India - Beer & Cider, November 2022

MarketLine Industry Profile
Beer & Cider in India

November 2022
Reference Code: 0102-0466
Publication Date: November 2022
Primary NAICS: 312120
Secondary NAICS: 312130
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Industry Profiles
1. Executive Summary
1.1. Market value

The Indian beer & cider market grew by 44.2% in 2021 to reach a value of $8,240.5 million.
1.2. Market value forecast

In 2026, the Indian beer & cider market is forecast to have a value of $17,625.6 million, an increase of
113.9% since 2021.
1.3. Market volume

The Indian beer & cider market grew by 28.2% in 2021 to reach a volume of 2,160.7 million liters.
1.4. Market volume forecast

In 2026, the Indian beer & cider market is forecast to have a volume of 3,171.2 million liters, an increase of
46.8% since 2021.
1.5. Category segmentation

Beer is the largest segment of the beer & cider market in India, accounting for 99.9% of the market's total
value.
1.6. Geography segmentation

India accounts for 4.7% of the Asia-Pacific beer & cider market value.
1.7. Market share

United Breweries Ltd, India is the leading player in the Indian beer & cider market, generating a 51% share
of the market's volume.
1.8. Market rivalry

Industry Profiles
High fixed costs and a highly consolidated market work to drive up rivalry, although strong market growth
during the review period (2016–2021) has served to alleviate this somewhat.
1.9. Competitive Landscape

The Indian beer & cider market has experienced strong value growth and negative volume growth in
review period. United Breweries Ltd, India is the leading player in the sector in volume terms, while A-
BInBev and Carlsberg Group accounted for second and third largest volume shares, respectively, in 2021.
Moreover, A-BInBev, gained maximum volume share during 2016-2021.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Market volume.............................................................................................................................................2
1.4. Market volume forecast...............................................................................................................................2
1.5. Category segmentation................................................................................................................................2
1.6. Geography segmentation.............................................................................................................................2
1.7. Market share................................................................................................................................................2
1.8. Market rivalry...............................................................................................................................................2
1.9. Competitive Landscape ................................................................................................................................3
2. Market Overview 9
2.1. Market definition .........................................................................................................................................9
2.2. Market analysis ............................................................................................................................................9
3. Market Data 11
3.1. Market value ..............................................................................................................................................11
3.2. Market volume...........................................................................................................................................12
4. Market Segmentation 13
4.1. Category segmentation..............................................................................................................................13
4.2. Geography segmentation...........................................................................................................................15
4.3. Market distribution ....................................................................................................................................16
5. Market Outlook 17
5.1. Market value forecast ................................................................................................................................17
5.2. Market volume forecast.............................................................................................................................18
6. Five Forces Analysis 19
6.1. Summary ....................................................................................................................................................19
6.2. Buyer power...............................................................................................................................................20

Industry Profiles
6.3. Supplier power ...........................................................................................................................................21
6.4. New entrants .............................................................................................................................................22
6.5. Threat of substitutes ..................................................................................................................................23
6.6. Degree of rivalry.........................................................................................................................................24
7. Competitive Landscape 25
7.1. Market share..............................................................................................................................................25
7.2. Who are the leading players in the Indian beer & cider market? ..............................................................25
7.3. Which companies have been most successful in increasing their market shares in the last 5 years?.......26
7.4. Which companies’ market shares have suffered in the last 5 years? ........................................................26
7.5. What are the most popular brands in the market? ...................................................................................26
8. Company Profiles 27
8.1. United Breweries (Holdings) Limited .........................................................................................................27
8.2. Molson Coors Brewing Company ...............................................................................................................29
8.3. Carlsberg A/S..............................................................................................................................................34
9. Macroeconomic Indicators 38
9.1. Country data ..............................................................................................................................................38
Appendix 40
Methodology ...........................................................................................................................................................40
9.2. Industry associations..................................................................................................................................41
9.3. Related MarketLine research .....................................................................................................................41
About MarketLine....................................................................................................................................................42

Industry Profiles
LIST OF TABLES
Table 1: India beer & cider market value: $ million, 2016–21 11
Table 2: India beer & cider market volume: million liters, 2016–21 12
Table 3: India beer & cider market category segmentation: % share, by value, 2016–2021 13
Table 4: India beer & cider market category segmentation: $ million, 2016-2021 13
Table 5: India beer & cider market geography segmentation: $ million, 2021 15
Table 6: India beer & cider market distribution: % share, by volume, 2021 16
Table 7: India beer & cider market value forecast: $ million, 2021–26 17
Table 8: India beer & cider market volume forecast: million liters, 2021–26 18
Table 9: India beer & cider market share: % share, by volume, 2021 25
Table 10: United Breweries (Holdings) Limited: key facts 27
Table 11: United Breweries (Holdings) Limited: Key Employees 28
Table 12: Molson Coors Brewing Company: key facts 29
Table 13: Molson Coors Brewing Company: Annual Financial Ratios 31
Table 14: Molson Coors Brewing Company: Key Employees 32
Table 15: Molson Coors Brewing Company: Key Employees Continued 33
Table 16: Carlsberg A/S: key facts 34
Table 17: Carlsberg A/S: Annual Financial Ratios 36
Table 18: Carlsberg A/S: Key Employees 37
Table 19: India size of population (million), 2017–21 38
Table 20: India gdp (constant 2005 prices, $ billion), 2017–21 38
Table 21: India gdp (current prices, $ billion), 2017–21 38
Table 22: India inflation, 2017–21 38
Table 23: India consumer price index (absolute), 2017–21 39
Table 24: India exchange rate, 2017–21 39

