Singapore Beer Cider

MarketLine Industry Profile
Beer & Cider in Singapore

October 2023
Reference Code: 0116-0466
Publication Date: October 2023
Primary NAICS: 312120
Secondary NAICS: 312130
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Industry Profiles
1. Executive Summary
1.1. Market value

The Singaporean beer & cider market grew by 21% in 2022 to reach a value of $1,758.2 million.
1.2. Market value forecast

In 2027, the Singaporean beer & cider market is forecast to have a value of $2,429.9 million, an increase of
38.2% since 2022.
1.3. Market volume

The Singaporean beer & cider market grew by 12.3% in 2022 to reach a volume of 164.9 million liters.
1.4. Market volume forecast

In 2027, the Singaporean beer & cider market is forecast to have a volume of 182.8 million liters, an
increase of 10.8% since 2022.
1.5. Category segmentation

Beer is the largest segment of the beer & cider market in Singapore, accounting for 99.1% of the market's
total value.
1.6. Geography segmentation

Singapore accounts for 1% of the Asia-Pacific beer & cider market value.
1.7. Market share

Heineken is the leading player in the Singaporean beer & cider market, generating a 53.5% share of the
market's volume.
1.8. Market rivalry

Industry Profiles
High fixed costs and a consolidated market work to drive up rivalry, although strong market growth during
the review period (2017–2022) has served to alleviate this somewhat.
1.9. Competitive landscape

The Singaporean beer & cider market has experienced strong value and volume growth in review period.
Heineken is the leading player in the sector in volume terms. Furthermore, Carlsberg Group and A-BInBev
also have strong presence in the country, accounting for second and third largest volume shares
respectively, in 2022. Moreover, Carlsberg Group gained maximum volume share during 2017-2022.

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 10
3.1. Market value ..............................................................................................................................................10
3.2. Market volume...........................................................................................................................................11
4. Market Segmentation 12
4.1. Category segmentation..............................................................................................................................12
4.2. Geography segmentation...........................................................................................................................14
4.3. Market distribution ....................................................................................................................................15
5. Market Outlook 16
5.1. Market value forecast ................................................................................................................................16
5.2. Market volume forecast.............................................................................................................................17
6. Five Forces Analysis 18
6.1. Summary ....................................................................................................................................................18
6.2. Buyer power...............................................................................................................................................19

Industry Profiles
6.3. Supplier power ...........................................................................................................................................20
6.4. New entrants .............................................................................................................................................21
6.5. Threat of substitutes ..................................................................................................................................22
6.6. Degree of rivalry.........................................................................................................................................23
7. Competitive Landscape 24
7.1. Market share..............................................................................................................................................24
7.2. Who are the leading players in the Singaporean beer & cider market? ....................................................24
7.3. Which companies have been most successful in increasing their market shares in the last 5 years (2017-
2022)? 25
7.4. Which companies market shares have suffered in the last 5 years (2017-2022)? ....................................25
7.5. What are the most popular brands in the Singaporean beer & ciders market? ........................................25
8. Company Profiles 26
8.1. Heineken Holding NV .................................................................................................................................26
8.2. Carlsberg A/S..............................................................................................................................................29
8.3. Anheuser-Busch InBev NV/SA ....................................................................................................................33
8.4. Asahi Group Holdings Ltd...........................................................................................................................37
9. Macroeconomic Indicators 40
9.1. Country data ..............................................................................................................................................40
9.2. Methodology..............................................................................................................................................42
9.3. Industry associations..................................................................................................................................43
9.4. Related MarketLine research .....................................................................................................................43

Industry Profiles
LIST OF TABLES
Table 1: Singapore beer & cider market value: $ million, 2017–22 10
Table 2: Singapore beer & cider market volume: million liters, 2017–22 11
Table 3: Singapore beer & cider market category segmentation: % share, by value, 2017–2022 12
Table 4: Singapore beer & cider market category segmentation: $ million, 2017-2022 12
Table 5: Singapore beer & cider market geography segmentation: $ million, 2022 14
Table 6: Singapore beer & cider market distribution: % share, by volume, 2022 15
Table 7: Singapore beer & cider market value forecast: $ million, 2022–27 16
Table 8: Singapore beer & cider market volume forecast: million liters, 2022–27 17
Table 9: Singapore beer & cider market share: % share, by volume, 2022 24
Table 10: Heineken Holding NV: key facts 26
Table 11: Heineken Holding NV: Annual Financial Ratios 27
Table 12: Heineken Holding NV: Key Employees 28
Table 13: Carlsberg A/S: key facts 29
Table 14: Carlsberg A/S: Annual Financial Ratios 31
Table 15: Carlsberg A/S: Key Employees 32
Table 16: Anheuser-Busch InBev NV/SA: key facts 33
Table 17: Anheuser-Busch InBev NV/SA: Annual Financial Ratios 34
Table 18: Anheuser-Busch InBev NV/SA: Key Employees 35
Table 19: Anheuser-Busch InBev NV/SA: Key Employees Continued 36
Table 20: Asahi Group Holdings Ltd: key facts 37
Table 21: Asahi Group Holdings Ltd: Annual Financial Ratios 38
Table 22: Asahi Group Holdings Ltd: Key Employees 39
Table 23: Singapore size of population (million), 2018–22 40
Table 24: Singapore gdp (constant 2005 prices, $ billion), 2018–22 40
Table 25: Singapore gdp (current prices, $ billion), 2018–22 40
Table 26: Singapore inflation, 2018–22 40
Table 27: Singapore consumer price index (absolute), 2018–22 40

