El impacto demográfico de Japón propulsa un titán cervecero en Europa

The origins of what is now Asahi Group trace back to late 19th-century Japan. However, much of its future lies in the West, particularly Europe, which makes a lot of sense. The brewing group faces Japan’s severe demographic crisis, resulting in a shrinking local market and the need to look beyond Japanese bars and izakayas. After years of investment and expansion, the brewery now earns billions of dollars in the old continent, its largest market after Japan, accounting for over 25% of its sales.

To some extent, Japan’s birthrate crisis has propelled Asahi to become a prominent player in the European brewing sector, where carving out a niche isn’t easy.

A Silent Advance. Recently, Fortune reported this based on the Japanese company’s balance sheets: quietly and without generating much buzz, Asahi has emerged as a significant name in Europe’s brewing industry. This is noteworthy, firstly because the origins of today’s Asahi Group are far away in Japan, and secondly because, despite its success in Japan, breaking into the European market is not easy.

What Do the Numbers Say? Asahi Group’s accounts reveal that in 2024 they recorded total revenue in Europe of $5.4 billion, nearly 27% of the total. These figures position the continent as its second-largest revenue market, trailing only Japan, and ahead of Oceania or Southeast Asia.

The revenue in Europe also grew by 13% while it barely changed in Japan. Projections for 2025 indicate that while there may be a slight decline, the European market’s significance will remain crucial to its accounting.

Expanding Boundaries. These figures are not coincidental. They are not solely explained by the expansion of its premium beer, Asahi Super Dry, which is increasingly found in Europe’s pubs. Over the years, the holding has expanded with new acquisitions to consolidate its presence on the continent.

The Japanese company includes other brands recognized by European customers: Peroni Nastro Azzurro, Kozel, Pilsner Urquell, and Grolsch. Its portfolio also includes Great Northern, Victoria Bitter, Carlton Draught, Tyskie, Ursus, Radegast, Fuller’s London Pride, and Asahi Nama, along with non-alcoholic beers, soft drinks, and other beverages like Nikka whisky, founded 90 years ago.

Cash in Hand. A quick archive search reveals its commercial expansion trajectory. In 2016, it reached an initial agreement with the Belgian-origin brewer AB InBev to acquire three of its well-known brands, Peroni, Grolsch, and Meantime, for €2.55 billion.

Later, in 2019, Fuller, Smith & Turner accepted another substantial offer of almost €300 million, allowing the Japanese group to acquire, among others, their flagship brand, London Pride. These operations add to those focused on Australia, New Zealand, and China. In March, despite the tariff war, The Wall Street Journal revealed that the group aims to solidify its presence in the USA with Asahi Super Dry by acquiring a plant in Wisconsin.

Business…and Demographics. A while back, Asahi’s CEO, Atsushi Katsuki, acknowledged to Fortune that the Japanese company’s entry into the complex European beer market was not coincidental. Part