中国白酒报告英语

1、.Alcoholic Drinks - ChinaEuromonitor International : Country Market InsightJune 2008；Alcoholic drinksChinaList of Contents and TablesExecutive Summary1Strong Market Performance Driven by Economic Growth1Domestic Players Rise To Lead the Market1More Foreign Companies Stirs Up the Competitive Environm

2、ent1Specialist Shops Start To Catch Attention1Forecast Growth Expects To Be Flat Due To Market Consolidation1Key Trends and Developments1Strong Demand Drives Prices Up1Olympic Game Starts To Pre-heat the Market2Polarised Consumer Preference Prevails3Growing Number of Young Drinking Consumers4Modern

3、Lifestyles Brings More Occasions on Which To Consumer Alcoholic Drinks5Specialist Retailers5Summary 1Leading Specialist Retailers 20066Market Merger and Acquisition Activity6Summary 2Speculated Merger and Acquisition Activity 2006-20077Territory Key Trends and Developments7East China7Mid China10Nort

4、h and Northeast China11Northwest China15South China19Southwest China21Market Background22Legislation22Taxation and Duty Levies23Table 1Taxation and Duty Levies on Alcoholic Drinks 200723Table 2Typical Wholesaler and Retailer Off-trade Mark-ups by Selected Sectors 200724Table 3Selling Margin of a Typ

5、ical Beer Brand 2007 - Tsingtao24Table 4Selling Margin of a Typical Domestic Wine Brand 2007 Great Wall24Table 5Selling Margin of a Typical Imported Wine Brand 2007 Jacobs Creek24Table 6Selling Margin of a Typical Domestic Spirits Brand 2007 - Jinliufu25Table 7Selling Margin of a Typical Imported Sp

6、irit Brand 2007 Johnnie Walker Black Label25Operating Environment25Market Indicators26Table 8Retail Consumer Expenditure on Alcoholic Drinks 2002-200726Market Data26Table 9Sales of Alcoholic Drinks by Sector: Total Volume 2002-200726Table 10Sales of Alcoholic Drinks by Sector: Total Value 2002-20072

7、6Table 11Sales of Alcoholic Drinks by Sector: % Total Volume Growth 2002-200727Table 12Sales of Alcoholic Drinks by Sector: % Total Value Growth 2002-200727Table 13Sales of Alcoholic Drinks by Sector by On-trade vs Off-trade split: Volume 200727Table 14Sales of Alcoholic Drinks by Sector by On-trade

8、 vs Off-trade split: Value 200727Table 15Sales of Alcoholic Drinks by Sector by On-trade vs Off-trade split: % Volume 200728Table 16Sales of Alcoholic Drinks by Sector by On-trade vs Off-trade split: % Value 200728Table 17Sales of Alcoholic Drinks by Region: Total Volume 2002-200728Table 18Sales of

9、Alcoholic Drinks by Region: Total Value 2002-200728Table 19Sales of Alcoholic Drinks by Region: % Total Volume Growth 2002-200729Table 20Sales of Alcoholic Drinks by Region: % Total Value Growth 2002-200729Table 21Company Shares of Alcoholic Drinks by Global Brand Owner 2003-200629Table 22Off-trade

10、Sales of Alcoholic Drinks by Distribution Format: % Value Analysis 200730Table 23Off-trade Sales of Alcoholic Drinks by Sector and Distribution Format: % Volume Analysis 200730Table 24Forecast Sales of Alcoholic Drinks by Sector: Total Volume 2007-201230Table 25Forecast Sales of Alcoholic Drinks by

11、Sector: Total Value 2007-201230Table 26Forecast Sales of Alcoholic Drinks by Sector: % Total Volume Growth 2007-201231Table 27Forecast Sales of Alcoholic Drinks by Sector: % Total Value Growth 2007-201231Table 28Forecast Sales of Alcoholic Drinks by Region: Total Volume 2007-201231Table 29Forecast S

12、ales of Alcoholic Drinks by Region: Total Value 2007-201231Table 30Forecast Sales of Alcoholic Drinks by Region: % Total Volume Growth 2007-201232Table 31Forecast Sales of Alcoholic Drinks by Region: % Total Value Growth 2007-201232Definitions32Summary 3Research Sources33 Euromonitor InternationalPa

13、ge iiAlcoholic drinksChinaALCOHOLIC DRINKS IN CHINAEXECUTIVE SUMMARYStrong Market Performance Driven by Economic GrowthWith expected GDP growing at more than 11% in 2007, Chinas economic growth reaches another new height. The economic growth also contributes greatly to the alcoholic drinks market, a

