Millward Brown/WPP is out with its BrandZ World’s Top 10 beer brands for 2016.

Not surprisingly, seven out of the top ten brands are owned by either AB InBev or SABMiller, soon to be a combined company.

At the top of the list is Budweiser, followed by Bud Light, both products of Anheuser Bush InBev. Heineken comes in at third place. Guinness places seventh on the list, while Coors Light, a brand owned by SABMiller, but soon to be sold-off to Molson Coors as part of the merger terms comes in at eighth.

BrandZ rankings are calculated based on the financial value of each brand and consumer perceptions of the brand such as how meaningful or different the products are to consumers.

Millward Brown/WPP BrandZ World’s Top 10 Beer Brands

As announced in October 2015, AB InBev is the midst of acquiring SABMiller in a deal worth $108bn, resulting in a combined portfolio of 400 brands.

The report authors observe that the beer industry is fragmenting at the same time it appears to be consolidating. They note that the beer industry, particularly in mature markets is beginning to look more like the wine industry, with proliferation of choices based on taste and provenance.

“This explosion in variety indicates the power of brand stories and experience to inspire consumer interest. It also reflects a global generational shift in preference to sweeter taste, lower alcoholic content and healthier ingredients. Government regulations both mirror and encourage these trends,” the report says.