Industry Profiles
LIST OF FIGURES
Figure 1: India beer & cider market value: $ million, 2016–21 11
Figure 2: India beer & cider market volume: million liters, 2016–21 12
Figure 3: India beer & cider market category segmentation: $ million, 2016-2021 14
Figure 4: India beer & cider market geography segmentation: % share, by value, 2021 15
Figure 5: India beer & cider market distribution: % share, by volume, 2021 16
Figure 6: India beer & cider market value forecast: $ million, 2021–26 17
Figure 7: India beer & cider market volume forecast: million liters, 2021–26 18
Figure 8: Forces driving competition in the beer & cider market in India, 2021 19
Figure 9: Drivers of buyer power in the beer & cider market in India, 2021 20
Figure 10: Drivers of supplier power in the beer & cider market in India, 2021 21
Figure 11: Factors influencing the likelihood of new entrants in the beer & cider market in India, 2021 22
Figure 12: Factors influencing the threat of substitutes in the beer & cider market in India, 2021 23
Figure 13: Drivers of degree of rivalry in the beer & cider market in India, 2021 24
Figure 14: India beer & cider market share: % share, by volume, 2021 25

Industry Profiles

Industry Profiles
2. Market Overview
2.1. Market definition

The beer & cider market consist of the retail sale of beer and cider. The beer segment consists of ale, dark beer,
lager, stout, flavored beer, wheat beer, beer mixes and seasonal beer. The cider segment consists of apple cider,
flavored cider, pear cider and seasonal cider. The market is valued according to retail selling price (RSP) and
includes any applicable taxes. All currency conversions used in the creation of this report have been calculated
using constant annual average 2021 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
the Middle East, Ghana, Morocco, Nigeria, and South Africa.
North America consists of Canada, Mexico, and the United States.
South America consists of Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Panama,
Peru, Puerto Rico, and Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal,
Romania, Russia, Slovak Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines,
Singapore, South Korea and Thailand.
The Middle East comprises Bahrain, Egypt, Iran, Israel, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.
2.2. Market analysis

The Indian beer and cider market registered strong growth during the review period (2016-2021). The growth of
the market is expected to accelerate over the forecast period
(2021-2026).
Increasing disposable incomes and rising consumer purchasing power are key factors driving demand for alcoholic
drinks in the review period. Moreover, growing demand for Microbreweries and craft beer among the young
population in the country is estimated to drive the overall volume sales. However, rising taxes on alcoholic
beverages in the country is estimated to impact the growth of this market.
The Indian beer & cider market had total revenues of $8,240.5m in 2021, representing a compound annual growth
rate (CAGR) of 5.7% between 2016 and 2021. In comparison, the South Korean market declined with a CAGR of -
1.1%, and the Chinese market increased with a CAGR of 1.4%, over the same period, to reach respective values of
$12,894.4m and $75,194.3m in 2021.
Market consumption volumes declined with a CAGR of -2.1% between 2016 and 2021, to reach a total of 2,160.7
million liters in 2021. The market's volume is expected to rise to 3,171.2 million liters by the end of 2026,
representing a CAGR of 8% for the 2021-2026 period.
The beer segment was the market's most lucrative in 2021, with total revenues of $8.2b, equivalent to 99.9% of
the market's overall value. The cider segment contributed revenues of $5.6m in 2021, equating to 0.1% of the
market's aggregate value.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 16.4% for the five-year
period 2021 - 2026, which is expected to drive the market to a value of $17,625.6m by the end of 2026.

Industry Profiles
Comparatively, the South Korean and Chinese markets will grow with CAGRs of 8.7% and 3.6% respectively, over
the same period, to reach respective values of $19,538.6m and $89,814.7m in 2026.

Industry Profiles
3. Market Data
3.1. Market value

The Indian beer & cider market grew by 44.2% in 2021 to reach a value of $8,240.5 million.
The compound annual growth rate of the market in the period 2016–21 was 5.7%.
Table 1: India beer & cider market value: $ million, 2016–21
Year $ million Rs. million € million % Growth

2016 6,233.6 460,890.1 5,270.1
2017 6,714.0 496,404.6 5,676.2 7.7%
2018 8,105.9 599,320.9 6,853.1 20.7%
2019 8,847.4 654,144.2 7,479.9 9.1%
2020 5,714.0 422,469.4 4,830.8 (35.4%)
2021 8,240.5 609,270.7 6,966.8 44.2%
CAGR: 2016–21 5.7%

SOURCE: MARKETLINE MARKETLINE
Figure 1: India beer & cider market value: $ million, 2016–21

Industry Profiles
3.2. Market volume

The Indian beer & cider market grew by 28.2% in 2021 to reach a volume of 2,160.7 million liters.
The compound annual rate of change of the market in the period 2016-21 was -2.1%.
Table 2: India beer & cider market volume: million liters, 2016–21
Year million liters % Growth

2016 2,399.3
2017 2,370.3 (1.2%)
2018 2,713.3 14.5%
2019 2,798.7 3.1%
2020 1,686.0 (39.8%)
2021 2,160.7 28.2%
CAGR: 2016–21 (2.1%)

Figure 2: India beer & cider market volume: million liters, 2016–21

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Beer is the largest segment of the beer & cider market in India, accounting for 99.9% of the market's total value.
The Cider segment accounts for the remaining 0.1% of the market.
Table 3: India beer & cider market category segmentation: % share, by value, 2016–2021
Category 2016 2017 2018 2019 2020 2021

Beer 99.9% 99.9% 99.9% 99.9% 99.9% 99.9%
Cider 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Total 100% 100% 100% 100% 100% 100%

Table 4: India beer & cider market category segmentation: $ million, 2016-2021
Category 2016 2017 2018 2019 2020 2021 2016-21

CAGR(%)
Beer 6,228.6 8,100.4 8,841.6 5,710.8 8,234.8 12,293.4 14.6%
Cider 5.0 5.5 5.8 3.2 5.6 7.9 9.6%
Total 6,233.6 8,105.9 8,847.4 5,714 8,240.4 12,301.3 14.6%


Industry Profiles
Figure 3: India beer & cider market category segmentation: $ million, 2016-2021

Industry Profiles
4.2. Geography segmentation

India accounts for 4.7% of the Asia-Pacific beer & cider market value.
China accounts for a further 42.6% of the Asia-Pacific market.
Table 5: India beer & cider market geography segmentation: $ million, 2021
Geography 2021 %
China 75,194.3 42.6
Japan 28,351.8 16.0
South Korea 12,894.4 7.3
India 8,240.5 4.7
Singapore 1,208.4 0.7
Rest of Asia-Pacific 50,825.0 28.8
Total 176,714.4 100.1%

Figure 4: India beer & cider market geography segmentation: % share, by value, 2021