Industry Profiles
Table 28: Singapore exchange rate, 2018–22 41

Industry Profiles
LIST OF FIGURES
Figure 1: Singapore beer & cider market value: $ million, 2017–22 10
Figure 2: Singapore beer & cider market volume: million liters, 2017–22 11
Figure 3: Singapore beer & cider market category segmentation: $ million, 2017-2022 13
Figure 4: Singapore beer & cider market geography segmentation: % share, by value, 2022 14
Figure 5: Singapore beer & cider market distribution: % share, by volume, 2022 15
Figure 6: Singapore beer & cider market value forecast: $ million, 2022–27 16
Figure 7: Singapore beer & cider market volume forecast: million liters, 2022–27 17
Figure 8: Forces driving competition in the beer & cider market in Singapore, 2022 18
Figure 9: Drivers of buyer power in the beer & cider market in Singapore, 2022 19
Figure 10: Drivers of supplier power in the beer & cider market in Singapore, 2022 20
Figure 11: Factors influencing the likelihood of new entrants in the beer & cider market in Singapore, 2022 21
Figure 12: Factors influencing the threat of substitutes in the beer & cider market in Singapore, 2022 22
Figure 13: Drivers of degree of rivalry in the beer & cider market in Singapore, 2022 23
Figure 14: Singapore beer & cider market share: % share, by volume, 2022 24

Industry Profiles
2. Market Overview
2.1. Market definition

The beer & cider market consist of the retail sale of beer & 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 2022 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 Singaporean beer & cider market registered strong growth during the review period (2017-2022). The growth
of the market is expected to decelerate over the forecast period (2022-2027).
Positive economic growth, rising purchasing power of consumers, and increasing demand for specialty and craft
beer have contribute toward the strong market growth during the review period. However, stringent government
regulation on liquor consumption is expected to hinder the market growth in coming years.
The Singaporean Beer & Cider market had total revenues of $1,758.2 million in 2022, representing a compound
annual growth rate (CAGR) of 6.9% between 2017 and 2022. In comparison, the Australian and Japanese markets
grew with CAGRs of 0.6% and 0.2% respectively, over the same period, to reach respective values of $15,569.2
million and $26,793.5 million in 2022.
Market consumption volume increased with a CAGR of 4.7% between 2017 and 2022, to reach a total of 164.9
million liters in 2022. The market's volume is expected to rise to 182.8 million liters by the end of 2027,
representing a CAGR of 2.1% for the 2022-2027 period.
The Beer segment was the market's most lucrative in 2022, with total revenues of $1.7 billion, equivalent to 99.1%
of the market's overall value. The Cider segment contributed revenues of $16.2 million in 2022, equating to 0.9%
of the market's aggregate value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 6.7% for the five-year period
2022 - 2027, which is expected to drive the market to a value of $2,429.9 million by the end of 2027.
Comparatively, the Australian and Japanese markets will grow with CAGRs of 2.9% and 6.9% respectively, over the
same period, to reach respective values of $17,919.7 million and $37,379.7 million in 2027.

Industry Profiles
3. Market Data
3.1. Market value

The Singaporean beer & cider market grew by 21% in 2022 to reach a value of $1,758.2 million.
The compound annual growth rate of the market in the period 2017–22 was 6.9%.
Table 1: Singapore beer & cider market value: $ million, 2017–22
Year $ million Si$ million € million % Growth

2017 1,259.8 1,737.0 1,196.3
2018 1,466.2 2,021.5 1,392.3 16.4%
2019 1,421.3 1,959.6 1,349.6 (3.1%)
2020 1,384.0 1,908.2 1,314.3 (2.6%)
2021 1,453.2 2,003.6 1,379.9 5.0%
2022 1,758.2 2,424.1 1,669.6 21.0%
CAGR: 2017–22 6.9%

Source: MARKETLINE MARKETLINE
Figure 1: Singapore beer & cider market value: $ million, 2017–22

Industry Profiles
3.2. Market volume

The Singaporean beer & cider market grew by 12.3% in 2022 to reach a volume of 164.9 million liters.
The compound annual growth rate of the market in the period 2017-22 was 4.7%.
Table 2: Singapore beer & cider market volume: million liters, 2017–22
Year million liters % Growth

2017 130.9
2018 147.7 12.8%
2019 141.4 (4.3%)
2020 140.4 (0.7%)
2021 146.9 4.6%
2022 164.9 12.3%
CAGR: 2017–22 4.7%

Figure 2: Singapore beer & cider market volume: million liters, 2017–22

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Beer is the largest segment of the beer & cider market in Singapore, accounting for 99.1% of the market's total
value.
The Cider segment accounts for the remaining 0.9% of the market.
Table 3: Singapore beer & cider market category segmentation: % share, by value, 2017–2022
Category 2017 2018 2019 2020 2021 2022

Beer 98.8% 98.7% 98.6% 98.8% 98.9% 99.1%
Cider 1.2% 1.3% 1.4% 1.2% 1.1% 0.9%
Total 100% 100% 100% 100% 100% 100%

Table 4: Singapore beer & cider market category segmentation: $ million, 2017-2022
Category 2017 2018 2019 2020 2021 2022 2017-22

