Regional Markets Provide Hope For Japanese Brewers

摘要

We hold a muted outlook for the Japanese beer market, based on lowrnconsumption by regional standards, which is set to fall further over ourrnforecast period to 2020. Japan boasts a sizeable consumer base withrnhigh disposable incomes, and yet its major brewers are struggling withrna declining beer market, with per capita consumption of beer in Japanrneclipsed by its regional peers. Over 2016, we estimate per capita beerrnconsumption in Japan to be 21.6 litres, which is less than a third of perrncapita consumption in Australia (79.8 litres) – we expect this gap tornwiden over our forecast period to 2020.