14、s the total volume sales is outperforming than 2006 in terms of actual volume sold. Upgrading of consumers expenditure structure in urban markets drives demand up during 2007. Domestic Players Rise To Lead the MarketDomestic players remained strong in China, as many of them have been establishing ve

15、ry loyalty brands due culture and historical benefits. Moreover, the bull stock market in 2007 also gives a robust injection for big companies like China Resources Enterprise and Wuliangye Yibin Co Ltd. In less developed regions such as Northwest China and Mid China, the local brands appear to be do

16、minant in beer and spirits as locals are more loyal to their own brands. More Foreign Companies Stirs Up the Competitive EnvironmentEnters of foreign companies in beer and spirits is pushing the market to be more opened and competitive in first tier cities in China. First tier cities like Shanghai a

17、nd Guangzhou are more open to foreign brands and the local consumption habit is more adoptive to exotic products. Increased volume and imported alcoholic drinks gives greater stern in those urban markets. On the other hand, domestic players are seeking joint ventures with foreign partners to start t

18、o explore the abroad. Specialist Shops Start To Catch AttentionWhile chained hypermarkets and independent grocery stores are the main distribution channel for alcoholic drinks. The emergence of specialist shops is becoming important to wine and spirit manufacturers. The cost of sales in specialist i

19、s lower than hypermarkets, and the specialist better serves high end consumers in terms of product quality and variety. Moreover, manufacturers start to consider building their own specialist shops, for example, Kuichow Maotai and Wuliangye have already established a small scale of distribution netw

20、ork of their own. Forecast Growth Expects To Be Flat Due To Market Consolidation2007 continues to be the year of consolidation, leading international players entered into China through acquisition of local brands. Leading domestic beer and spirits manufacturers also gained great strength from the fl

21、ourish stock market, they are very active in mergers and acquisition. Competitive market environment is shifting from fragmented to concentrate. Small and medium sized domestic players will gradually withdraw from the market. KEY TRENDS AND DEVELOPMENTSStrong Demand Drives Prices UpNational statisti

22、c data showed that in the first half of 2007, Chinas GDP grew at 11.5%, and the whole years GDP is expected to have similar growth. The hot economic growth not just brings high volume of retail consumption in China; it also starts to affect the consumers expenditure structure. More high quality and

23、premium products are demanded in urban regions, and even in rural area, the demand for higher priced products is increasing. On the other hand, short of supply of domestic spirits contributes to the increasing in unit price. Suppliers are facing upward trend on unit price partially affected by stron

24、g demand from consumers. Current ImpactAnnounced by National Bureau of Statistics, the consumer price index for the whole year of 2007 is expected to register at 4.5%, which might become a historical new height. The central government is facing greater pressure on stabilising the inflation rate and

25、the retail price, as the nations fast economic growth might be offset by such inflation growth. Unit price increase is driven by several key factors, and strong demand is one of the generators. Most of the domestic spirit manufacturers feel that premium products are short of supply and even their di

26、stributors are yelling to increase the price. Leading brands like Wuliangye and Matai all increased their price from 10-15% during 2007. Increase in unit price for most of the spirit has further stimulates the demand as people have more disposable income to spend. Similar situation can also be appli

27、ed to wine, where sales volume of mid/high end products increased faster than low end products, which represents an upward trend in unit price. OutlookThe demand for alcoholic drinks will remain strong over the forecast period, and for spirits the demand will gradually shift from low end products to

28、 high end. As the high end spirits takes relatively longer, such as Scotch whisky and Chinese spirits, the future supply will not grow as fast as the demand projected. Therefore, it is very likely that unit price for spirits will continue to rise over the forecast period. However, for beer and wine,

29、 short of supply is very unlikely to happen. Players entered into mid/high end spirits will benefit from the rising unit price. Future ImpactStrong demand of wine and spirit in China will cause the unit price to rise on global basis, and for the short term period, China will emerge to gain great dea

30、l of attention from global suppliers. More and more international brands will be eager to enter the market. In the mean time, the consolidation of domestic beer manufacturers will cause the market to be more competitive and unit price movement of beer and wine is expected to be less active than spir

31、its. Over the forecast period between 2007 and 2012, Beer unit price is forecast to grow at 10%, wine at 6% and spirits at 38%. The rapid growth in unit price not only generated from the increasing demand for high end products, but also importantly the short supply of the premium products. Moreover,

32、 for beer, as the market consolidation is expected to continue to take place in China, leading manufacturers will gather more strength in regional and even national distribution channels, unit price of beer will have higher than wines growth rate over the forecast period. Olympic Game Starts To Pre-