CAGR(%)
Beer 1,244.6 1,447.1 1,400.8 1,366.8 1,437.5 1,742.0 7.0%
Cider 15.2 19.1 20.4 17.2 15.6 16.2 1.3%
Total 1,259.8 1,466.2 1,421.2 1,384 1,453.1 1,758.2 6.9%


Industry Profiles
Figure 3: Singapore beer & cider market category segmentation: $ million, 2017-2022

Industry Profiles
4.2. Geography segmentation

Singapore accounts for 1% of the Asia-Pacific beer & cider market value.
China accounts for a further 37.8% of the Asia-Pacific market.
Table 5: Singapore beer & cider market geography segmentation: $ million, 2022
Geography 2022 %
China 67,443.9 37.8
Japan 26,793.5 15.0
Australia 15,569.2 8.7
New Zealand 3,074.8 1.7
Singapore 1,758.2 1.0
Rest of Asia-Pacific 63,753.3 35.7
Total 178,392.9 99.9%

Figure 4: Singapore beer & cider market geography segmentation: % share, by value, 2022

Industry Profiles
4.3. Market distribution

EDA (Eating, Drinking and Accommodation) form the leading distribution channel in the Singaporean beer & cider
market, accounting for a 55.3% share of the total market's volume.
Modern Retail accounts for a further 36.6% of the market.
Table 6: Singapore beer & cider market distribution: % share, by volume, 2022
Channel % Share
EDA (Eating, Drinking and Accommodation) 55.3%
Modern Retail 36.6%
Traditional Retail 5.7%
Other 2.4%
Total 100%
Figure 5: Singapore beer & cider market distribution: % share, by volume, 2022

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2027, the Singaporean beer & cider market is forecast to have a value of $2,429.9 million, an increase of 38.2%
since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 6.7%.
Table 7: Singapore beer & cider market value forecast: $ million, 2022–27
Year $ million Si$ million € million % Growth

2022 1,758.2 2,424.1 1,669.6 21.0%
2023 1,953.8 2,693.8 1,855.3 11.1%
2024 2,115.1 2,916.3 2,008.5 8.3%
2025 2,232.8 3,078.6 2,120.3 5.6%
2026 2,323.9 3,204.2 2,206.8 4.1%
2027 2,429.9 3,350.2 2,307.4 4.6%
CAGR: 2022–27 6.7%

Figure 6: Singapore beer & cider market value forecast: $ million, 2022–27

Industry Profiles
5.2. Market volume forecast

In 2027, the Singaporean beer & cider market is forecast to have a volume of 182.8 million liters, an increase of 10.8%
since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 2.1%.
Table 8: Singapore beer & cider market volume forecast: million liters, 2022–27
Year million liters % Growth

2022 164.9 12.3%
2023 169.9 3.0%
2024 174.4 2.6%
2025 177.3 1.7%
2026 180.1 1.5%
2027 182.8 1.5%
CAGR: 2022–27 2.1%

Figure 7: Singapore beer & cider market volume forecast: million liters, 2022–27

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 Singapore, 2022
High fixed costs and a consolidated market work to drive up rivalry, although strong market growth during the review
period (2017–2022) has served to alleviate this somewhat.
EDA (Eating, Drinking and Accomodation) is the main distribution channel in the Singaporean beer & cider market.
Modern retail are 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 Singapore, 2022
EDA (Eating, Drinking and Accomodation) is the major buyer in the Singaporean beer & cider market, together
accounting for 55.28% of sales in 2022. Notably, modern retail and traditional retail are together accounted for 42.35%
of sales in 2022. Such buyers are often 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 Singapore, 2022
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 Singapore, 2022
Large multinational players such as Heineken, Carlsberg Group and A-BlnBev 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, increasing government regulation on food and drink safety can also become an entry barrier for
new entrants.
With strong growth during the review period (2017-2022), 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 Singapore, 2022
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 Singapore, 2022
The beer & cider market in Singapore is highly consolidated, with the top four leading players, Heineken, Carlsberg
Group, A-BInBev, and Asahi Group controlling 85.49% of the market volume in 2022. Notably, Heineken secured 53.52%
of the total market volume in 2022.
Some large beer & 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 Singaporean beer & cider market has experienced strong value and volume growth in review period. Heineken
is the leading player in the sector in volume terms. Furthermore, Carlsberg Group and A-BInBev also have strong
presence in the country, accounting for second and third largest volume shares respectively, in 2022. Moreover,
Carlsberg Group gained maximum volume share during 2017-2022.
7.1. Market share
Table 9: Singapore beer & cider market share: % share, by volume, 2022
Company % Share
Heineken 53.5%
Carlsberg Group 22.8%
A-BInBev 5.7%
Asahi Group Holdings, Ltd. 3.5%
Other 14.5%
Total 100%
Figure 14: Singapore beer & cider market share: % share, by volume, 2022
7.2. Who are the leading players in the Singaporean beer & cider
market?