Industry Profiles
4.3. Market distribution

Specialist Beverage Retailer form the leading distribution channel in the Indian beer & cider market, accounting for a
82.5% share of the total market's volume.
EDA (Eating, Drinking and Accommodation) accounts for a further 16% of the market.
Table 6: India beer & cider market distribution: % share, by volume, 2021
Channel % Share
Specialist Beverage Retailer 82.5%
EDA (Eating, Drinking and Accommodation) 16.0%
Institutions 1.4%
Modern Retail 0.0%
Other 0.1%
Total 100%
Figure 5: India beer & cider market distribution: % share, by volume, 2021

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2026, the Indian beer & cider market is forecast to have a value of $17,625.6 million, an increase of 113.9%
since 2021.
The compound annual growth rate of the market in the period 2021–26 is predicted to be 16.4%.
Table 7: India beer & cider market value forecast: $ million, 2021–26
Year $ million Rs. million € million % Growth

2021 8,240.5 609,270.7 6,966.8 44.2%
2022 12,301.3 909,510.8 10,400.0 49.3%
2023 14,042.4 1,038,245.3 11,872.0 14.2%
2024 15,238.6 1,126,681.7 12,883.3 8.5%
2025 16,369.3 1,210,286.4 13,839.3 7.4%
2026 17,625.6 1,303,172.2 14,901.4 7.7%
CAGR: 2021–26 16.4%

Figure 6: India beer & cider market value forecast: $ million, 2021–26

Industry Profiles
5.2. Market volume forecast

In 2026, the Indian beer & cider market is forecast to have a volume of 3,171.2 million liters, an increase of 46.8% since
2021.
The compound annual growth rate of the market in the period 2021–26 is predicted to be 8%.
Table 8: India beer & cider market volume forecast: million liters, 2021–26
Year million liters % Growth

2021 2,160.7 28.2%
2022 2,825.9 30.8%
2023 2,940.6 4.1%
2024 3,014.2 2.5%
2025 3,089.4 2.5%
2026 3,171.2 2.6%
CAGR: 2021–26 8.0%

Figure 7: India beer & cider market volume forecast: million liters, 2021–26

Industry Profiles
6. Five Forces Analysis

The beer & cider market will be analyzed taking manufacturers of soft drinks as players. The key buyers will be
taken as distributors and retailers of soft drinks, and producers of packaging, soft drinks ingredients and other raw
materials as the key suppliers.
6.1. Summary
Figure 8: Forces driving competition in the beer & cider market in India, 2021
High fixed costs and a highly consolidated market work to drive up rivalry, although strong market growth during the
review period (2016–2021) has served to alleviate this somewhat.
Specialist beverage retailer are the main distribution channel in the Indian beer & cider market. EDA (Eating, Drinking
and Accommodation) is also significant. Buyer power in this market is driven up by low switching costs and the large
size of many buyers, but tempered by buyers' need to stock a wide variety of beers in order to remain competitive.
Many suppliers in this market, particularly hop growers, are small and numerous, limiting their ability to influence
market players. Larger breweries are usually also capable of some degree of vertical integration, weakening suppliers'
positions further. Raw materials are important to this industry though, and not all suppliers depend on the beer
industry primarily; both of these factors strengthen supplier power.
For new entrants, the heavy investment required in production capacity constitutes one barrier and government
regulation another. Higher-end beers can command higher prices, however, which can allow smaller players an initial
foothold in the market as a microbrewery.
Switching costs in this market are fairly low which increases the risk of substitutes, and alternatives such as wines or
spirits are often cheaper and easier to store and transport. On the other hand, most buyers will need to stock a range of
alcoholic and non-alcoholic beverages, making it difficult to forego beer completely.

Industry Profiles
6.2. Buyer power
Figure 9: Drivers of buyer power in the beer & cider market in India, 2021
Specialist beverage retailer are the major buyers in the Indian beer & cider market, accounting for 82.52% of sales in
2021. Notably, EDA (Eating, Drinking and Accommodation) and institutions are together accounted for 17.40% of sales
in 2021. Such buyers are sometimes able to negotiate favorable terms on price with beer producers; this increases
buyer power significantly.
Switching costs for buyers are low, which increases buyer power in all markets.
Beer & cider producers can differentiate their products quite strongly in a variety of ways, not only by the overall
segment such as, lager or bitter but also by brand, strength, ingredients, and style, among other options.
Major buyers generally need to offer a wide range of beers to accommodate consumer preferences. This undermines
buyer power. Furthermore, producers and retailers operate in distinct businesses, with very little likelihood of forward
or backward integration. Overall, buyer power is assessed as moderate.

Industry Profiles
6.3. Supplier power
Figure 10: Drivers of supplier power in the beer & cider market in India, 2021
The main inputs for cider producers are apples and the quality of cider depends on the grade of the apples from which
it is made. Apples are ground to a fine pulp and are put into steel drums with plastic liners. While some of these apples
continue to be used through the cider making process, the remaining apples are sent to a freezer to be used later. This
ensures that cider can be produced all throughout the year even when apple supplies are not adequate. The main
inputs for beer producers are malted grain, hops and bottles or barrels. Traditionally, beer makers operated non-
vertically integrated businesses: buying hops from independent producers along with either barley from farmers for
processing at the brewery’s own malting house, or malted barley from third-party producers. Beer would then be
packaged on-site. However, the scale of the dominant multinational players in the market means that some breweries
now incorporate some degree of vertical integration, weakening supplier power. Independent hop growers are
numerous, and include some fairly small operations, which further weakens supplier power. Independent barley
growers can find alternative markets, reducing their dependency on the beer & cider market such as barley which can
be sold for animal feed and malted barley for distillation in the production of spirits, and it is also possible to integrate
forward into beer-making. These factors augment supplier power. Raw material quality is highly important in this
business: the end product is strongly influenced by the nature of the ingredients used. Overall, there is a moderate
degree of supplier power.

