Japan’s Asahi Eyes Overseas M&A to Quadruple Sales of Super Dry Beer

REUTERS/Minwoo Park
Asahi’s new super dry draft canned beers are seen at a convenience store in Seoul, South Korea, May 12, 2023.

TOKYO (Reuters) — Asahi Group Holdings is on the hunt for acquisition targets in the United States and elsewhere to quadruple overseas sales of its flagship Super Dry beer by 2030, its chief executive said.

The beverage giant took a step towards that goal last month when it said it was buying Wisconsin-based Octopi Brewing, which will allow it to manufacture Super Dry in the United States rather than importing the beer from its European factories.

For the time being, the company is looking at M&A opportunities in emerging markets in Africa, Asia and South America, Asahi President Atsushi Katsuki told Reuters, citing an absence of good U.S. targets.

Katsuki acknowledged investor concern that Asahi did not have much of a presence in the United States.

“The U.S. would be the largest market for us in terms of beer and it’s the only growing market among developed countries in terms of population,” he said.