While SABMiller is the undisputed leader in emerging markets, it continues to lag behind ABI in the US, with a 28% market share against ABI’s 48%.

The above-premium segment is the new battleground. ABI recently bought Blue Point, a popular craft brewery on Long Island. Though only the 34th-largest brewer in the US, it is a significant player in the fast-growing luxury segment.

SABMiller’s share of this segment broadly mirrors its overall market share in the US, at 29%.

SABMiller spokesman Richard Farnsworth says MillerCoors also has plans for the Hispanic market, which he says is "strategically imperative at MillerCoors”.

New products aimed at this market are planned for this year but analysts doubt new beers can tackle the likes of Corona or Heineken’s Sol.

These are culturally entrenched brands that followed Mexican immigrants across the border.

And SABMiller still lags in the mainstay US beer market — discount beers bought at supermarkets and served at sports stadiums through exclusive contracts with the football and baseball leagues.

Discount beers’ market share declined by 0.8 percentage points last year but they still command 33%. Craft beers account for less than 5% — but grew 15% last year.

Beer Marketeer’s Insights survey for the 2007-12 period showed a seismic shift in the traditional market towards crafts beer.  Out of the “nine beers many Americans no longer drink" that it identified, three beers belonged to the MillerCoors stable. ABI had four on that list, but it has more brands.