Constellation Brands sells beer, wine and spirits, with a particularly strong beer portfolio built around imported Mexican beer brands including Corona and Modelo, which it brews and distributes under license for the U.S. market. Its beer business has been a significant growth driver for the company, benefiting from strong and growing U.S. consumer demand for Mexican import beer brands even as overall U.S. beer consumption has been roughly flat or declining. The company's wine and spirits portfolio spans a range of price points and brands, though this segment has faced more competitive pressure and slower growth compared to its beer business in recent years. Constellation Brands' results are sensitive to consumer discretionary spending on alcohol, along with shifting consumer preferences between beer, wine, spirits and other beverage categories like hard seltzers and non-alcoholic alternatives.