1. Alcohol major AB InBev reported an overall decline of total volume sales of -5.7% y-o-y in 2020. In most regions, the company reported a reduction in volume sales, with the exception of South America, in which it reported organic growth of 3.2% y-o-y over 2020. 2. Brazil was the strongest outperformer and recorded growth in volume sales of 4.2% y-oy. We believe that Brazil will continue to be one of the main outperformers for beer consumption in the Latin America region over the medium term (2021-2025).
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