Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Off-trade sales of RTD tea increased by 3% in current value terms to reach JPY1,519.4 billion and increased by 4% in volume terms to reach 6,490 million litres in 2017.</li><li>RTD tea reached its largest size ever in 2017, supported by consumers’ growing health awareness.</li><li>On-trade sales of RTD tea declined by 1% in both volume and current value terms in 2017, to JPY77.1 billion and 131 million litres.</li><li>ITO EN maintained its lead in RTD tea in 2017, with a 28% retail volume share.</li><li>Over the forecast period RTD tea will record off-trade CAGRs of 3% in both volume terms and at constant 2017 prices to reach JPY1,743.4 billion and 7,531 million litres in 2022.</li></ul>

Off-trade sales of RTD tea increased by 3% in current value terms to reach JPY1,519.4 billion and increased by 4% in volume terms to reach 6,490 million litres in 2017.RTD tea reached its largest size ever in 2017, supported by consumers’ growing health awareness.On-trade sales of RTD tea declined by 1% in both volume and current value terms in 2017, to JPY77.1 billion and 131 million litres.ITO EN maintained its lead in RTD tea in 2017, with a 28% retail volume share.Over the forecast period RTD tea will record off-trade CAGRs of 3% in both volume terms and at constant 2017 prices to reach JPY1,743.4 billion and 7,531 million litres in 2022.

Sector Capsule: Rtd (Ready to Drink) Tea in Japan

<ul><li>Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0 billion in 2017.</li><li>Sports drinks suffers due to the perception of limited consumption occasions.</li><li>Sports drinks are not sold via the on-trade channel in Japan.</li><li>Coca-Cola (Japan) maintained its lead in sports drinks in 2017, with a 44% retail value share.</li><li>Sports drinks to record negative off-trade CAGRs of 3% (volume) and 4% (at constant 2017 prices) over the forecast period for sales of 1,139 million litres and JPY250.1 billion in 2022.</li></ul>

Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0 billion in 2017.Sports drinks suffers due to the perception of limited consumption occasions.Sports drinks are not sold via the on-trade channel in Japan.Coca-Cola (Japan) maintained its lead in sports drinks in 2017, with a 44% retail value share.Sports drinks to record negative off-trade CAGRs of 3% (volume) and 4% (at constant 2017 prices) over the forecast period for sales of 1,139 million litres and JPY250.1 billion in 2022.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Overwhelmingly, and to take a line from our U.S. Compass report, recent declines have corrected the excess. Where many charts appeared stretched and even parabolic in some cases, recent downward pressure on global equities has allowed many stocks to return to solid entry points near various areas of support. In today’s report we review every global sector, highlighting actionable stocks within each.

Overwhelmingly, and to take a line from our U.S. Compass report, recent declines have corrected the excess. Where many charts appeared stretched and even parabolic in some cases, recent downward pressure on global equities has allowed many stocks to return to solid entry points near various areas of support. In today’s report we review every global sector, highlighting actionable stocks within each.

<ul><li>Total volume sales of beer increase by 3% in 2016, to reach 534 million litres</li></ul><ul><li>Younger consumers are playing an increasingly important role in beer</li></ul><ul><li>Lager posts the fastest growth, rising by 3% in total volume terms in 2016</li></ul><ul><li>The average unit price sees little change, as players continue to discount during peak beer-drinking seasons</li></ul><ul><li>Taiwan Tobacco &amp; Liquor Corp remains the leader in beer in 2016, despite a weakening position due to the strong competition</li></ul><ul><li>Total volume sales are anticipated to increase by a CAGR of 1% in the forecast period, to reach 570 million litres</li></ul>

Total volume sales of beer increase by 3% in 2016, to reach 534 million litresYounger consumers are playing an increasingly important role in beerLager posts the fastest growth, rising by 3% in total volume terms in 2016The average unit price sees little change, as players continue to discount during peak beer-drinking seasonsTaiwan Tobacco &amp; Liquor Corp remains the leader in beer in 2016, despite a weakening position due to the strong competitionTotal volume sales are anticipated to increase by a CAGR of 1% in the forecast period, to reach 570 million litres

<ul><li>In 2017 baby food increases by 2% in retail current value terms to reach JPY111.4 billion and increases by 1% in retail volume terms to reach 44,000 tonnes</li><li>Despite the declining number of births, prepared baby food and milk formula perform well due to the rising number of working mothers</li><li>Prepared baby food sees the strongest retail current value growth within baby food in 2017, with an increase of 3% to reach JPY23.0 billion</li><li>The average unit price of baby food increases by 1% in current terms in 2017</li><li>Meiji remains the leading player in baby food in Japan in 2017, accounting for a retail value share of 24%</li><li>Baby food in Japan will continue to register growth over the forecast period with a value CAGR of 2% at constant 2017 prices to reach JPY119.8 billion in 2022</li></ul>

In 2017 baby food increases by 2% in retail current value terms to reach JPY111.4 billion and increases by 1% in retail volume terms to reach 44,000 tonnesDespite the declining number of births, prepared baby food and milk formula perform well due to the rising number of working mothersPrepared baby food sees the strongest retail current value growth within baby food in 2017, with an increase of 3% to reach JPY23.0 billionThe average unit price of baby food increases by 1% in current terms in 2017Meiji remains the leading player in baby food in Japan in 2017, accounting for a retail value share of 24%Baby food in Japan will continue to register growth over the forecast period with a value CAGR of 2% at constant 2017 prices to reach JPY119.8 billion in 2022

Japan

Asahi Group Holdings, Ltd. produces beer and other beverages including non-alcoholic drinks. The Company sells its products in Japan and overseas.

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Asahi Group Holdings (2502 JP)

Sector Capsule: Rtd (Ready to Drink) Tea in Japan

Off-trade sales of RTD tea increased by 3% in current value terms to reach JPY1,519.4 billion and increased by 4% in volume terms to reach 6,490...

Euromonitor International Ltd.

Sector Capsule: Sports Drinks in Japan

Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0...

Euromonitor International Ltd.

Global Equity Strategy

Overwhelmingly, and to take a line from our U.S. Compass report, recent declines have corrected the excess. Where many charts appeared stretched...

Vermilion Research

Sector Briefing: Beer in Taiwan

Total volume sales of beer increase by 3% in 2016, to reach 534 million litresYounger consumers are playing an increasingly important role in...

Euromonitor International Ltd.

Sector Capsule: Baby Food in Japan

In 2017 baby food increases by 2% in retail current value terms to reach JPY111.4 billion and increases by 1% in retail volume terms to reach...

Euromonitor International Ltd.

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