China Alcohol – Where next?

Research evidence excerpt

China Alcohol – Where next?

Equity Research

3 August 2026

Global Beverages

China Alcohol – Where next? SIGNATURE

The market is still asking when will China alcohol recover. We

think the better question is how will the market look after the

old premiumisation engine stops working. Data shows the Mexico Consumer NEUTRAL

demographic and macro backdrop is still largely U.S. CHPC & Beverages

unsupportive for growth, and all signs point to structural NEUTRAL

change. NEUTRALEuropean Consumer Staples

European Consumer Staples

Laurence Whyatt

 Listen +44 (0)20 7773 5324 laurence.whyatt@barclays.com

Barclays, UK

The following listed companies are not under coverage by Barclays Research: CR Beer, Tsingtao,

Ashutosh Jain

Kweichow Moutai, Wulingye, Yanghe, Luzhou Laojiao. Information about these companies is being

+91 (0)22 6175 1452

provided for information purposes only and is not an investment recommendation by Barclays ashutosh.jain@barclays.com

Research. Barclays, UK

FIGURE 1. Imogen McCurley

+44 (0)20 3555 4999

imogen.mccurley@barclays.com

U.S. CHPC & Beverages

Lauren R. Lieberman

+1 212 526 3112

lauren.lieberman@barclays.com

BCI, US

Mexico ConsumerThis note is the fifth note in our series of deep dives into the global alcohol market. To revisit the

Benjamin M. Theurer

previous notes see:

+52 55 5241 3322

• Global Alcohol Insights: What Really Drives Consumption? (link) benjamin.theurer@barclays.com

BCCB, Mexico

• Global Beverages: US Alcohol - is the consumption slowdown structural or cyclical? (link)

• UK Alcohol - The Last Orders Economy (link)

• Brazil Alcohol - The end of expansion (link)

China remains one of the largest alcohol markets in the world, but the structural supports

that drove the last two decades of growth have weakened. Volumes have fallen sharply