Bud Light has been fighting an uphill battle since it partnered with transgender social media influencer Dylan Mulvaney in April.

While Mulvaney has 10.6 million followers on TikTok, the collaboration triggered a backlash on social media and led to a boycott by some beer drinkers.

The New York Times recently reported that at Glenn Miller's Beer & Soda Warehouse in Lemoyne, Pennsylvania, a 30-pack of Miller Lite was selling for $24.99. In contrast, a 30-pack Bud Light was priced at just $8.99 after a rebate.

"At this point, it's cheaper than some of the cases of water we're selling in the back," said Andy Wagner, manager of the warehouse. "It's just not moving like it used to."

Wagner pointed out that Bud Light sales at his store since mid-April plunged 45% from a year ago. The decline can be attributed to the evolving preferences of consumers.

"It's not that they stopped drinking beer," he said. "They just stopped buying Bud Light."

Shares of Anheuser-Busch InBev (NYSE:BUD), the multinational brewing company behind Bud Light, have also taken a hit. Since April 1, when Mulvaney first promoted the beer on social media, the New York Stock Exchange-listed BUD stock has tumbled about 15%.

While that drop in share price has resulted in the loss of billions of dollars of market cap, the situation might present an opportunity for contrarian investors.

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‘Headwinds Are Likely To Fade'

It's no secret that Bud Light has lost market share.

According to consulting company Bump Williams, using data from NielsenIQ, Bud Light is no longer America's best-selling beer. The top spot now belongs to Modelo Especial, brewed by Constellation Brands (NYSE:STZ).