Industry Profiles
6.4. New entrants
Figure 11: Factors influencing the likelihood of new entrants in the beer & cider market in India, 2021
Large multinational players such as United Breweries Limited, A-BlnBev and Carlsberg Group dominated the market.
The leading players wield significant power and benefit from scale economies, strong brands, and a diverse range of
products. Private labels also greatly influence the environment.
Large investment in production equipment is required before entry in to this market, but this can be recovered by
adding a good margin to the price of the end-product. Since high quality beers can command premium prices, it is
possible to enter the market on a small scale, as a 'microbrewery'.
Larger companies, however, tend to rely on the mass-market production of internationally palatable lagers; here,
margins may be much lower.
Producers need to distribute their products widely, so often depend heavily upon retail channels such as supermarkets.
Despite the presence of company-owned on-trade outlets, these retail chains often have considerable buyer power,
which can force down the prices that beer producers are able to obtain. In such a market, economies of scale become
much more important. As a result, barriers to entry, such as the capital outlay on large scale production equipment, and
the need to establish reliable supply chains from multiple third-party hop and barley growers, become much higher as
players approach the mass market.
New entrants will find it difficult to compete with major players because of the large scale of the multi-national
incumbents. Moreover, government regulation of alcoholic beverages is stringent. Excise tax is imposed on all alcoholic
beverages. Minimum age for purchase is regulated at the state level. There are restrictions on times and locations
where alcohol can be sold. Most marketing methods, including advertising, product placement, and event sponsorship,
are legally regulated. While there is no national alcohol policy, the central government does offer support for
community actions.
With strong growth during the review period (2016-2021), the possibility of new entrants is increased to an extent.
Overall, there is a moderate threat of new entrants.

Industry Profiles
6.5. Threat of substitutes
Figure 12: Factors influencing the threat of substitutes in the beer & cider market in India, 2021
The main substitutes for beer & cider are other alcoholic beverages such as spirits and wine, and in some cases non-
alcoholic beverages such as functional drinks. Switching costs are not high, and per-unit-volume prices are higher for
beer than for spirits or wine, for both consumers and distributers.
The potential benefits and drawbacks of alternatives to beer are rather difficult to pin down. Most retailers and
distributors will find they need to stock a combination of beer and its potential substitutes in order to please the widest
possible range of customers, but some restaurants for example can feel as though their wines make up a much more
important part of their menu. Conversely, for many pubs, beer is indispensable, while wines and spirits seem of
secondary importance. On a practical level, alternatives such as wines and spirits can be more attractive: beer is
comparatively heavy, bulky, and might need refrigerating before sale. This drives up distribution and storage costs.
Overall, there is a moderate threat from substitutes.

Industry Profiles
6.6. Degree of rivalry
Figure 13: Drivers of degree of rivalry in the beer & cider market in India, 2021
The beer & cider market in India is consolidated, with the top four leading players, United Breweries Ltd, India, A-
BInBev, Carlsberg Group, and B9 Beverages Pvt Ltd, controlling 88.11% of the market volume in 2021. Notably, United
Breweries Ltd, India accounted for 51.04% of the total market volume in 2021.
Some large beer and cider producers have begun to employ brand management strategies in order to ensure their
brand is identifiable to the public. This is especially important because purchasers have a wide variety of beers to
choose from, and incur only low switching costs when changing brands. These factors tend to intensify rivalry.
Major players may offer premium beers, but much of their business involves mass-market products. This implies high
fixed costs, because of the need to operate large beer making plants. At the same time, the prices that can be obtained
for these products may be forced down by large retail chains.
Strong market growth during the review period helps to alleviate the competition. Overall, rivalry is assessed as
moderate.

Industry Profiles
7. Competitive Landscape
The Indian beer & cider market has experienced strong value growth and negative volume growth in review
period. United Breweries Ltd, India is the leading player in the sector in volume terms, while A-BInBev and
Carlsberg Group accounted for second and third largest volume shares, respectively, in 2021. Moreover, A-BInBev,
gained maximum volume share during 2016-2021.
7.1. Market share
Table 9: India beer & cider market share: % share, by volume, 2021
Company % Share
United Breweries Ltd, India 51.0%
A-BInBev 17.6%
Carlsberg Group 16.1%
B9 Beverages Pvt Ltd 3.3%
Other 11.9%
Total 100%
Figure 14: India beer & cider market share: % share, by volume, 2021
7.2. Who are the leading players in the Indian beer & cider market?

Industry Profiles
India based multinational United Breweries Ltd is the leading player in the Indian beer & cider market, accounting for
51.04% of the market volume in 2021 and is expected to retain its lead position in the coming years. The company has a
strong foothold in beer and Cider segments through brands such as Kingfisher Strong, Kingfisher, London Strong, and
Bullet.
Belgium based multinational A-BInBev is the second leading player in the Indian beer & cider market, accounting for
17.64% of the market volume in 2021.The company has a strong foothold in beer and Cider segments through brands
such as Haywards 5000, Knockout, Budweiser, and Royal Challenge.
Denmark based multinational Carlsberg Group is the third leading player in the Indian beer & cider market, accounting
for 16.15% of the market volume in 2021. The company has a strong foothold in beer and Cider segments through
brands such as Tuborg Strong, Tuborg, Carlsberg Palone, and Carlsberg Elephant.
7.3. Which companies have been most successful in increasing their

market shares in the last 5 years?
In the Indian beer & cider market, A-BInBev gained registered the highest rise in its market share with a 14.78
percentage points increase in volume terms over the last 5 years, increasing from 2.86% in 2016 to 17.64% in 2021.
Over the same period, volume market share of Carlsberg Group increased with a 2.95 percentage points, growing from
13.20% in 2016 to 16.15% in 2021. While, Heineken witnessed increase of 0.63 percentage points to its volume share,
up from 0.83% in 2016 to 1.46% in 2021.
7.4. Which companies’ market shares have suffered in the last 5 years?
In the Indian beer & cider market, Mohan Meakin witnessed loss of volume share in the last 5 years, falling 0.57
percentage points, down from 1.89% in 2016 to 1.32% in 2021Lilasons also witnessed loss of volume market share by
0.35 percentage points, down from 0.99% in 2016 to 0.65% in 2021, while United Breweries Ltd, India witnessed loss of
volume market share by 0.35 percentage points, down from 51.39% in 2016 to 51.04% in 2021.
7.5. What are the most popular brands in the market?

