Asahi Group

Asahi Group, formally Asahi Group Holdings, Ltd., is a Japanese beverage and food group headquartered in Tokyo. Its roots reach back to 1889, when Osaka Beer was established. The company developed from a domestic brewer into one of Japan’s most important beer producers and, through extensive overseas acquisitions, a multinational owner and operator of premium beverage brands. Beer remains the group’s defining business. Asahi Super Dry, introduced in Japan in 1987, became the company’s signature product and helped establish a dry, crisp lager style as a major category in the Japanese market. The brand’s Japanese identity, restrained bitterness and highly carbonated profile have subsequently supported international expansion. Asahi has positioned Super Dry as a premium Japanese lager rather than simply an imported beer, using themes of modern Japan, curiosity, craftsmanship and experiences that exceed expectations. The group’s portfolio extends beyond its flagship lager. Its businesses include alcoholic beverages, non-alcoholic and low-alcohol drinks, soft drinks, mineral water, dairy and other food products. Internationally, the company owns or manages established beer brands acquired through major transactions in Europe and Australia, including Peroni Nastro Azzurro, Pilsner Urquell, Kozel, Grolsch and beer brands associated with Carlton & United Breweries. The exact portfolio varies by market and by licensing or divestment arrangements. Asahi’s international transformation accelerated in the 2000s and 2010s as Japan’s beer market matured and domestic consumption faced structural pressure. The group expanded first through regional beverage and brewing businesses and later through large-scale acquisitions of premium European brands formerly associated with SABMiller and Anheuser-Busch InBev. The 2016–2017 European acquisitions gave Asahi a broader premium beer platform, while the 2020 acquisition of Carlton & United Breweries substantially strengthened its position in Australia. The company operates through a portfolio model combining global brand development with local production, sales and marketing organizations. Its strategy emphasizes premiumization, international scale, innovation, responsible drinking and operational discipline. Alongside conventional beer, Asahi has invested in alcohol-free and reduced-alcohol products to address changing consumption habits and to create additional drinking occasions. Asahi’s corporate statement is “Make the world shine,” while its stated purpose centers on creating taste experiences and enjoyable living culture that exceed expectations. Marketing commonly links its brands with social occasions, sport, modern design and Japanese innovation. Partnerships and campaigns have included global football and rugby properties, digital advertising, influencer activity and market-specific programs for products such as Super Dry 0.0 and Super Dry Nama Jokki. Today, Asahi Group is an active publicly traded corporation with operations spanning Japan, Europe, Australia and other international markets. It should be distinguished from Asahi Super Dry, which is a beer brand, and from individual Asahi breweries or regional subsidiaries. The corporate group is the appropriate subject of this dossier.

Asahi Group traces its origins to Osaka Beer, founded in 1889. The early company operated in a Japanese brewing environment that later became increasingly consolidated. A merger involving Nippon Beer in the 1890s expanded the business’s resources and distribution capabilities, and the Asahi name became formally associated with the brewery in the early twentieth century. For much of the twentieth century, Asahi was primarily a domestic Japanese brewer. The company competed in a market dominated by large national producers and developed a portfolio centered on lager beer. Its later growth was driven by a combination of product innovation, manufacturing investment, distribution and brand-building. The decisive turning point came in 1987 with the introduction of Asahi Super Dry. Its sharply crisp, dry profile differentiated it from many established Japanese lagers and helped create a new reference point for beer taste in Japan. Super Dry’s success restored Asahi’s competitive momentum and became the foundation for its later premium international identity. The group broadened its activities beyond beer through beverage and food businesses, while also beginning to develop a more international operating base. As the Japanese market matured and demographic and consumption changes limited the prospects for domestic volume growth, overseas expansion became increasingly important. Asahi acquired or developed businesses in Australia and other markets, including involvement in the Schweppes soft-drink business in Australia during the late 2000s. In 2009, Asahi Group Holdings was established as a holding company structure. The reorganization separated group-level management and strategy from operating businesses and was intended to improve governance, capital allocation and the coordination of a diversified portfolio. The group continued to pursue both domestic innovation and overseas growth. A major international phase began in 2016, when Asahi agreed to acquire several premium beer brands and businesses in Central and Eastern Europe from Anheuser-Busch InBev following the latter’s acquisition of SABMiller. The portfolio included brands such as Pilsner Urquell, Kozel and Tyskie. In a related transaction, Asahi acquired the rights and businesses associated with Peroni Nastro Azzurro and Grolsch. These transactions materially changed Asahi’s profile: it became not only a Japanese brewer selling abroad, but also a multinational owner of well-established local and international beer brands. The next major step was the acquisition of Carlton & United Breweries from Anheuser-Busch InBev. Announced in 2019 and completed in 2020, the transaction gave Asahi a leading position in Australia and added a substantial portfolio of Australian beer brands, including Carlton and Victoria Bitter. The deal was strategically important because it diversified Asahi’s geographic earnings base and reinforced its premium beer ambitions, although its size also increased the importance of balance-sheet management and post-acquisition integration. In the 2020s, Asahi has emphasized premiumization, global brand consistency and growth in alcohol-free and low-alcohol beverages. Super Dry has been marketed internationally through the Beyond Expected platform, which associates the brand with modern Japanese culture and exploration. The company has also supported products such as Super Dry 0.0 and other reduced-alcohol propositions as consumers seek flexibility in when and how they drink. The group continues to combine global brand assets with local market execution. Its current scope includes beer, spirits and other alcoholic drinks, soft beverages and food. Asahi’s corporate communications present the business as a creator of enjoyable living culture, with “Make the world shine” used as its corporate statement. The modern group is therefore the product of three linked transformations: the creation of a distinctive beer franchise through Super Dry, the shift to a holding-company structure, and the acquisition-led construction of an international premium beverage portfolio.