Industry Profiles
Dutch based multinational Heineken is the leading player in the Singaporean beer & cider market, accounting for
53.52% of the market volume in 2022 and is expected to retain its lead position in the coming years. The company has a
strong foothold in beer & cider segments through brands such as Heineken, Tecate, Amstel Lager, Anchor (Heineken),
and Strongbow.
Denmark based multinational Carlsberg Group is the second leading player in the Singaporean beer & cider market,
accounting for 22.85% of the market volume in 2022. The company has a strong foothold in beer segment through
brands such as 1664, Carlsberg, Danish Royal Stout, and Tuborg.
Belgium based multinational A-BInBev is the third leading player in the Singaporean beer & cider market, accounting for
5.65% of the market volume in 2022. The company has a strong foothold in beer & cider segments through brands such
as Corona, Beck`s, and Budweiser.
7.3. Which companies have been most successful in increasing their

market shares in the last 5 years (2017-2022)?
In the Singaporean beer & cider market, Carlsberg Group gained largest market share with a 1.80 percentage points
increase in volume terms over the last five years, increasing from 21.05% in 2017 to 22.85% in 2022. Over the same
period, volume market share of Asahi Group increased with a 1.29 percentage points, growing from 2.18% in 2017 to
3.47% in 2022, while Heineken witnessed increase of 1.26 percentage points to its volume share, up from 52.26% in
2017 to 53.52% in 2022.
7.4. Which companies market shares have suffered in the last 5 years
(2017-2022)?
In the Singaporean beer & cider market, Erdinger witnessed loss of volume share in the last five years, falling 0.43
percentage points, down from 0.89% in 2017 to 0.46% in 2022. Moreover, San Miguel Corporation also witnessed loss
of volume market share by 0.33 percentage points, down from 1.17% in 2017 to 0.84% in 2022, while Kirin Group also
witnessed loss of volume market share by 0.04 percentage points, down from 0.41% in 2017 to 0.37% in 2022.
7.5. What are the most popular brands in the Singaporean beer & ciders
market?
Carlsberg, which is owned by Carlsberg Group, is the most popular brand in the Singaporean beer & cider market,
accounting for a volume share of 19.58%, in 2022. Furthermore, Tiger, and Heineken (owned by Heineken) are also top
brands of the sector, which held brand volume shares of 19.21% and 15.66%, respectively, in the same year.

Industry Profiles
8. Company Profiles
8.1. Heineken Holding NV
8.1.1. Company Overview
Heineken Holding NV (Heineken Holding), a subsidiary of L'Arche Green N.V., is a brewing company that
markets and sells beer. Its products portfolio comprise of beer, cider, soft drinks, and other beverages. The
company through its subsidiary, Heineken NV, markets beer products under the brand names Amstel, Tiger,
Desperados, Sol and Birra Moretti. Heineken Holding also merchandises and sells cider under Orchard Thieves,
Stassen, Bulmers, Old Mout and Blind Pig brand names. The company operates in the Americas, Africa, the
Middle East, Europe, and the Asia Pacific. Heineken is headquartered in Amsterdam, North Holland, the
Netherlands.
The company reported revenues of (Euro) EUR28,719 million for the fiscal year ended December 2022
(FY2022), an increase of 30.9% over FY2021. In FY2022, the company’s operating margin was 15.2%, compared
to an operating margin of 20.4% in FY2021. In FY2022, the company recorded a net margin of 4.7%, compared
to a net margin of 7.6% in FY2021.
8.1.2. Key Facts
Table 10: Heineken Holding NV: key facts
Head office: Tweede Weteringplantsoen 5 Po Box 28, Amsterdam, The Netherlands

Telephone: 31206221152
Fax: 31206252213
Number of Employees: 86390
Website: www.heinekenholding.com
Financial year-end: December
Source: COMPANY WEBSITE MARKETLINE

Industry Profiles
Table 11: Heineken Holding NV: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 3.98 6.58 -17.75 11.29 30.89
Operating Income Growth % -6.89 16.40 -78.59 476.22 -2.36
EBITDA Growth % -2.53 16.16 -34.69 76.40 -2.78
Net Income Growth % -1.13 12.53 -109.38 1730.39 -19.24
EPS Growth % 53.79 -20.63 -148.78 408.91 -33.48
Working Capital Growth % -41.00 198.16 -52.47 36.15 26.19
Equity Ratios
EPS (Earnings per Share) EUR 5.03 3.99 -1.95 6.02 4.00
Dividend per Share EUR 1.36 1.43 0.60 1.05 1.47
Dividend Cover Absolute 3.70 2.80 -3.27 5.71 2.72
Book Value per Share EUR 25.14 27.75 22.93 29.83 33.66
Profitability Ratios
Gross Margin % 68.82 68.49 67.34 66.87 64.35
Operating Margin % 13.88 15.16 3.95 20.43 15.24
Net Profit Margin % 4.30 4.54 -0.52 7.58 4.68
Profit Markup % 220.77 217.39 206.18 201.84 180.51
PBT Margin (Profit Before Tax) % 12.66 13.70 0.80 19.75 14.52
Return on Equity % 13.34 13.60 -1.54 19.35 13.85
Return on Capital Employed % 9.84 10.62 2.45 12.20 11.45
Return on Assets % 2.32 2.45 -0.23 3.64 2.65
Return on Working Capital % -239.34 -93.44 -42.10 -178.18 -137.86
Operating Costs (% of Sales) % 86.12 84.84 96.05 79.57 84.76
Administration Costs (% of Sales) % 46.90 44.65 48.15 43.34 42.26
Liquidity Ratios
Current Ratio Absolute 0.87 0.68 0.83 0.79 0.78
Quick Ratio Absolute 0.69 0.50 0.65 0.59 0.55
Cash Ratio Absolute 0.28 0.15 0.37 0.27 0.19
Leverage Ratios
Debt to Equity Ratio Absolute 2.07 2.13 2.76 1.96 1.69
Net Debt to Equity Absolute 1.67 1.91 2.15 1.59 1.40
Debt to Capital Ratio Absolute 0.67 0.68 0.73 0.66 0.63
Efficiency Ratios
Asset Turnover Absolute 0.54 0.54 0.44 0.48 0.57
Fixed Asset Turnover Absolute 2.00 1.95 1.59 1.83 2.21
Inventory Turnover Absolute 3.76 3.65 3.09 3.31 3.60
Current Asset Turnover Absolute 2.59 2.73 2.26 2.36 2.79
Capital Employed Turnover Absolute 0.71 0.70 0.62 0.60 0.75
Working Capital Turnover Absolute -17.25 -6.16 -10.67 -8.72 -9.05
Source: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 12: Heineken Holding NV: Key Employees
Name Job Title Board