Kingfisher Strong, which is owned by United Breweries Ltd, India, is the most popular brand in the Indian beer & cider
market, accounting for a volume share of 30.78%, in 2021. Furthermore, Tuborg Strong (owned by Carlsberg Group)
and Kingfisher (also owned by United Breweries Ltd, India) are also top brands of the sector, which held brand volume
shares of 11.18% and 9.50%, respectively, in the same year.

Industry Profiles
8. Company Profiles
8.1. United Breweries (Holdings) Limited
8.1.1. Company Overview
United Breweries (Holdings) (UBL) is engaged in the brewery, aviation, fertilizers, and engineering businesses.
The company also manufactures leather products and readymade garments. UBL offers its products under UB
Pegasus and Kingfisher brands and trademarks. It is also involved in the property development, fertilizer and
engineering industries through UB City, Mangalore Chemicals and Fertilizers, McDowell Holdings and UB
Engineering. The company operates in India, the US and the UK. It is headquartered in Bangalore, India.
8.1.2. Key Facts
Table 10: United Breweries (Holdings) Limited: key facts
Head office: Level 12 - 16 UB Tower, Vittal Mallya Road, UB City 24, Vittal Mallya Road,
Bangalore, India
Telephone: 918039856079
Fax: 918022274890
Number of Employees: 0
Website: www.theubgroup.com
Financial year-end: March
SOURCE: COMPANY WEBSITE MARKETLINE

Industry Profiles
Table 11: United Breweries (Holdings) Limited: Key Employees
Name Job Title Board

Daljit Mahal Non Executive Non Independent Director Non Executive Board
Kaushik Majumder Company Secretary and Compliance Officer Senior Management
Lalit Bhasin Non Executive Independent Director Non Executive Board
M S Kapur Non Executive Independent Director Non Executive Board
N Srinivasan Non Executive Independent Director Non Executive Board
Ravi Nedungadi President and Chief Financial Officer Senior Management
S R Gupte Executive Vice Chairman Executive Board
Sidhartha V Mallya Non Executive Non Independent Director Non Executive Board
V Shashikanth President Senior Management
Vijay Mallya Chairman Non Executive Board
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
8.2. Molson Coors Brewing Company
Molson Coors Beverage Company (Molson Coors or ‘the company’) formerly Molson Coors Brewing Company,
manufactures, markets and sells beer and other malt beverages through its subsidiaries. The company offers its
products under a diverse portfolio of owned and partner brands, including Carling, Coors Light, Miller Lite,
Molson Canadian, and Staropramen, and also craft and specialty beers such as the Blue Moon Brewing
Company brands, the Jacob Leinenkugel Brewing Company brands, Creemore Springs, Cobra and Doom Bar. It
offers products through several breweries and has business presence in Europe, Asia-Pacific, the Americas and
Africa. The company is headquartered in Denver, Colorado, the US.
The company reported revenues of (US Dollars) US$10,279.7 million for the fiscal year ended December 2021
(FY2021), an increase of 6.5% over FY2020. The operating profit of the company was US$1,454.4 million in
FY2021, compared to an operating loss of US$408.9 million in FY2020. The net profit of the company was
US$1,005.7 million in FY2021, compared to a net loss of US$949 million in FY2020.
8.2.2. Key Facts
Table 12: Molson Coors Brewing Company: key facts
Head office: Nh353 P.O. Box 4030, Golden, Colorado, United States
Telephone: 13032796565
Fax: 13025313150
Website: www.molsoncoors.com
Financial year-end: December
Ticker: TAP
Stock exchange: New York Stock Exchange
8.2.3. Business Description
Molson Coors Beverage Company (Molson Coors or ‘the company’) formerly Molson Coors Brewing Company,
manufactures, distributes, markets and sales of beer and other malt beverages through its subsidiaries. The
company has a diverse portfolio of owned and partner brands, which include Carling, Coors Light, Miller Lite,
Molson Canadian, and Staropramen, and craft and specialty beers such as the Blue Moon Brewing Company
brands, the Leinenkugel Brewing Company brands, Creemore Springs, Cobra and Doom Bar. The company has
presence in the US, Canada, Europe and other international markets.
The company operates through the following subsidiaries: Molson Coors Canada (MCC) in Canada; MillerCoors LLC
(MillerCoors) in the US; Molson Coors Europe in Europe (such as Bulgaria, Croatia, the Czech Republic, Hungary,
Montenegro, Romania, Serbia, the UK and Ireland; and Molson Coors International (MCI) in various other
countries.
Molson Coors classifies its operations into two reportable business segments: North America and Europe
Europe segment includes production, marketing and sale of the company's brands such as Carling, Staropramen,
Bergenbier, Blue Moon, Borsodi, Branik, Coors Light, Jelen, Kamenitza, Miller Genuine Draft, Niksicko, Ozujsko and
Sharp's Doom Bar. It also consists of production, marketing and sale of various smaller regional brands in the UK,
Ireland and Central Europe. The segment also has licensing agreements with various other brewers through which
it also brews or distributes the Beck's, Hoegaarden, Lowenbrau, Spaten and Stella Artois, Corona and other
Modelo brands throughout the Central European countries. Additionally, the company's Europe segment includes
its consolidated joint venture arrangements for the production and distribution of Grolsch and Cobra brands in the

Industry Profiles
UK and Ireland, and factored brand sales (beverage brands owned by other companies, but sold and delivered to
retail by Molson Coors). The company operates 14 breweries, seven craft breweries and one cidery in Europe,
which brew and package all brands sold in the region. Europe segment operates in Bulgaria, Croatia, Czech
Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the UK, various other European
countries, and certain countries within the Middle East, Africa and Asia Pacific. In FY2020, the Europe segment
reported revenue of US$1,431.9 million, which accounted for 14.8% of the company's revenue.
The North America segment includes a partnership arrangement related to the distribution of beer in Ontario,
Canada, Brewers' Retail Inc. (BRI), and in the western provinces of Canada, Brewers' Distributor Ltd. (BDL).In
FY2020 In the United States, beer is generally distributed through a three-tier system consisting of manufacturers,
distributors and retailers. The North America segment, consists of production, marketing and sales of brands and
other owned and licensed brands in the U.S., Canada and various countries in Latin and South America. The
company operates nine primary breweries, two container operations and 11 craft breweries. In FY2020, the US
segment reported revenue of US$8,237 million, which accounted for 85.2% of the company's revenue.
Geographically, the company classifies its operations into four segments: the US and its territories, Canada, the UK
and Other Foreign Countries. In FY2020, the US and its territories, accounted for 72.7% of the company's total
revenue, followed by Canada (11.5%); the UK (6.9%) and Other Foreign Countries (8.9%).