1. 2022Beyond Expected global campaign launched

   Super Dry’s international campaign presented the beer as an expression of progressive, contemporary Japan.

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2. 2020Carlton & United Breweries acquisition completed

   The transaction strengthened Asahi’s Australian business and expanded its international premium beer portfolio.

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3. 2016European premium beer acquisitions announced

   Asahi agreed to acquire major European beer assets, including brands such as Pilsner Urquell and Peroni Nastro Azzurro.

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4. 2009Holding-company structure created

   Asahi Group Holdings was established as a pure holding company to coordinate strategy and operating businesses.

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5. 1987Asahi Super Dry introduced

   The launch of Super Dry established a distinctive dry lager proposition and became the group’s principal growth milestone.

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6. 1907Asahi Brewery name adopted

   The business formally adopted the Asahi Brewery name.

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7. 1893Merger with Nippon Beer

   A merger expanded the brewery’s resources and distribution base during its formative period.

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8. 1889Osaka Beer established

   The corporate lineage that became Asahi Group began with the establishment of Osaka Beer in Japan.

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Premium beverage group combining Japanese brewing heritage, crisp lager expertise, international brand ownership, innovation and increasingly diverse alcohol-free and low-alcohol choices.

• Asahi Super DryBeer1987

  Asahi’s flagship lager, introduced in 1987 and associated with a crisp, dry and highly refreshing taste profile. Super Dry is the group’s principal international beer brand and is marketed as a premium expression of Japanese brewing and modern Japanese design. It is sold in numerous markets and is supported by global and local campaigns, including Beyond Expected.

• Asahi Super Dry 0.0Alcohol-free beer

  An alcohol-free extension of the Super Dry proposition intended for consumers who want the brand’s dry-tasting profile without alcohol. Its international marketing emphasizes taste, innovation and additional consumption occasions, reflecting Asahi’s broader interest in low- and no-alcohol beverages.

• Peroni Nastro AzzurroBeer

  An Italian premium lager acquired as part of Asahi’s European brand portfolio expansion. Peroni Nastro Azzurro gives the group an established international brand with a distinctly Italian identity and complements the Japanese positioning of Super Dry within Asahi’s premium beer portfolio.

• Pilsner UrquellBeer

  A Czech premium lager included in Asahi’s European acquisitions. The brand is associated with the pilsner brewing tradition and provides the group with a heritage-led beer proposition distinct from Super Dry’s modern Japanese identity.

• Carlton and Victoria BitterBeer

  Major Australian beer brands brought into Asahi’s portfolio through the acquisition of Carlton & United Breweries. They give the group strong local-market positions and manufacturing and distribution capabilities in Australia.

• 2025Q1 2025 social connection and moderation advertising

  International

  Reported advertising activity during the first quarter of 2025 combined refreshment messaging, social occasions, sports associations, celebrity endorsements and health-conscious or alcohol-free choices across Asahi’s portfolio.

  Outcome. The activity demonstrated a portfolio-based approach designed to address beer drinkers, sports audiences and consumers seeking lower-alcohol options.

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• 2022Beyond Expected

  Australia · International

  A large-scale Super Dry campaign portrayed contemporary Japan as creative, energetic and full of unexpected experiences. The campaign used television, video, digital and outdoor media to connect the beer’s crisp taste with exploration and progressive culture.

  Outcome. The campaign was presented as the largest in Super Dry’s brand history at launch and supported the brand’s international growth ambitions.

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• Beyond Expected alcohol-free campaign

  International

  A campaign for alcohol-free Super Dry challenged conventional expectations about non-alcoholic beer. Creative work focused on flavor, Japanese innovation and alternative drinking occasions rather than treating alcohol content as the sole product story.

  Outcome. The campaign supported Asahi’s effort to expand no- and low-alcohol choices as drinking habits diversify.

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• 2019Agreement to acquire Carlton & United BreweriesM&A

  Asahi pursued geographic diversification and a stronger position in the Australian beer market.

  What changed. The group agreed to purchase Anheuser-Busch InBev’s Australian brewing business, with completion taking place in 2020.

  Aftermath. The deal made Australia a major Asahi market and added leading local beer brands and production capabilities.

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• 2016Acquisition of European premium beer assetsM&A

  Asahi sought international growth and premium brands as Japan’s domestic beer market matured.

