by ZHANG Rui

Heineken N.V. is banking on China to steady its business as weaker demand in Europe and Latin America weighs on sales, underscoring how Asia has become a rare growth market for global brewers.

The world's second-largest beer maker reported third-quarter revenue of €8.71 billion (about US$10 billion), down 4% from a year earlier, with volumes falling 4.7% to 59 million hectoliters. For the first nine months, revenue dropped 4.7% to €25.64 billion, and the company now expects organic operating profit to grow at the lower end of its 4–6% guidance range.

CEO Dolf van den Brink said economic volatility had become "more visible" during the quarter, as inflation and high energy costs dampened consumer spending in Europe and currency swings hit Latin America.

China was the only market to record growth, with sales volumes rising more than 20% through local partner China Resources Beer. The Heineken brand maintained strong momentum, while its premium Amstel label doubled in sales, expanding market share despite soft overall demand.

China is the world's largest beer market by volume but remains fragmented, dominated by China Resources and Tsingtao Brewery. As a late entrant, Heineken is seeking to carve out space in the premium segment through digital marketing and product differentiation.

With on-premises drinking slowing, the brewer has shifted focus to online channels. It operates flagship stores on JD.com and Tmall, and has stepped up promotion on Douyin, China's TikTok equivalent. As title sponsor of the 2025 F1 Chinese Grand Prix, Heineken launched a Douyin campaign that drew about 2.6 billion views, boosting its visibility among younger consumers.

The China push comes as Heineken undertakes a five-year global restructuring to cut costs and streamline operations. The company aims for low single-digit organic revenue growth by 2030 and plans to save €500 million annually, building on €3 billion in savings over the past five years. Earlier this month, it said it would reduce its global workforce by about 400 employees, or 0.5% of total staff, and standardize more than 40 digital systems across 70 markets to improve efficiency.

In September, Heineken agreed to buy the beverage and retail business of Costa Rica–based Florida Ice and Farm Co (FIFCO) for $3.2 billion, adding the Imperial beer brand and strengthening its foothold in Central America. Six markets—Mexico, Italy, France, Spain, Brazil and the UK—have been designated as key growth drivers.

While China is helping to offset weakness in other regions, its scale remains limited. Heineken's recovery will depend on executing its cost plan as global brewers face slowing post-pandemic demand.