Industry Profiles
Table 13: Molson Coors Brewing Company: Annual Financial Ratios

Key Ratios 2017 2018 2019 2020 2021
Growth Ratios
Sales Growth % 125.24 -2.12 -1.77 -8.75 6.48
Operating Income Growth % -49.51 -2.74 -53.16 -153.49 455.69
EBITDA Growth % -32.89 -0.05 -34.78 -68.39 336.66
Net Income Growth % -1.78 -28.69 -78.35 -492.64 205.97
EPS Growth % 294.26 -12.43 -32.71 -65.34 395.06
Working Capital Growth % 22.44 26.87 -1.53 -1.34 -43.42
Equity Ratios
EPS (Earnings per Share) USD 4.74 4.15 2.79 0.97 4.79
Dividend per Share USD 1.64 1.64 1.96 0.68
Book Value per Share USD 60.25 62.51 62.04 57.06 61.83
Profitability Ratios
Gross Margin % 43.32 38.86 39.71 39.03 39.43
Operating Margin % 15.25 15.15 7.23 -4.24 14.15
Net Profit Margin % 14.23 10.37 2.28 -9.83 9.78
Profit Markup % 76.42 63.55 65.87 64.02 65.10
PBT Margin (Profit Before Tax) % 12.57 12.63 4.54 -6.67 12.05
Return on Equity % 12.06 8.27 1.80 -7.67 7.50
Return on Capital Employed % 6.25 6.32 3.04 -1.75 6.06
Return on Assets % 5.25 3.70 0.82 -3.38 3.66
Return on Working Capital % -138.70 -106.33 -50.59 27.43 -172.42
Operating Costs (% of Sales) % 84.75 84.85 92.77 104.24 85.85
Administration Costs (% of Sales) % 27.74 26.02 25.79 22.96 22.73
Liquidity Ratios
Current Ratio Absolute 0.64 0.64 0.59 0.62 0.77
Quick Ratio Absolute 0.47 0.51 0.42 0.45 0.54
Cash Ratio Absolute 0.12 0.25 0.14 0.20 0.18
Leverage Ratios
Debt to Equity Ratio Absolute 0.87 0.78 0.67 0.67 0.53
Net Debt to Equity Absolute 0.84 0.70 0.63 0.60 0.49
Debt to Capital Ratio Absolute 0.47 0.44 0.40 0.40 0.35
Efficiency Ratios
Asset Turnover Absolute 0.37 0.36 0.36 0.34 0.37
Fixed Asset Turnover Absolute 2.40 2.32 2.27 2.12 2.36
Inventory Turnover Absolute 10.53 11.13 10.56 9.19 8.48
Current Asset Turnover Absolute 5.05 4.35 4.27 4.19 3.96
Capital Employed Turnover Absolute 0.41 0.42 0.42 0.41 0.43
Working Capital Turnover Absolute -9.10 -7.02 -7.00 -6.48 -12.19

Industry Profiles
Table 14: Molson Coors Brewing Company: Key Employees

Adam Collins Chief Communications Officer Senior Management
Adam Collins Chief Corporate Affairs Officer Senior Management
Andrew T. Molson Vice Chairman Executive Board
Charles M. Herington Director Non Executive Board
Dave Osswald Chief Diversity Officer Senior Management
Dave Osswald Chief People Officer Senior Management
David S. Coors Director Non Executive Board
Douglas D. Tough Director Non Executive Board
E. Lee Reichert Chief Legal and Government Affairs Officer Senior Management
Frederic Landtmeters President Molson Coors Canada Senior Management
Gavin D.K. Hattersley Chief Executive Officer Executive Board
Gavin D.K. Hattersley Director Executive Board
Gavin D.K. Hattersley President Executive Board
Geoffrey E. Molson Director Non Executive Board
H. Sanford Riley Director Non Executive Board
James A. Winnefeld Director Non Executive Board
Julia Brown Director Non Executive Board
Kevin Doyle President US Sales and Distributor Operations Senior Management
Louis Vachon Director Non Executive Board
Mary Lynn Ferguson-Mchugh Director Non Executive Board
Michelle St. Jacques Chief Marketing Officer Senior Management
Nessa O'Sullivan Director Non Executive Board
Pete Marino President Emerging Growth Senior Management
Peter H. Coors Chairman Executive Board
Rahul Goyal Chief Strategy Officer Senior Management
Roger G. Eaton Director Non Executive Board
Sergey Yeskov Chief Executive Officer Senior Management
Sergey Yeskov President Senior Management
Simon J. Cox Chief Executive Officer Molson Coors Europe Senior Management
Simon J. Cox President Molson Coors Europe Senior Management

Industry Profiles
Table 15: Molson Coors Brewing Company: Key Employees Continued

Tracey I. Joubert Chief Financial Officer Senior Management

Industry Profiles
8.3. Carlsberg A/S
Carlsberg A/S (Carlsberg or “the company”) is a beer manufacturing company. The company also produces soft
drinks and other beverage products. It markets products under Carlsberg, Kronenbourg, Ringnes, 1664 Blanc,
Grimbergen, Baltika, Alavaria, Aldaris, Okacim, Somersby, Tuborg and Lvivske brand names. The company’s
major subsidiaries include Carlsberg Denmark A/S, Carlsberg Sverige AB, Carlsberg Bulgaria AD, Baltika
Breweries LLC and Carlsberg Brewery Hong Kong Ltd. It also handles the duty free and travel retail business
among various operators in airports, airlines, ferry lines, border trade and more. It has business presence in
Western Europe, Eastern Europe and Asia. The company is headquartered in Copenhagen, Denmark.
The company reported revenues of (Danish Krone) DKK60,097 million for the fiscal year ended December 2021
(FY2021), an increase of 2.7% over FY2020. In FY2021, the company’s operating margin was 16.5%, compared
to an operating margin of 16.1% in FY2020. In FY2021, the company recorded a net margin of 10.3%, compared
to a net margin of 10.3% in FY2020.
8.3.2. Key Facts
Table 16: Carlsberg A/S: key facts
Head office: J.C. Jacobsens Gade 1 Copenhagen V, , Copenhagen, Denmark

