Japan Beverage: May soft drink sales: Market flat; Suntory and CCBJH outperformed

Research evidence excerpt

Japan Beverage: May soft drink sales: Market flat; Suntory and CCBJH outperformed

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Japan Beverage

May soft drink sales: Market flat; Suntory

and CCBJH outperformed

Industry Overview

09 June 2026

Total market: Flat YoY Equity

According to Nikkan Keizai Tsushin, sales volume in Japan’s soft drink market in May was Japan

flat YoY (cumulative also flat YoY). Despite one fewer shipping day than the previous Beverage

year, volumes appear to have been supported by the combination of (1) a weak

comparison base (–3% YoY in the same month last year) and (2) higher temperatures. ManabuResearch SumogeAnalyst >>

The paper reports that the monthly average temperature exceeded the norm by 1.37°C, BofAS Japan

+81 3 6225 8855

marking the second-highest level for May since 1898. manabu.sumoge@bofa.com

Stocks Trends: Suntory and CCBJH outperformed YuxiResearchDai >>Analyst

BofAS Japan

Amid higher temperatures, water, tea beverages, and carbonated drinks outperformed +81 3 6225 8257

coffee-based products, with Coca-Cola BJH, Suntory, and Ito En outperforming the yuxi.dai@bofa.com

market growth. Coca-Cola BJH appears to have maintained solid performance, supported

by favorable weather conditions despite the impact of price hikes for Ayataka. Suntory

saw strong growth in Iyemon as well as in Foods for Specified Health Uses (FOSHU) and

products with functional claims.

Coca-Cola Bottlers Japan Holdings (2579): +2% YoY (Nikkan Keizai Tsushin estimates).

According to the paper, while the impact of price hikes for Ayataka since March has

begun to surface, Yakan no Mugicha appears to have captured heat-driven thirst demand.

Suntory (2587): +2% YoY. Iyemon +6%, Green Dakara +2%, Tennensui +1%, Boss –3%,

FOSHU and functional-claim products +8%.