Core Viewpoint - Major Chinese liquor companies, including Wuliangye and Zhenjiu Lid, are entering the craft beer market to tap into the potential of a rapidly growing sector, as traditional beer faces significant challenges [1][7]. Industry Overview - The Chinese beer market is undergoing a structural adjustment, with production declining for five consecutive years, reaching 35.21 million kiloliters in 2024, a 30% decrease from the peak of 50.62 million kiloliters in 2013 [2]. - The market is highly concentrated, with five major players—China Resources Beer, Tsingtao Brewery, Budweiser APAC, Yanjing Beer, and Chongqing Beer—holding over 90% of the market share [2]. - The low-end beer market is shrinking, while mid-range and premium products are expected to drive future growth [2]. High-End Beer Market - High-end beer is experiencing significant growth, with China Resources Beer’s net profit increasing from 2.094 billion yuan in 2020 to 4.739 billion yuan in 2024, and Tsingtao Brewery’s net profit rising from 2.201 billion yuan to 4.345 billion yuan in the same period [2][3]. - Chongqing Beer reported a slight increase in revenue from high-end products, while Yanjing Beer saw a 9.32% increase in revenue from mid-to-high-end products [3]. Craft Beer Market Growth - The craft beer segment is rapidly expanding, with the market size projected to grow from 42.8 billion yuan in 2022 to 68 billion yuan in 2024, reflecting a compound annual growth rate of 26.7% [4]. - By 2025, the craft beer market is expected to exceed 104 billion yuan, driven by changing consumer preferences towards quality over quantity [4]. Profitability and Consumer Trends - Craft beer typically has a gross margin of 55% to 65%, which is 15% to 20% higher than industrial beer [5]. - The Z generation is becoming the main consumer group, seeking quality and unique experiences, which is driving the growth of the craft beer market [5][6]. White Liquor Companies Entering Craft Beer - White liquor giants are entering the craft beer market, with Zhenjiu Lid launching its first high-end craft beer product, "Bull Market News," which gained significant attention during its live-stream launch [7]. - Wuliangye has also introduced its craft beer brand "Fire Wheel," priced at 19.5 yuan per bottle, aiming to penetrate the mid-to-high-end craft beer market [7]. - Luzhou Laojiao has been active in the craft beer sector since 2021, focusing on high-end craft beer and expanding its market presence [8]. Strategic Insights - The entry of white liquor companies into the craft beer market leverages existing brand resources and distribution networks, seeking new growth opportunities [8]. - Analysts suggest that these companies should adopt differentiated strategies to avoid direct competition with established beer giants, focusing on high-end branding and leveraging mature distribution channels [8].
跨界“搅局者”来了 白酒巨头进军啤酒圈
Zheng Quan Shi Bao·2025-08-21 22:06