Telephone: 4533210112
Fax: 4533274709
Website: carlsberggroup.com
Financial year-end: December
Ticker: CARL B
Stock exchange: Copenhagen Stock Exchange
8.3.3. Business Description
Carlsberg A/S (Carlsberg or “the company”) produces, markets and sells beer. The company's brand portfolio
includes well-known international premium brands such as Carlsberg, Tuborg, Kronenbourg, 1664, Grimbergen
and Somersby, and strong local brands such as Ringnes in Norway, Baltika in Russia and Lvivske in Ukraine. It has
more than 140 brands in its beer portfolio. The company also produces soft drinks and other beverages. Carlsberg
has business operation in more than 150 countries and exports its brands in more than 100 countries. The
company manages the Duty Free and Travel retail business among leading operators in airports, airlines, ferry
lines, border trade and more.
The company operates through three business segments: Western Europe, Eastern Europe and Asia.
Under the Western Europe segment, the company sells its products in France, Denmark, Sweden, Norway, Finland,
Poland, Switzerland, Portugal, the UK and Germany . Other significant markets of Carlsberg within Western Europe
include Italy, Estonia, Latvia, Lithuania, Bulgaria, Croatia, Serbia, The Baltics and Greece. The company operates
through a network of 22 breweries in these countries. In FY2020, Germany region resulted in 93 liters of per capita
beer consumption, followed by Finland (70 liters), Poland (99 liters), The Baltics (62-85 liters), the UK (56 liters),
Denmark (58 liters), Switzerland (52 liters), Portugal (53 liters), Sweden (46 liters), Norway (47 liters), South East
Europe (25-71 liters), France (30 liters) and Italy (35 liters ). In FY2020, the Western Europe segment reported
revenue of DKK31,547 million, which accounted for 53.9% of the company’s revenue.
The Eastern Europe segment includes the company’s operations in Russia, Ukraine, Belarus, Kazakhstan, and
Azerbaijan. The company operates 14 breweries in this region, In FY2020, Russia accounted for 57 liters of per

Industry Profiles
capita beer consumption, followed by Belarus (52 liters), Ukraine (40 liters), Kazakhstan (32 liters), and Azerbaijan
(5 liters). In FY2020, the Eastern Europe segment reported revenue of DKK10,010 million, which accounted for
17.1% of the company’s revenue.
The Asia segment of Carlsberg comprises business operations across Cambodia, China, Hong Kong, India, Laos,
Myanmar, Malaysia, Nepal, Singapore, and Vietnam. Carlsberg operates through a network of 40 breweries in Asia,
with majority of them in China alone. In FY2020, Cambodia accounted for 53 liters of per capita beer
consumption, followed by Laos (48liters), Vietnam (42 liters), China (23 liters), Hong Kong (19 liters), Singapore (20
liters), Myanmar (7 liters), Malaysia (6 liters), Nepal (3 liters) and India (2 liters). In FY2020, the Asia segment
reported revenue of DKK16,959 million, which accounted for 29% of the company’s revenue. Geographically, the
company classifies its operations into four regions: Denmark, China, and Other Countries. In FY2020, Other
Countries accounted for 66.2% of the company's revenue, China (16.8%), Russia (10.9%) and Denmark (6%).

Industry Profiles
Table 17: Carlsberg A/S: Annual Financial Ratios

Key Ratios 2017 2018 2019 2020 2021
Growth Ratios
Sales Growth % -3.13 3.05 5.44 -11.17 13.82
Operating Income Growth % -49.80 110.92 21.28 -14.28 16.72
EBITDA Growth % -33.23 47.79 18.33 -11.10 13.04
Net Income Growth % -71.93 321.68 23.73 -8.21 13.53
EPS Growth % -9.72 36.60 16.74 3.58 12.37
Working Capital Growth % -43.21 67.06 -6.29 -38.47 115.61
Equity Ratios
EPS (Earnings per Share) DKK 25.64 35.03 40.89 42.35 47.59
Dividend per Share DKK 16.00 18.00 21.00 22.00 24.00
Dividend Cover Absolute 1.60 1.95 1.95 1.93 1.98
Book Value per Share DKK 307.96 297.15 293.58 270.90 309.68
Profitability Ratios
Gross Margin % 49.80 49.95 49.53 48.45 47.01
Operating Margin % 7.07 14.47 16.64 16.06 16.47
Net Profit Margin % 2.08 8.49 9.97 10.30 10.27
Profit Markup % 99.22 99.80 98.12 93.97 88.73
PBT Margin (Profit Before Tax) % 5.81 13.63 15.52 15.44 15.35
Return on Equity % 2.68 11.72 15.12 15.34 15.58
Return on Capital Employed % 4.81 10.87 12.22 10.40 13.20
Return on Assets % 1.04 4.58 5.46 4.99 5.58
Return on Working Capital % -43.68 -55.15 -71.38 -99.44 -53.83
Operating Costs (% of Sales) % 92.93 85.53 83.36 83.94 83.53
Administration Costs (% of Sales) % 33.41 33.35 31.34 29.29 28.86
Liquidity Ratios
Current Ratio Absolute 0.61 0.52 0.54 0.67 0.53
Quick Ratio Absolute 0.46 0.40 0.40 0.51 0.40
Cash Ratio Absolute 0.14 0.16 0.16 0.28 0.18
Leverage Ratios
Debt to Equity Ratio Absolute 0.52 0.53 0.58 0.77 0.66
Net Debt to Equity Absolute 0.44 0.41 0.45 0.56 0.47
Debt to Capital Ratio Absolute 0.34 0.35 0.37 0.43 0.40
Efficiency Ratios
Asset Turnover Absolute 0.50 0.54 0.55 0.48 0.54
Fixed Asset Turnover Absolute 2.42 2.51 2.49 2.17 2.52
Inventory Turnover Absolute 7.81 7.57 7.24 6.45 7.06
Current Asset Turnover Absolute 3.78 3.75 3.66 3.17 3.18
Capital Employed Turnover Absolute 0.68 0.75 0.73 0.65 0.80
Working Capital Turnover Absolute -6.18 -3.81 -4.29 -6.19 -3.27