Alexander de Carvalho Director Non Executive Board
Annemiek Fentener van
Director Non Executive Board
Vlissingen
Charlene de Carvalho-Heineken Director Executive Board
Charles de Carvalho Director Non Executive Board
Charlotte Machteld Kwist Director Non Executive Board
Jean-François van Boxmeer Director Non Executive Board
Louisa Brassey Director Non Executive Board
Maarten Das Chairman Non Executive Board
Michel Ray de Carvalho Director Executive Board

Industry Profiles
8.2. Carlsberg A/S
Carlsberg A/S (Carlsberg or “the company”) is a producer of beers, ciders and soft drinks. The company 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 operations in Western Europe, Eastern Europe and Asia. The company is
headquartered in Copenhagen, Denmark.
The company reported revenues of (Danish Krone) DKK70,265 million for the fiscal year ended December 2022
to an operating margin of 18.6% in FY2021. The net loss of the company was DKK1,063 million in FY2022,
compared to a net profit of DKK6,846 million in FY2021.
8.2.2. Key Facts
Table 13: Carlsberg A/S: key facts
Head office: J.C. Jacobsens Gade 1 Copenhagen V, , Copenhagen, Denmark

Telephone: 4533210112
Fax: 4533274709
Website: www.carlsberggroup.com
Ticker: CARL B
Stock exchange: Copenhagen Stock Exchange
8.2.3. Business Description
Carlsberg A/S (Carlsberg or “the company”) produces, markets and sells beer. The company's brand portfolio
includes international premium brands such as Carlsberg, Tuborg, Kronenbourg, 1664, Grimbergen and Somersby,
apart from strong local brands such as Ringnes in Norway, Baltika in Russia and Lvivske in Ukraine. The company
also produces soft drinks and other beverages.
Carlsberg has business operations 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, Central and 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. The company operates through a network of 17 breweries in
these countries. In FY2021, Germany region resulted in 90 liters of per capita beer consumption, followed by
Finland (77 liters), Poland (102 liters), the UK (68 liters), Denmark (63 liters), Switzerland (55 liters), Portugal (46
liters), Sweden (50 liters), Norway (50 liters) and France (30 liters). In FY2021, the Western Europe segment
reported revenue of DKK30,501 million, which accounted for 45.8% of the company’s revenue.
The Central and Eastern Europe segment includes the company’s operations in Russia, Ukraine, Belarus,
Kazakhstan, Azerbaijan, The Baltics, Italy, Greece, Bulgaria, Croatia and Serbia. The company operates 23
breweries in this region. In FY2021, The Baltics accounted for 82-93 liters of per capita beer consumption, followed

Industry Profiles
by Bulgaria (80 liters), Croatia (80 liters), Serbia (65 liters), Russia (64 liters), Belarus (49 liters), Ukraine (43 liters),
Kazakhstan (34 liters), Italy (34 liters), Greece (29 liters) and Azerbaijan (7 liters). In FY2021, the Eastern Europe
segment reported revenue of DKK16,665 million, which accounted for 25% 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 38 breweries in Asia,
with majority of them in China alone. In FY2021, Cambodia accounted for 53 liters of per capita beer consumption,
followed by Laos (44liters), Vietnam (41 liters), China (33 liters), Hong Kong (24 liters), Singapore (21 liters),
Myanmar (6 liters), Malaysia (9 liters), Nepal (2 liters) and India (2 liters). In FY2021, the Asia segment reported
revenue of DKK19,459 million, which accounted for 29.2% of the company’s revenue.
The company also classifies its revenue into three categories: Beer revenue, Other beverages and Other revenue.
In FY2021, Beer revenue accounted for 78.4% of the company’s total revenue followed by Other beverages
(20.3%) and Other revenue (1.3%).
Geographically, the company classifies its operations into four regions: Denmark, China, Russia and Other
Countries. In FY2021, Other Countries accounted for 66.4% of the company's revenue, China (17.9%), Russia
(9.8%) and Denmark (5.8%).

Industry Profiles
Table 14: Carlsberg A/S: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 3.05 5.44 -11.17 2.66 16.92
Operating Income Growth % 110.92 21.28 -14.28 19.10 -4.55
EBITDA Growth % 47.79 18.33 -11.10 11.95 -3.63
Net Income Growth % 321.68 23.73 -8.21 13.53 -115.53
EPS Growth % 36.60 16.74 3.58 17.48 13.31
Working Capital Growth % 67.06 -6.29 -38.47 115.61 -28.87
Equity Ratios
EPS (Earnings per Share) DKK 35.03 40.89 42.35 49.75 56.38
Dividend per Share DKK 18.00 21.00 22.00 24.00 27.00
Dividend Cover Absolute 1.95 1.95 1.93 2.07 2.09
Book Value per Share DKK 297.15 293.58 270.90 309.68 232.28
Gross Margin % 49.95 49.53 48.45 47.54 45.64
Net Profit Margin % 8.49 9.97 10.30 11.39 -1.51
Profit Markup % 99.80 98.12 93.97 90.61 83.95
Return on Equity % 11.72 15.12 15.34 15.58 -3.33
Return on Assets % 4.58 5.46 4.99 5.58 -0.88
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 15: Carlsberg A/S: Key Employees

