its operations before the fighting reached the cities.
In Bukavu, Bralima’s depots and brewery in Bukavu had subsequently been “extensively looted”.
Stock, raw materials and equipment was stolen and there was “significant damage” to the brewery control room, Heineken said in a statement. “Assessing the full extent of the damage will take time,” it said.
A dept 120km further south in Uvira has also been looted by “military and militia groups”, Heineken added. “We are greatly relieved that no Bralima colleagues or their families were harmed,” the Amstel brewer added.
Heineken, which has four breweries in DR Congo, said Bralima “will continue to operate as normal in the remainder of DRC while taking all precautions necessary to protect our colleagues” in the country.
Dolf van den Brink, Heineken’s chair and CEO, worked as a commercial director at Bralima from 2005 to 2009.
The Dutch beer behemoth does not disclose its sales in DR Congo.
In 2024,
...More info on site
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Europe and Africa: Diageo names new Africa and Europe presidents
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Johnnie Walker owner Diageo has appointed new presidents for Africa and Europe as John Kennedy leaves the business after 30 years, The Spirits Business reported on February 27.
Former Diageo India managing director Hina Nagarajan will step into the role of president for Africa, while Dayalan Nayager (current president of Diageo Africa) will reshuffle to president of Diageo Europe, taking over from Kennedy.
Kennedy has led Diageo’s European operations on an interim basis since January 2024, having been involved in the company for 30 years.
The leadership switches will officially come into play from 1 April 2025.
On LinkedIn, Nagarajan commented on her next chapter: “This will be my second stint in Africa, where I previously served as managing director of Africa Emerging Markets.
“This is an incredible opportunity to work with our talented teams across the region and continue driving growth and innovation in one of the most dynamic markets in the world. Over the past four years as managing director (MD) and CEO of Diageo India, it has been my honour to lead a passionate and dedicated team.
“Together, we have achieved remarkable milestones, delivered a strong financial performance, navigated challenges, and celebrated numerous successes. I am immensely proud of what we have accomplished.
...More info on site
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South Korea: Johnny Walker Black Ruby to become available in South Korea
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Johnny Walker announced on February 26 that it will launch Johnny Walker Black Ruby, which has a lively fruit scent and soft flavor, in South Korea, Maeil Business Newspaper reported.
Johnny Walker Black Ruby is a product created by master blender Emma Walker reinterpreting Johnny Walker's signature product, Johnny Walker Black.
Released as a special release in 2024 and 2025, the popular single malt whisky Roseisle is blended with whisky aged in red wine casque and PX Oloso casque to complete a deep and rich fruity scent. Add to this the subtle flavor of sweet caramel and vanilla by adding whiskey aged in bourbon cask.
The new Johnny Walker Black Ruby offers an intense aroma with a deep and rich fruity scent and sweetness reminiscent of figs, plums and maraschino cherries.
At the end, subtle espionage and smoky lingering effects are added to leave a deep impression. It has a rich fruity scent and bold depth, making it ideal for a variety of cocktails and high balls as well as for enjoying nitro.
Along with the launch, Johnny Walker will also present Black Ruby's original signature cocktail recipes such as Johnny Walker Black Ruby Sweet and Sour, Black Ruby Negroni, and Black Ruby Highball.
Johnny Walker
...More info on site
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