A B InBev forecast a meaningful e better 2021.

The maker of Budweiser Stella Artois Juan Corona lagers, predicted increased drinking on higher prices as countries emerged from lockdowns.

The Belgium based brewer said earnings fell 2.4% to just over $5 billion in the fourth quarter, above forecasts.

Overall, margins were squeezed due to a shift to higher priced single use cans for consumption at home, as opposed to the cheaper reusable kegs on returnable glass bottles used in bars and restaurants.

A B InBev was also hit by tighter freight rates in Brazil, the firm's second largest market.

It sold 11.9% more beer in the fourth quarter than a year earlier.

Drinkers there benefited from the government's so called Corona voucher payments.

In Europe, the Middle East and Africa, beer volumes fell 6% due to lockdowns, but the company said it increased market share in France, Germany and the Netherlands.

In South Africa, earnings grew slightly, but A B InBev warned a third national alcohol band that lasted a month from the end of December, would hit first quarter results.

Its shares were down around 4% in morning trade.