Carl Bache Director Non Executive Board
Christian Wulff Sondergaard Vice President Corporate Affairs Senior Management
Erik Lund Director Non Executive Board
Eva Vilstrup Decker Director Non Executive Board
Graham James Fewkes Executive Vice President Western Europe Senior Management
Henrik Poulsen Chairman Executive Board
Ivan Nielsen Director Non Executive Board
Jacob Aarup-Andersen Chief Executive Officer Senior Management
Joao Abecasis Executive Vice President Asian Business Senior Management
Joris Hujismans Chief Human Resources Officer Senior Management
Executive Vice President Central and Eastern
Lars Lehmann Executive Board
Europe
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
Chief Executive Officer Carlsberg Marston’s
Paul Davies Senior Management
Brewing Company
Putna Lal Director Non Executive Board
Richard Burrows Director Non Executive Board
Soren Brinck Acting Chief Commercial Officer Senior Management
Executive Vice President Group Strategy and
Soren Brinck Senior Management
Digital
Teodor Nestorov Chief Executive Officer Carlsberg Bulgaria Senior Management
Ulrica Fearn Chief Financial Officer Senior Management
Executive Vice President Integrated Supply
Victor Shevtsov Senior Management
Chain

Industry Profiles
8.3. Anheuser-Busch InBev NV/SA
Anheuser-Busch InBev NV/SA (AB InBev) is a producer, distributor, and marketer of beer, alcoholic beverages,
and soft drinks. The company’s product portfolio include beer, rum, malt beverages and soft drinks. It markets
and sells these products under various international and local brands, including Budweiser, Aguila, Stella Artois,
Beck’s, Leffe, Hoegaarden, Skol, Bud Light, Victoria, Harbin, Corona, Brahma, and Quilmes. The company also
holds exclusive rights to bottle, sell and distribute certain PepsiCo brands in Brazil including Pepsi-Cola,
Gatorade, H2OH!, and Lipton Ice Tea. It has business presence in North America, South America, the Middle
East, Europe, Africa, and Asia-Pacific. AB InBev is headquartered in Leuven, Belgium.
The company reported revenues of (US Dollars) US$57,786 million for the fiscal year ended December 2022
to an operating margin of 24% in FY2021. In FY2022, the company recorded a net margin of 10.3%, compared
to a net margin of 8.6% in FY2021. The company reported revenues of US$15,120 million for the second
quarter ended June 2023, an increase of 6.4% over the previous quarter.
8.3.2. Key Facts
Table 16: Anheuser-Busch InBev NV/SA: key facts
Head office: Brouwerijplein 1 Leuven, Belgium

Website: www.ab-inbev.com
Ticker: ABI
Stock exchange: Euronext Brussels
Anheuser-Busch InBev NV/SA (AB InBev) produces, markets, distributes, and sells alcoholic and non-alcoholic
beverages.
The company classifies its business operations into six reportable segments: North America, Middle Americas,
South America, EMEA, Asia Pacific, and Global Export and Holding Companies. It offers products under two
categories: Beer and Beyond Beer, and Non Beer. AB InBev markets and sells a portfolio of 500 beers and other
malt beverage brands in over 50 countries.
As of December 2022, it operated 175 breweries producing beer, other alcoholic malt beverages and soft drinks. In
FY2022, the company sold 581.7 million hectolitres of beer and non-beer. It has business operations across Brazil,
Argentina, Colombia, Ecuador, Mexico, Peru, South Korea, South Africa, Uganda, Uruguay, Zambia, Bolivia, China,
Germany, Paraguay, Honduras and the US.

Industry Profiles
Table 17: Anheuser-Busch InBev NV/SA: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % -6.03 -1.34 -10.41 15.83 6.41
Operating Income Growth % -3.54 -0.32 -44.79 46.72 13.02
EBITDA Growth % -1.16 -0.09 -33.91 31.90 9.53
Net Income Growth % -45.37 109.91 -84.68 232.31 27.82
EPS Growth % -44.41 79.84 -63.78 99.81 -3.15
Working Capital Growth % 35.05 -63.57 -3.22 75.47 9.40
Equity Ratios
EPS (Earnings per Share) USD 2.43 4.38 1.59 3.17 3.07
Dividend per Share USD 1.45 1.02 0.40 0.56
Book Value per Share USD 32.96 38.65 34.49 34.66 37.00
Gross Margin % 62.42 61.09 58.12 57.47 54.48
Net Profit Margin % 8.24 17.53 3.00 8.60 10.33
Profit Markup % 166.10 156.99 138.77 135.11 119.68
Return on Equity % 6.78 12.11 2.07 6.80 8.13
Return on Assets % 1.82 3.90 0.61 2.10 2.77
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 18: Anheuser-Busch InBev NV/SA: Key Employees

