“That tells me that this is quasi-permanent, meaning those consumers are just lost forever.”

Schuhmacher’s remarks come less than a month after it was revealed the Anheuser-Busch InBev-owned company had won back 15% of its boycotting drinkers.

Bud Light — which lost its top spot to Modelo after the controversy — is down 26.9% in dollars and 30.3% in volume, he said, citing a study by Bump Williams Consulting.The publisher believes it is “likely” the company will continue to see similar year-over-year declines for the “foreseeable future.”

“At least until April and May of 2024 when they lap the controversy,” Schuhmacher told Fox News Digital.

“I think the industry thought it would have rebounded by now, but it hasn’t,” he continued.

“It’s actually worse than just lost sales because now it’s getting to the point where it’s becoming systemic within the industry, and they’re losing the confidence of the retailers, and that’s when it starts getting bad.”

He believes next summer will be a big indicator for the brand’s long-term success as it works to regain its once-cult following.