Investing.com -- Beer consumption trends deteriorated in the second quarter of 2026 after showing improvement earlier in the year, according to Bank of America analysts who attended the Beer Marketer's Insights Spring Conference in Chicago.

Beer consumption declined 1.6% year-over-year in the first quarter, an improvement from the five-year compound annual growth rate decline of 3.1%. Shipments fell 3.0% during the same period.

The trends worsened in the second quarter, with NielsenIQ data showing beer consumption down 5.5% year-over-year through mid-May, representing a 260 basis point deceleration compared to the first quarter. Conference speakers attributed the decline to higher gas prices reducing disposable income.

On volume share, Constellation Brands (NYSE: STZ) and Anheuser-Busch InBev (NYSE: BUD) gained 63 basis points and 30 basis points respectively year-to-date, while Molson Coors (NYSE: TAP) lost 54 basis points.

The 2025 shipments reached 183 million barrels, the lowest level in 36 years. Over the past decade, Constellation Brands more than doubled its market share, while Anheuser-Busch InBev lost 910 basis points, Molson Coors declined 412 basis points, and Mark Anthony Brands expanded from 70 basis points to 410 basis points.

Circana data presented at the conference showed Michelob Ultra maintaining its position as the top beer brand by volume. The brand's price gap versus Bud Light stood below $4 per case and $7.50 less than Modelo Especial.