Alejandro Santo Domingo Director Non Executive Board
Alexandre Van Damme Director Non Executive Board
Aradhana Sarin Director Non Executive Board
Bamise Oyegbami Marketing Director - Nigeria Senior Management
Brendan Whitworth Chief Executive Officer North American Zone Senior Management
Carlos Lisboa Chief Executive Officer Middle Americas Zone Senior Management
Claudio Garcia Director Non Executive Board
David Almeida Chief Strategy and Technology Officer Senior Management
Dirk Van de Put Director Non Executive Board
Eelco Van der Noll Head of Partnership Marketing Management
Elio Leoni Sceti Director Non Executive Board
Ezgi Barcenas Chief Sustainability Officer Senior Management
Fernando Tennenbaum Chief Financial Officer Senior Management
Gregoire de Spoelberch Director Non Executive Board
Heloisa Sicupira Director Non Executive Board
Jan Craps Chief Executive Officer Asia Pacific Zone Senior Management
Jason Warner Chief Executive Officer Europe Zone Senior Management
Jean Jereissati Chief Executive Officer South America Zone Senior Management
John Blood Chief Legal and Corporate Affairs Officer Senior Management
John Blood Secretary Senior Management
Katherine Barrett General Counsel Senior Management
Lucas Herscovici Chief Direct to Consumer Officer Senior Management
Lynne Biggar Director Non Executive Board
M. Michele Burns Director Non Executive Board
Marcel Marcondes Chief Marketing Officer Senior Management
Maria Asuncion Aramburuzabala Director Non Executive Board
Martin J. Barrington Chairman Executive Board
Michel Doukeris Chief Executive Officer Senior Management
Nelson Jamel Chief People Officer Senior Management
Nick Caton Chief BEES Officer Senior Management

Industry Profiles
Table 19: Anheuser-Busch InBev NV/SA: Key Employees Continued

Nitin Nohria Director Non Executive Board
Paul Cornet de Ways Ruart Director Non Executive Board
Paulo Alberto Lemann Director Non Executive Board
Peter Kraemer Chief Supply Officer Senior Management
Ricardo Moreira Chief Executive Officer Africa Zone Senior Management
Ricardo Tadeu Chief Growth Officer Senior Management
Sabine Chalmers Director Non Executive Board
Salvatore Mancuso Director Non Executive Board

Industry Profiles
8.4. Asahi Group Holdings Ltd
Asahi Group Holdings Ltd (Asahi) manufactures, markets, and sells alcoholic beverages, soft drinks, and food
products. The company’s product portfolio includes whiskey, spirits, wine, beer, ready-to-drink (RTD)
beverages, coffee, tea, carbonated drinks, water, fruit drinks. It also offers confectioneries, nutritional snacks,
supplements, baby products, and freeze-dried foods. The company markets products under Asahi Super Dry,
Peroni Nastro Azzurro, Pilsner Urquel, Grolsch, Kozel, Clear Asahi, Mitsuya, Wilkinson, WONDA, Juroku-cha,
Peroni Nastro Azzurro Stile Capri, and Calpis brand names. The company, through its subsidiaries, operates
across Japan, Southeast Asia, Europe, and Oceania. Asahi is headquartered in Sumida-Ku, Tokyo, Japan.
The company reported revenues of (Yen) JPY2,511,108 million for the fiscal year ended December 2022
to an operating margin of 9.4% in FY2021. In FY2022, the company recorded a net margin of 6%, compared to a
net margin of 6.9% in FY2021. The company reported revenues of JPY696,664 million for the second quarter
ended June 2023, an increase of 25.2% over the previous quarter.
8.4.2. Key Facts
Table 20: Asahi Group Holdings Ltd: key facts
Head office: 1-23-1 Azumabashi, Sumida-Ku, Tokyo, Japan

Website: www.asahigroup-holdings.com
Ticker: 2502
Stock exchange: Tokyo Stock Exchange
Asahi Group Holdings Ltd (Asahi) manufactures and markets alcoholic beverages, soft drinks, and food products.
The product offerings include freeze-dried foods, healthy snacks, baby items, confections, wine, beer, coffee, tea,
carbonated drinks, water and fruit drinks.
The company classifies its business operations into five business segments: Japan, Europe, Oceania, Southeast
Asia, and Other.
The company also generates revenue from four segments: Manufacture and Sales of Alcohol Beverages,
Manufacture and Sales of Soft Drinks, Manufacture and Sales of Food and Pharmaceuticals, and Other.
Asahi has business presence across Japan, Europe, Asia, Southeast Asia, the US, and Oceania.

Industry Profiles
Table 21: Asahi Group Holdings Ltd: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 1.70 -1.47 -2.93 10.27 12.30
Operating Income Growth % 11.30 -3.81 -33.29 58.94 3.84
EBITDA Growth % 9.87 -1.27 -17.93 35.04 3.96
Net Income Growth % 7.14 -5.87 -34.73 65.37 -1.27
EPS Growth % 9.94 -6.53 -34.00 31.44 11.36
Working Capital Growth % -6.14 51.35 182.94 -43.68 -2.63
Equity Ratios
EPS (Earnings per Share) JPY 343.14 320.74 211.68 278.25 309.87
Dividend per Share JPY 99.00 100.00 106.00 109.00 113.00
Dividend Cover Absolute 3.47 3.21 2.00 2.55 2.74
Book Value per Share JPY 2502.67 2720.76 2992.06 3467.47 4067.12
Gross Margin % 38.53 37.90 36.72 38.14 36.71
Net Profit Margin % 7.13 6.81 4.58 6.86 6.04
Profit Markup % 62.69 61.03 58.03 61.66 58.00
Return on Equity % 13.18 11.41 6.12 8.74 7.35
Return on Assets % 4.70 4.57 2.45 3.42 3.23
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 22: Asahi Group Holdings Ltd: Key Employees

