By Brazil Stock Guide – Heineken (ticker HEIA:AS, listed on Euronext Amsterdam) is preparing to revive its dispute with Ambev (B3: ABEV3; NYSE: ABEV) before Brazil’s antitrust regulator Cade in the coming weeks. The Dutch group accuses its rival of breaching a 2023 agreement that restricted exclusive contracts with bars and restaurants. According to people familiar with the matter cited by Valor, Heineken has gathered new evidence in São Paulo, Rio de Janeiro and Brasília, which it intends to submit to Cade later this month.
Individuals close to the company say Heineken found signs that Ambev continues to impose conditions that may violate the Term of Commitment (TCC) signed with the regulator. Practices under scrutiny reportedly involve busy districts in São Paulo and Rio such as Vila Olímpia, Pinheiros, and downtown Rio.
Under the 2023 agreement, Ambev was limited to controlling a maximum of 8% of points of sale in each state through exclusive contracts. The brewer was also required to scale back its bargaining power in major metropolitan areas and restrict financial incentives offered to bars and restaurants.
Heineken currently commands about 25% of Brazil’s beer market with brands including Heineken, Amstel and Schin. Ambev remains the dominant player, but faces growing challenges from slowing consumption and the need to balance pricing and margins. Analysts note that while the Dutch rival has gained ground, Ambev still holds unmatched scale and distribution reach.
Brazil is the world’s third-largest beer market, with annual consumption of about 15 billion liters and revenues exceeding US$50 billion in 2024, according to industry estimates. Growth is projected at around 6% annually through the end of the decade, driven by premium brands, craft labels and regional expansion.