Sector survey: Booze

Consolidation, the fight for premium brands and distribution economies characterize an old economy sector in turmoil. The alcoholic beverages sector mostly excludes brewing but includes wines and spirits. There are relatively few listed companies worldwide in the sector, which gives some indication of how much consolidation there's been. Even before the recent Seagram deal, the top ten spirits companies controlled roughly 58 percent of the branded market worldwide, according to Moody's Investors