Akiyoshi Koji Chairman Executive Board
Atsushi Katsuki Chief Executive Officer Executive Board
Atsushi Katsuki Director Executive Board
Atsushi Katsuki President Executive Board
Christina L. Ahmadjian Director Non Executive Board
Hikaru Sato Executive Officer Senior Management
Kaoru Sakita Chief Financial Officer Executive Board
Kaoru Sakita Director Executive Board
Kaoru Sakita Executive Officer Executive Board
Kayoko Kondo Executive Officer Senior Management
Kazuma Kohno Executive Officer Senior Management
Keizo Tanimura Chief Human Resource Officer Executive Board
Keizo Tanimura Director Executive Board
Keizo Tanimura Executive Officer Executive Board
Kenichiro Sasae Director Non Executive Board
Manabu Sami Executive Officer Senior Management
Mari Matsunaga Director Non Executive Board
Osamu Ishizaka Executive Officer Senior Management
Osamu Ishizaka Head Corporate Communications Senior Management
Ryoichi Kitagawa Senior Managing Executive Officer Senior Management
Satoshi Mori Executive Officer Senior Management
Shunjiro Sakano Executive Officer Senior Management
Taemin Park Chief Alliance Officer Executive Board
Taemin Park Director Executive Board
Taemin Park Executive Officer Executive Board
Takashi Fujisaki Executive Officer Senior Management
Tetsuji Ohashi Director Non Executive Board
Yoshio Chikayasu Executive Officer Senior Management
Yuji Oda Executive Officer Senior Management
Yutaka Hemmi Managing Executive Officer Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 23: Singapore size of population (million), 2018–22
Year Population (million) % Growth

2018 5.9 1.8%
2019 6.0 1.8%
2020 6.1 1.7%
Table 24: Singapore gdp (constant 2005 prices, $ billion), 2018–22
Year Constant 2005 Prices, $ billion % Growth

2018 231.9 3.5%
2019 240.6 3.7%
2020 250.2 4.0%
Table 25: Singapore gdp (current prices, $ billion), 2018–22
Year Current Prices, $ billion % Growth

2018 370.8 4.9%
2019 390.0 5.2%
2020 412.1 5.7%
Table 26: Singapore inflation, 2018–22
Year Inflation Rate (%)

2018 2.3%
2019 2.4%
2020 2.2%
Table 27: Singapore consumer price index (absolute), 2018–22

Industry Profiles
Year Consumer Price Index (2005 = 100)

2018 143.6
2019 147.1
2020 150.4
Table 28: Singapore exchange rate, 2018–22
Year Exchange rate ($/Si$) Exchange rate (€/Si$)

2018 1.3493 1.5927
2019 1.3641 1.5279
2020 1.3791 1.5741
2021 1.3439 1.5896
2022 1.3788 1.4519

Industry Profiles
Appendix
9.2. 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
9.3. Industry associations
9.3.1. International Federation of Wines and Spirits
18, rue d'Aguesseau, F-75008 - Paris, FRA

Tel.: 33 1 4268 8248
Fax: 33 1 4006 0698
www.fivs.org
9.4. Related MarketLine research
9.4.1. Industry Profile
Global Beer & cider

Beer & cider in Asia-Pacific
Beer & cider in China
Beer & cider in Japan
Beer & cider in South Korea

Industry Profiles
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Beer & Cider in Singapore

Reference Code: 0116-0466

Publication Date: October 2023

Primary NAICS: 312120

Secondary NAICS: 312130

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

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

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.9. Competitive landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

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 ..............................................................................................................................................10

3.2. Market volume...........................................................................................................................................11

4.1. Category segmentation..............................................................................................................................12

4.2. Geography segmentation...........................................................................................................................14

4.3. Market distribution ....................................................................................................................................15

5.1. Market value forecast ................................................................................................................................16

5.2. Market volume forecast.............................................................................................................................17

6. Five Forces Analysis 18

6.1. Summary ....................................................................................................................................................18

6.2. Buyer power...............................................................................................................................................19

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.3. Supplier power ...........................................................................................................................................20

6.4. New entrants .............................................................................................................................................21

6.5. Threat of substitutes ..................................................................................................................................22

6.6. Degree of rivalry.........................................................................................................................................23

7.1. Market share..............................................................................................................................................24

8.1. Heineken Holding NV .................................................................................................................................26

8.2. Carlsberg A/S..............................................................................................................................................29

8.3. Anheuser-Busch InBev NV/SA ....................................................................................................................33

8.4. Asahi Group Holdings Ltd...........................................................................................................................37

9.1. Country data ..............................................................................................................................................40

9.3. Industry associations..................................................................................................................................43

9.4. Related MarketLine research .....................................................................................................................43

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 10: Heineken Holding NV: key facts 26

Table 11: Heineken Holding NV: Annual Financial Ratios 27

Table 12: Heineken Holding NV: Key Employees 28

Table 13: Carlsberg A/S: key facts 29

Table 14: Carlsberg A/S: Annual Financial Ratios 31

Table 15: Carlsberg A/S: Key Employees 32

Table 16: Anheuser-Busch InBev NV/SA: key facts 33

Table 17: Anheuser-Busch InBev NV/SA: Annual Financial Ratios 34

Table 18: Anheuser-Busch InBev NV/SA: Key Employees 35