Beer for billions: how Ukrainian breweries emerged from the crisis and increased profits during the war years
In 2024, the Ukrainian beer industry showed an impressive financial recovery: in two years, the combined income of beer-producing companies increased by 53%, reaching the mark of 46.3 billion hryvnias. Back in 2022, against the background of a full-scale invasion, the industry recorded deep losses in the amount of 699 million hryvnias. But already in 2023, the situation stabilized, and 2024 confirmed the stability and viability of the market: the companies again made a profit of 2.5 billion hryvnias, just like the year before.
About this reported in the VKURSI big data analytics platform study, which details the financial dynamics and structure of the industry, revealing profit leaders, geographical features of production and changes in consumption.
Last year, consumer spending on beer in Ukraine increased by 7 billion hryvnias. At the same time, the average price for a 0.5-liter bottle of beer did not increase significantly — from UAH 32.8 in 2023 to UAH 34.1 in 2024. Such price stability against the background of general inflation and war indicates high competition in the market, adaptive logistics and retention of a loyal audience.
In 2024, 299 companies engaged in brewing activity in Ukraine, for which this is the main type of activity. During the year, 11 new breweries were registered, which shows the interest in the industry even in the difficult conditions of the war.
The biggest profits are concentrated in the hands of a few major players:
– PJSC “Carlsberg Ukraine” — 2.1 billion UAH in profit (brands: “Arsenal”, “Robert Doms”, “Lvivske”).
– PJSC “Obolon” — UAH 1.2 billion (brands: “Obolon”, “Zhigulovske”).
– LLC “Eurasiatska Pivna Grupa” — UAH 180 million (“Starhorod”).
– “Zieberta Brewery” LLC — UAH 153 million (“Obolon”, “Zhigulovske”).
– LLC “Pivovarnya Opillya” — UAH 107 million.
The top ten also includes Khmelpivo, Poltavpivo, First Private Brewery, Berdychiv Brewery, Mykulynetsky Brewery and Riven LTD, which demonstrated stable or recovering financial indicators.
The most notable breakthrough was recorded in Eurasian Beer Group LLC, which increased its profit by a record 932% over the year. In 2023, the company was relatively inconspicuous against the background of the giants, but in 2024 it entered the top league of players, establishing itself in the top three most successful.
The transformation of the First Private Brewery is also interesting: after losses of UAH 25.5 million in 2023, the company was able not just to break even, but to ensure a net profit of UAH 35.8 million — an increase of 240%.
Among the 15 largest companies, only two have foreign shareholders:
– PJSC “Carlsberg Ukraine”, whose owners are the Swedish Baltic Beverages Invest Aktiebolag and the Ukrainian JSC “Ukrpyvo”;
– The First Private Brewery “For People – As For Yourself” LLC, founded by the Cypriot company Boneten Limited. The ultimate beneficiaries are Andriy and Maria Matsola, as well as New Zealand citizen Nicholas Henderson-Stewart, who lives in London.
Despite the limited presence of foreigners in the ownership structure, it is the transnational player — “Carlsberg Ukraine” — that remains the largest in terms of profits and the key driver of the industry.
In 2024, Zaporizhzhia region generated the largest total profit in the brewing industry — UAH 2.2 billion. This is all the more indicative that the region remains near the frontline and regularly suffers from rocket attacks. This result is related to the capacity of “Carlsberg Ukraine”, which has production facilities in this region.
Other leading regions:
– Kharkiv region — UAH 177 million;
– Kyiv region — UAH 146 million;
– Ternopil region — UAH 126 million;
– Khmelnytskyi region — UAH 88 million.
The geography of profitable enterprises proves that brewing in Ukraine is not only the business of the capital or the west of the country. Industrial East, despite the war pressure, continues to give a significant financial result.
The brewing industry of Ukraine has proven that it is able not only to survive, but also to grow even in times of war. Cumulative revenue growth of 53% in two years, stabilization of earnings, emergence of new players and breakthroughs of individual companies – all this forms a new map of the industry, where traditional giants coexist with ambitious newcomers. And consumer choice, despite all limitations and challenges, remains a powerful engine of this dynamic.