Industry Profiles
Table 18: Carlsberg A/S: Key Employees

Carl Bache Director Non Executive Board
Cees 't Hart Chief Executive Officer Senior Management
Cees 't Hart President Senior Management
Christian Wulff Sondergaard Vice President Corporate Affairs Senior Management
Christopher Warmoth Executive Vice President Group Strategy Senior Management
Domitille Doat-Le Bigot Director Non Executive Board
Erik Lund Director Non Executive Board
Eva Vilstrup Decker Director Non Executive Board
Finn Lok Director Non Executive Board
Graham James Fewkes Executive Vice President Western Europe Senior Management
Hans S. Andersen Director Non Executive Board
Heine Dalsgaard Chief Financial Officer Senior Management
Henrik Poulsen Chairman Executive Board
Joao Abecasis Executive Vice President Asian Business Senior Management
Joris Hujismans Chief Human Resources Officer Senior Management
Lars Fruergaard Jorgensen Director Non Executive Board
Executive Vice President Eastern Europe,
Lars Lehmann Senior Management
Carlsberg group
Lars Stemmerik Director Non Executive Board
Leo Evers Executive Vice President Asia Senior Management
Lilian Fossum Biner Director Non Executive Board
Magdi Batato Director Non Executive Board
Majken Schultz Deputy Chairman Executive Board
Majken Schultz Director Non Executive Board
Chief Executive Officer Carlsberg Marston’s
Paul Davies Senior Management
Brewing Company
Peter Petersen Director Non Executive Board
Philip A. Hodges Executive Vice President Group Supply Chain Senior Management
Richard Burrows Director Non Executive Board
Soren Brinck Senior Vice President Asia Senior Management
Executive Vice President Integrated Supply
Victor Shevtsov Senior Management
Chain

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 19: India size of population (million), 2017–21
Year Population (million) % Growth

2017 1,283.6 1.2%
2018 1,298.0 1.1%
2019 1,312.2 1.1%
2020 1,326.2 1.1%
Table 20: India gdp (constant 2005 prices, $ billion), 2017–21
Year Constant 2005 Prices, $ billion % Growth

2017 1,990.6 7.7%
2018 2,146.3 7.8%
2019 2,315.9 7.9%
2020 2,500.7 8.0%
Table 21: India gdp (current prices, $ billion), 2017–21
Year Current Prices, $ billion % Growth

2017 3,035.3 13.6%
2018 3,453.7 13.8%
2019 3,932.6 13.9%
2020 4,509.7 14.7%
Table 22: India inflation, 2017–21
Year Inflation Rate (%)

2017 6.4%
2018 6.3%
2019 6.3%
2020 6.2%

Industry Profiles
Table 23: India consumer price index (absolute), 2017–21
Year Consumer Price Index (2005 = 100)

2017 262.2
2018 278.7
2019 296.3
2020 314.6
Table 24: India exchange rate, 2017–21
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2017 65.0484 73.5945
2018 68.4090 80.6918
2019 70.3943 78.8440
2020 74.1023 84.5848
2021 73.9362 87.4531

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. All India Brewers' Association
Sheriff Chambers, 2nd Floor, 14, Canninghani Rd., Bangalore, Karnataka 560052, , IND
Tel.: 91 80 226 6619
Fax: 91 80 226 9984
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Beer & cider

Beer & cider in Asia-Pacific
Beer & cider in China
Beer & cider in Japan
Beer & cider in Australia

Industry Profiles
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MarketLine Industry Profile

Beer & Cider in India

Reference Code: 0102-0466

Publication Date: November 2022

Primary NAICS: 312120

Secondary NAICS: 312130

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1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market share

1.8. Market rivalry

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1.9. Competitive Landscape

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1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Category segmentation................................................................................................................................2

1.6. Geography segmentation.............................................................................................................................2

1.7. Market share................................................................................................................................................2

1.8. Market rivalry...............................................................................................................................................2

1.9. Competitive Landscape ................................................................................................................................3

2.1. Market definition .........................................................................................................................................9

2.2. Market analysis ............................................................................................................................................9

3.1. Market value ..............................................................................................................................................11

3.2. Market volume...........................................................................................................................................12

4.1. Category segmentation..............................................................................................................................13

4.2. Geography segmentation...........................................................................................................................15

4.3. Market distribution ....................................................................................................................................16

5.1. Market value forecast ................................................................................................................................17

5.2. Market volume forecast.............................................................................................................................18

6. Five Forces Analysis 19

6.1. Summary ....................................................................................................................................................19

6.2. Buyer power...............................................................................................................................................20

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6.3. Supplier power ...........................................................................................................................................21

6.4. New entrants .............................................................................................................................................22

6.5. Threat of substitutes ..................................................................................................................................23

6.6. Degree of rivalry.........................................................................................................................................24

7.1. Market share..............................................................................................................................................25

8.1. United Breweries (Holdings) Limited .........................................................................................................27

8.2. Molson Coors Brewing Company ...............................................................................................................29

8.3. Carlsberg A/S..............................................................................................................................................34

9.1. Country data ..............................................................................................................................................38

9.2. Industry associations..................................................................................................................................41

9.3. Related MarketLine research .....................................................................................................................41

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Table 10: United Breweries (Holdings) Limited: key facts 27

Table 11: United Breweries (Holdings) Limited: Key Employees 28

Table 12: Molson Coors Brewing Company: key facts 29

Table 13: Molson Coors Brewing Company: Annual Financial Ratios 31

Table 14: Molson Coors Brewing Company: Key Employees 32

Table 15: Molson Coors Brewing Company: Key Employees Continued 33