  What changed. The group acquired European beer businesses and brands including Pilsner Urquell, Kozel and Peroni Nastro Azzurro in transactions completed during the 2016–2017 period.

  Aftermath. The acquisitions transformed Asahi into a broader international premium beer owner.

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• 2009Creation of Asahi Group HoldingsStrategy

  The expanding company required a structure capable of managing multiple operating businesses and international activities.

  What changed. Asahi reorganized into a holding-company structure, separating group strategy from operating-company management.

  Aftermath. The structure provided a platform for portfolio management and later acquisition-led international expansion.

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• 1987Launch of Asahi Super DryProduct launch

  Asahi needed a product capable of differentiating it in a competitive and mature Japanese beer market.

  What changed. The company introduced a lager centered on a crisp, dry taste profile that became the foundation of its modern brand identity.

  Aftermath. Super Dry became Asahi’s flagship product and supported its rise as a leading Japanese brewer.

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• 2023Asahi ends new advertising and promotional use of Johnny's agency talentsControversy

  Following the agency’s response to allegations of sexual abuse and Asahi’s assessment that victim relief and organizational reform were insufficient, the group said it would stop new advertising and promotional activity involving the agency’s talents. Existing contracts were to run until expiry without renewal. The decision was linked to Asahi’s human-rights policy.

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• 2023Advertising relationship with Johnny’s agency after abuse allegationsControversy

  After public allegations concerning sexual abuse by the agency’s former founder and criticism of the agency’s response, Asahi concluded that continued commercial dealings were inconsistent with its human-rights policy. It stopped new advertising and promotional use of affiliated talents and declined contract renewals.

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• 2023Asahi Group ends future advertising and promotional use of Johnny & Associates talentsControversy

  Following the disclosure of sexual-abuse findings involving former Johnny & Associates president Johnny Kitagawa, Asahi Group said it would not launch new advertising or promotional activity featuring the agency’s talents and would allow existing contracts to expire without renewal.

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• 2023Johnny Kitagawa sexual-abuse scandal and advertising policyControversy

  Following findings and public acknowledgment concerning sexual abuse by former Johnny & Associates president Johnny Kitagawa, Asahi Group said it would not use the agency’s talents in new advertising or promotions and would not renew existing contracts after expiry.

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• 2025Asahi advertising highlighted refreshment, connection and moderation choices

  Reported first-quarter advertising activity featured Super Dry, alcohol-free products and newer beverage propositions, using sports partnerships, celebrity endorsements and social-oriented creative to address varied consumer occasions.

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• 2025Asahi considers an African brewing expansion through the Tusker business

  Reporting described Asahi’s announced plan to acquire a business associated with the Tusker beer brand, presenting a potential expansion into Africa and drawing a cautious market response.

  M&A
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• 2025Asahi announces planned acquisition of Diageo’s East African beverage interests

  Asahi announced an agreement involving Diageo Kenya, UDV Kenya and an indirect interest in East African Breweries, extending its beer, spirits and ready-to-drink presence in East Africa. Completion was described as expected in the second half of 2026.

  M&A
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• 2022Asahi Super Dry launched its largest global brand campaign in Australia

  The Beyond Expected campaign presented Super Dry as an expression of contemporary Japan and encouraged consumers to explore unfamiliar ideas and experiences. It used television, video-on-demand, digital and outdoor media in Australia.

  CampaignProduct launch
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• 2020Asahi completes acquisition of Carlton & United Breweries

  Asahi completed the purchase of the Australian brewing business and related assets from Anheuser-Busch InBev, substantially expanding its Oceania platform and international beer portfolio.

  M&A
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• 2020Asahi announces equity financing after Australian beer acquisition

  The group announced a public offering and treasury-share sale to raise funds, strengthen its balance sheet and reduce borrowings following the CUB acquisition.

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• 2020Asahi completes Carlton & United Breweries transaction

  The group acquired the Australian CUB business and associated assets and brand rights from Anheuser-Busch InBev, materially expanding its Australian beer platform.

  M&A
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• Asahi promoted alcohol-free Super Dry through the Beyond Expected platform

  Asahi and agency Trouble Maker developed an international campaign for an alcohol-free version of Super Dry. The work emphasized taste, Japanese innovation and new drinking occasions rather than relying primarily on alcohol-by-volume messaging.

  CampaignProduct launch
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1. Asahi Group Holdings official website
2. Asahi Super Dry launches biggest global marketing campaign in brand’s history
3. Asahi Group brief history reference
4. Asahi Group to buy InBev beer brands
5. Asahi acquisition of AB InBev Australian operations
6. Beyond Expected alcohol-free beer campaign
7. GlobalData analysis of Asahi advertising campaigns
8. Asahi ends new advertising and promotional use of Johnny's agency talents
9. Asahi Group ends future advertising and promotional use of Johnny & Associates talents
10. Asahi considers an African brewing expansion through the Tusker business
11. Asahi announces planned acquisition of Diageo’s East African beverage interests
12. Asahi completes acquisition of Carlton & United Breweries
13. Asahi announces equity financing after Australian beer acquisition
14. Asahi completes Carlton & United Breweries transaction