Japan’s Asahi has emerged as one of the biggest beer producers in Europe and Australia, filling a gap left by industry giants like AB InBev, which shifted their focus to faster-growing markets elsewhere. With major players concentrating on regions with stronger growth, such as Asia, Africa and Latin America, Asahi seized the opportunity to solidify its presence in saturated beer markets like Europe and Australia by acquiring well-known local brands.
Asahi’s journey in Europe began with its 2016 strategic acquisitions of key assets from AB InBev. These acquisitions were a result of AB InBev’s need to divest parts of its European business to comply with antitrust regulations following its massive $100 billion acquisition of SABMiller in 2016 (inside.beer, 28.09.2016).
To satisfy regulatory demands from competition authorities, AB InBev had to sell off several premium beer brands and businesses, creating an opportunity for Asahi to make its mark in Europe. The first major step came in 2016 when Asahi purchased Peroni, Grolsch, and Meantime from AB InBev for €2.55 billion (USD 2.9 billion) (inside.beer, 11.10.2016). These brands gave Asahi an immediate foothold in Italy, the Netherlands, and the U.K., with Peroni in particular being a flagship premium brand that aligned well with Asahi's global ambitions to expand into the high-end beer market.
Later in 2017, Asahi took another crucial step by acquiring SABMiller’s former Eastern European business, which included famous brands such as Pilsner Urquell (Czech Republic), Tyskie and Lech (Poland), Dreher (Hungary), and Ursus (Romania). This deal was valued at €7.3 billion (USD 7.8 billion) (inside.beer, 13.12.2016). With these acquisitions, Asahi became a dominant player in Eastern Europe, gaining control over iconic brands and breweries that hold significant market share in their respective countries.
In early 2019, Asahi made its last major acquisition in Europe by purchasing Fuller, Smith & Turner (Fuller’s), a regional, family-run brewery with an annual production of 300,000 hectoliters. Founded in 1845 in Chiswick, West London, England, Fuller’s was acquired by Asahi for an enterprise value of GBP 250 million (USD 327 million) on a debt-free, cash-free basis (inside.beer, 5.2.2019).
These acquisitions not only expanded Asahi’s presence geographically but also allowed it to capture market share in Europe’s fast-growing premium beer segment. The combination of premium brands like Peroni and Pilsner Urquell strengthened Asahi’s ability to compete with long-established European brewers such as Heineken and Carlsberg, helping the company to consolidate its position as a leading beer producer on the continent
Another important part of Asahi’s strategy is its flagship brand, Asahi Super Dry, which has been quietly conquering the continent. Initially found in Asian restaurants across Europe, it has now expanded into a growing number of pubs, riding on the distribution power of Asahi's acquired companies in the region. This strategic distribution network, built through acquisitions, has helped Asahi Super Dry gain a foothold in the highly competitive European market.
These strategic moves allowed Asahi to capitalize on Europe’s saturated beer market, which still offers growth opportunities in premium segments. The brewer expects to generate EUR 4.7 billion in revenue from Europe this year, an increase of 5% compared to 2023, with profits of EUR 584 million.
The investments in Europe and Australia were also part of a strategy to escape the aging beer market in Japan, which had until then trapped the brewer. “If you look at the Japanese beer market, ever since 1995, the market has been contracting at a rate of 1-2% per year, and we think this is likely to continue,” Asahi CEO Atsushi Katsuki told Fortune during a visit to London. With AB InBev's partial withdrawal from the markets in Europe and Australia, Asahi saw a historic opportuity to expand its geographical footprint and make its business more resilient to crises."
Asahi is now a dominant player in several European countries, including Poland, the Czech Republic, Romania, and Hungary, while also establishing itself as a major force in the U.K.'s super-premium beer category. This strategic focus has paid off, making Europe Asahi’s largest market outside of Japan.
In addition to its growing success in Europe, Asahi has also become a significant player in the Australian beer market. This expansion came with the acquisition of Carlton & United Breweries (CUB) from AB InBev in a deal valued at approximately USD 11.3 billion. The acquisition, completed in 2020 (inside.beer, 1.4.2020), gave Asahi control over several iconic Australian beer brands, including Victoria Bitter (VB), Carlton Draught, and Foster’s, further boosting its global presence. This move, alongside Asahi’s European operations, has solidified its standing as a global beer powerhouse, leveraging its distribution network and expanding its premium product portfolio across continents.
