Anheuser-Busch InBev (BUD) stock is under pressure after the company missed Wall Street’s estimates for revenue and volume growth, raising concerns about the overall industry.

The stock fell more than 11% on Thursday after overall volumes declined 1.9%, moving in the opposite direction of the 0.05% gain Wall Street projected. Revenue came in at $15 billion, lower than the $15.35 billion metric Wall Street expected.

Weaker volumes in China (down 7.4%) and Brazil (down 6.5%) dragged down the quarterly results.

AB InBev CEO Michel Doukeris told Yahoo Finance that the business is over-indexed in China to bars and restaurants instead of at-home consumption and the eastern region of the country, causing it to “underperform the industry.”

Brazil experienced poor weather and a value-seeking consumer, but he said he remains confident in the “industry performance [there] over the long run.”

In the US, he said consumers are being “choiceful” as the industry overall experienced softness. Sales to retailers fell 2.1% in the quarter.

Doukeris said its Busch Light brand is growing as consumers, especially the low-income cohort, seek out value options after years of inflationary pressure.

The company is also responding to consumers’ focus on health and wellness, with low-calorie brands like Michelob Ultra, and a consumer shift away from alcohol. Doukeris believes the global portfolio is still well-positioned to meet this demand, with brands like Corona Cero and Cass Zero in Korea.

“This idea of low calories, low carbs, low alcohol, no alcohol, gluten free, sugar free are innovations that are addressing an increasing demand for consumers to continue to be social, enjoying their moments, but more in control of their entire consumption,” Doukeris said.

Thursday’s trading session marks AB InBev’s lowest stock price since the COVID-19 pandemic’s bear market on March 16, 2020. Molson Coors (TAP) and Constellation Brands (STZ) stock also came under pressure.