Japan Beverage and Beer Sector "May 2026: Asahi outperformed again in May" Ihara

Research evidence excerpt

Japan Beverage and Beer Sector "May 2026: Asahi outperformed again in May" Ihara

Global Research

10 June 2026ab

Japan Beverage and Beer Sector Equities

JapanMay 2026: Asahi outperformed again in May

Food & Beverage

Rei Ihara

Beer market revitalised somewhat by company sales promotions Analyst

In May 2026, sales volume in the beer category increased by 5% yoy (-4% in Jan-May). rei.ihara@ubs.com

Although prices were increased in April of the previous year and the low yoy comparison +81-3-5208 6227

base in May was a significant factor, overall sales appear to be firm considering that Ryunosuke Watanabe

there was one fewer business day in May. Even based on the average for March-May, Associate Analyst

sales volume in the beer market was down 2% yoy. While a gradual decline is ryunosuke.watanabe@ubs.com

continuing, the market is becoming revitalised by proactive campaigns by companies +81-3-5208 6243

and new products, and the margin of decline is narrowing. Within the beer category,

beer rose 7% yoy (-1%), and the economy category rose 2% (-9%). As each company

continues to strengthen their beer offerings, the shift toward beer is progressing.

As in April, Asahi Breweries outperformed the market again in May

Asahi Breweries' sales value in May increased by 7% yoy (-2% in Jan-May). Following

April, Asahi outperformed the market again in May. It is recovering from the

cyberattack. Sales volume of the Super Dry brand rose by 7% yoy (-2%), and while the

performance of the Super Dry brand is in line with the beer market, the 'Asahi Gold'

product newly launched in April contributed. However, 'Asahi Gold' sales slowed more

than expected, at 220,000 cases in May versus 930,000 cases in April. There appears to

have been brand awareness and trial issues.