Japan Beverage and Beer Sector "June 2026: Asahi loses momentum" Ihara

Research evidence excerpt

Japan Beverage and Beer Sector "June 2026: Asahi loses momentum" Ihara

Global Research

10 July 2026ab

Japan Beverage and Beer Sector Equities

JapanJune 2026: Asahi loses momentum

Food & Beverage

Rei Ihara

Beer market: Active promotions, but poor weather weighed on demand Analyst

Beer market sales volume in June 2026 was flat yoy (-4% in Jan–Jun). As there was one rei.ihara@ubs.com

additional business day, the underlying trend was effectively a 4–5% yoy decline. +81-3-5208 6227

Although the market was activated by aggressive campaigns from each company, poor Ryunosuke Watanabe

weather had an impact. Within the category, beer increased 4% yoy (flat), while the Associate Analyst

economy category declined 5% yoy (-8%). In preparation for the liquor tax revision ryunosuke.watanabe@ubs.com

scheduled for October 2026, companies have been strengthening beer promotions, and +81-3-5208 6243

the shift toward beer has continued.

Both Asahi and Kirin underperformed the market

Asahi Breweries’ June sales value was flat yoy (-1%). Although Asahi had outperformed

the market from March to May, it underperformed in June. Sales volume for the Super

Dry brand increased 1% yoy (-2%). Not only did Dry Crystal remain weak, but Super Dry

on a standalone basis also lagged the market, suggesting intensifying competition in the

beer market. Asahi Gold slowed to 180,000 cases in June, versus 930,000 cases in April

and 220,000 cases in May. A turnaround effort appears necessary. In October 2026,

Asahi plans to renew Super Dry for the first time in four years since 2022, using this as a

hook to regain momentum.

Kirin Brewery’s June sales value declined 2% yoy (-2%). Despite world cup-related

promotions, Kirin underperformed the market for the third consecutive month. Looking