That’s the total loss in market value, as a Bloomberg gauge of some 50 companies stands 46% below its June 2021 record high.

Shifting drinking patterns and rising health concerns have hit earnings, compounded by US tariffs, the impact of buoyant interest rates on consumer spending and even elevated commodity prices. In China, weak household confidence and a booze ban for official functions have added fuel to the downtrend.

The result is a wave of pressure facing companies behind some of the wo