Who Is the King of All Beers in 2025? Michelob Ultra Tops U.S. Sales Amid Market Shifts

1 Dec 2025 | Beer Festivals | by Tamsin Blackwood

For over two decades, Bud Light ruled the American beer scene like a silent monarch. It wasn’t just popular-it was everywhere. At tailgates, barbecues, and beer festivals from coast to coast, if you asked for a light beer, you got Bud Light. But in 2025, the throne has changed hands. The new king? Michelob Ultra.

The Crown Has Moved

As of September 2025, Michelob Ultra is the best-selling beer in the United States by volume. That’s not a fluke. It’s the result of a quiet, powerful shift in what Americans want from their beer. For 23 years, Bud Light held the top spot. Modelo Especial took it briefly in 2023 after a marketing misstep hurt Bud Light’s reputation. But now, Michelob Ultra has not only taken the lead-it’s pulled away. Its market share hit 7.8% in Q2 2025, up from just 5.1% in 2023. Meanwhile, Bud Light’s share dropped to 6.2%, and even Modelo Especial, which led for nearly two years, saw its first sales decline since 2020.

Why Michelob Ultra Won

It’s not about branding alone. It’s about substance. Michelob Ultra has 95 calories per 12-ounce can and 4.2% ABV. It’s marketed not as a cheap, mass-produced lager, but as a drink for people who care about fitness, balance, and lifestyle. You’ll see it at marathons, yoga studios, and CrossFit gyms-not just at football games. Anheuser-Busch InBev spent years repositioning it. They didn’t just slap a new label on an old recipe. They built a whole identity around low-carb, active living.

Compare that to Bud Light. It’s still 4.2% ABV, but its calorie count is higher-110 per can. More importantly, it didn’t evolve. When consumers started asking for lighter, cleaner options, Bud Light stuck to the same formula. Its 2023 controversy with a social media influencer hurt, yes-but the real problem was that it had stopped feeling relevant to younger drinkers. By 2025, 58% of Michelob Ultra’s buyers were aged 25-44. For Bud Light, that number was 42%.

The Rise of the Health-Forward Beer

This isn’t just about one brand. It’s about a movement. Low-carb beers now make up 38% of the entire light beer segment-up from 22% in 2022. People aren’t just drinking less alcohol; they’re drinking smarter. Michelob Ultra didn’t invent the low-calorie beer, but it perfected the pitch. Its marketing didn’t scream “beer.” It whispered, “You can still enjoy this and stay on track.”

You can see the proof in the data. Trustpilot reviews for Michelob Ultra average 4.3 out of 5. Two-thirds of reviewers mention “low carb” as their main reason for buying. On Reddit, mentions of Michelob Ultra jumped 217% between 2023 and 2025. Meanwhile, Bud Light’s average rating sits at 3.7, with nearly a third of negative reviews calling it “boring” or “out of touch.”

What Happened to Modelo Especial?

Modelo Especial was the surprise challenger. It surged in 2023, becoming the top-selling beer after Bud Light’s controversy. But its win was built on a different foundation-cultural connection, especially with Hispanic communities. That connection is now under pressure. Economic shifts, immigration policy debates, and changing consumer habits have slowed its momentum. In the first half of 2025, Modelo Especial saw its first-ever sales drop. Constellation Brands, its parent company, launched a $200 million campaign to win back those customers. Early results show only a 0.9% recovery. It’s not dead, but it’s no longer the unstoppable force it was.

Where Does Bud Light Go From Here?

Bud Light hasn’t given up. It’s trying. It rolled out Bud Light Next-80 calories, 3.5% ABV-and Bud Light Lime Radler, a low-alcohol citrus option. But neither has cracked 1.5% market share. The problem isn’t the products. It’s perception. Bud Light is still seen as the beer your dad drank. Michelob Ultra is the beer you drink before your morning run. When you’re at a beer festival in 2025, the draft lines aren’t just about taste anymore. They’re about identity.

The Bigger Picture

The entire U.S. beer market is shrinking. Total retail sales fell 4.8% in the first half of 2025. Hard seltzers and spirits are eating into beer’s share. Beer now makes up just 32.7% of alcohol consumption in the U.S., down from 35.2% in 2022. That means every brand is fighting harder for every pint. In this environment, innovation and relevance matter more than legacy.

Anheuser-Busch knows this. They’re investing $500 million to expand Michelob Ultra production, opening new plants in Georgia and Texas by early 2026. Meanwhile, craft beer is quietly growing. Goose Island’s Beer Hug IPA is now the fastest-growing craft brand, up 18.4% year-to-date. But Michelob Ultra isn’t fighting craft beer-it’s outpacing the giants.

What This Means for Beer Festivals

At beer festivals in 2025, the layout is changing. The Bud Light tent still exists, but it’s smaller. The Modelo Especial booth is crowded, but the energy feels different. The Michelob Ultra area? It’s buzzing. People line up not just to drink, but to talk. They’re asking about calorie counts, workout routines, and recovery drinks. The beer isn’t just a beverage anymore-it’s part of a lifestyle.

You’ll still see traditional lagers. You’ll still see IPAs and stouts. But the loudest voice at the festival now? It’s the one selling the light beer that doesn’t feel like a compromise.

Is This the New Normal?

Industry analysts from IWSR, Beverage Marketing Corporation, and NielsenIQ all agree: Michelob Ultra’s lead isn’t temporary. They give it an 87-92% chance of staying #1 through at least 2027. Why? Because the shift isn’t about one bad campaign or a viral moment. It’s about a generation that doesn’t want to choose between enjoyment and responsibility. Michelob Ultra didn’t win because it was the best beer. It won because it understood what people wanted before they even knew how to ask for it.

The king of all beers isn’t the one with the biggest ad budget or the longest history. It’s the one that fits the moment.