Investors are warming to beer stocks as a relatively cheap way to benefit from growth in alcohol brands, particularly in emerging markets, as easing cost pressures help brewers close the gap on the spirits giants that have outshone them for years.

While spirits companies enjoyed record growth during a post-pandemic boom in expensive liquors, brewers like Anheuser-Busch InBev (ABI.BR), opens new tab and Heineken (HEIN.AS), opens new tab have struggled with huge spikes in costs of everything from energy to barely.