(NewsNation) — Michelob Ultra has dethroned Modelo Especial as the best-selling beer in the U.S.

The light lager took the No. 1 spot in U.S. retail sales by volume for the 52 weeks ending Sept. 14, brewer Anheuser-Busch said this week, citing Circana data. Michelob Ultra was also the top seller in bars and restaurants for the 52 weeks ending July 12, according to NielsenIQ data.

“The brand stands out as the growth leader in the industry, and it’s showing no signs of slowing down,” Scott Scanlon, executive vice president of category insights at Circana, said in a press release.

Michelob Ultra’s ascent marks a return to the top of the beer market for Anheuser-Busch two years after Bud Light lost its crown as America’s top beer following backlash over a partnership with transgender influencer Dylan Mulvaney.

Modelo Especial, owned by Constellation Brands, seized the top spot in 2023 but has faced headwinds in recent months, particularly softer demand among Hispanic customers.

Hispanic buyers account for about half of Constellation’s business, and the company warned in April that those consumers were pulling back as higher food prices and President Donald Trump’s immigration crackdown weighed on social gatherings.

The divergence is reflected in the stock market: Anheuser Busch InBev shares have climbed about 19% this year, while Constellation’s have slumped nearly 40% over the same period.

Anheuser-Busch credited Michelob Ultra’s rise to the brand’s focus on popular sporting events and “active-lifestyle moments.”

“This approach has turned Michelob ULTRA into an absolute rocket ship, and we’ve got tremendous opportunity ahead of us,” Kyle Norrington, chief commercial officer at Anheuser-Busch, said.

Michelob Ultra is looking to build on its momentum with high-profile sponsorships, including soccer star Lionel Messi, and with Michelob ULTRA Zero, which has become one of the top-selling nonalcoholic beers in the U.S. just nine months after its debut.