Japan Beverage: April soft drinks down 1% YoY; Suntory strong, CCBJH steady, Asahi recovering

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Japan Beverage: April soft drinks down 1% YoY; Suntory strong, CCBJH steady, Asahi recovering

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Japan Beverage

April soft drinks down 1% YoY; Suntory

strong, CCBJH steady, Asahi recovering

Industry Overview

13 May 2026

Total Market: -1% YoY Equity

According to Nikkan Keizai Tsushin, sales volumes in Japan’s soft drink market declined Japan

1% YoY in April (YTD flat). Temperatures were broadly in line with the prior year, and Beverage

weather conditions were generally favorable nationwide; however, in some regions, the

influence of low-pressure systems and frontal activity appears to have resulted in ManabuResearch SumogeAnalyst >>

reduced sunshine hours. In addition, the low base of a 5% YoY decline in the same BofAS Japan

+81 3 6225 8855

month last year likely provided some support. manabu.sumoge@bofa.com

Stock Trends: Suntory strong; CCBJH steady, Asahi still in YuxiResearchDai >>Analyst

BofAS Japan

+81 3 6225 8257recovery mode

yuxi.dai@bofa.com

Suntory remained strong, rising 7% YoY. In addition to solid performance from core

brands, new products such as Guilty Soda NOPE, Locomore WATER, and Sesamin 1000

appear to have contributed. Coca-Cola Bottlers Japan Holdings (CCBJH) continued to

deliver positive growth at +1% YoY; although Ayataka was impacted by the March price

hike, the low comparison base (−3% YoY in the same month last year) also supported

results. Meanwhile, Asahi’s volumes declined 8% YoY, extending the contraction.

Although the pace of decline narrowed from March, we believe continued monitoring is

warranted, given the low base in the prior year.

Coca-Cola Bottlers Japan Holdings (2579): +1% YoY in April (Nikkan Keizai Tsushin

estimates).

Suntory (2587): +7% YoY. Iyemon +14%, Tennensui +9%, BOSS flat YoY, Green Dakara

−1%.