Carlsberg raises a glass to Asia

Beer sales in Asia accounted for nearly 20 per cent of group revenue in the first quarter, approaching Eastern Europe sales which accounted for 22 per cent.

The two-digit percentage rise in Asia revenue was helped by strong beer sales in countries such as Vietnam, Cambodia and India, as well as Carlsberg’s increase in ownership at the Chongqing Jianiang Brewery joint venture.

“Asia is the new growth driver,” said Nykredit analyst Ricky Rasmussen.

“The company exceeds expectations in all three regions, and they are gaining market share,” Rasmussen said.

Asia has become a battleground for the world’s biggest brewers like Carlsberg, the world’s fourth biggest, AB Inbev, SABMiller and Heineken.

The Danish brewer recently launched a partial takeover bid to raise its stake in Chongqing Brewery Company, and announced its return to Myanmar after the easing of international sanctions.

Meanwhile, mature Western European beer markets have been hurt by sluggish consumer sentiment following years of financial crisis.

In Russia, the brewer spent years building up a market-leading position in the hope its burgeoning middle classes could help cut its reliance on Western Europe.

But growth rates have been hurt by government measures to curb alcohol abuse, including tax rises and a ban on advertising in all media, including the internet.