33、heat the MarketWhile China is busy preparing for the upcoming Olympic game in 2008, all leading players in alcoholic drinks have already began their move in the promoting for the game. There is no doubt that the Olympic will have strong impact over the nations economic growth and international polit

34、ical status, it is also a golden chance for Chinese enterprises to label themselves to the world. Current ImpactAlthough the Olympic sponsorship is very exclusive and only two of the leading Chinese companies gained such title, they are Tsingtao Brewery Co Ltd and COFCO Wines & Spirits Co. The two c

35、ompanies released a series of promoting activities during the 2007. However, the results of such large scale of campaign are yet to show in 2007. Tsingtao Brewery Co Ltd, tight up the national TV station CCTV, launched a documentary programme called “Qing Guo Qing Cheng”, which documents the best vi

36、ews of more than 150 cities in China to select the best city in the name of Tsingtao Beer for Olympic game. Although the huge publicity expense cannot bring immediate increase in volume sales, it is believed to have long term effect as the programme will be broadcast to the world. OutlookThe success

37、 of Olympic sponsors is making peer competitors more jealous and eager to get involved. Though majority of the domestic players did not get the sponsorship due to their own financial strength and brand value, many of them are doing the sort of the Olympic marketing in the best practice. For example,

38、 domestic spirits makers like Kweichow Maotai Co Ltd and Wuliangye Yibin Co Ltd launched series of red packaged products made for Olympic Game. Maotais sub brand Jinliufu used to be China national teams sole provider of celebration spirits, its red labelled products represents the Chinese tradition

39、of happiness and fortune, which is fit to the theme of Olympic game in accordance to Chinese peoples perception. Wuliangye launched their new packaged product, which is made into a shape of panda, and panda is one of the lucky dolls for the Beijing Olympic game in 2008. The Wuliangye panda bottle is

40、 expected to bring big hit in 2008. Future ImpactThe success of Beijing Olympic game in 2008 will have profound impact on Chinas leading alcoholic drink makers. Note only Tsingtao Brewery Co Ltd and COFCO Wines & Spirits Cos brand will be highly profiled after the game, the whole world will have an

41、eye on Chinas domestic alcohol brands. There might be greater chance lays ahead after 2008, and domestic players will use the chance to sell their products to the world. On the other hand, it is believed that the Olympic will bring the world more closely to traditional Chinese consumers, more intern

42、ational players will be attracted to China as local consumers will demand more exotic high quality and premium products over the forecast period. Although the impact of top sports event like Olympic Games and World Cup on alcoholic drinks sales in Greek, Japan and South Korea seemed not that signifi

43、cant, and the increase of sales volume was less than expected, it is not the same case in China. Countries like Greek, Japan and South Korea are much better off in terms of GDP per captia, and the alcoholic drinks markets in those countries are more consolidated than the situation in China. The Olym

44、pic will not just boost the brand image of several leading brands; it is actually a new era for China to show the world of its dynamic strength and economic power. The post Olympic period will be a mile store for Chinas overall economic and as well as for alcoholic drinks. Manufacturers are highly r

45、ecommended to take advantage of this great sport event in 2008 in China. Polarised Consumer Preference PrevailsWhile many consumers traded down to cheaper options, high-end premium alcoholic drinks have shown noticeable growth, backed by new products launches and comprehensive marketing efforts. At

46、the opposite end of the market, sales of low-end offerings such as economic lager and low-end Chinese spirits have also been enjoying healthy growth. Different pricing strategies result in different competition environment. Current ImpactWhen consumers become richer in the review period, they are li

47、kely to choose the premium whisky or wine products in the pubs and bars for the positioning of these products is indulgent and luxury. Meanwhile, the premium lager brands are trying to enlarge its distribution channels. The imported brand Corona was taken over by Budweiser Wuhan International Brewin

48、g Company Ltd in the beginning of 2007. Thanks to Budweisers established strong sales net in both on-trade and off-trade channels, Corona is expected to have the better performance. Meanwhile, when choosing wine and spirit products, particularly in the off-trade channels such as supermarkets/hyperma

49、rkets, consumers are usually price conscious and willing to buy low to mid range products. High end products of both domestic and imported brands are mainly available in the wine specialists and on-trade outlets. In addition, if they want to buy alcoholic drinks as a gift or appear to some important

50、 occasions, they are likely to spend more.Premium spirits in China tend to compete with each other through packaging and pricing. For example, one of the super-premium Remy Martin LOUIS XIII Black Pearl is sold at RMB 70,000. Economy priced products tend to compete each other with claim of local tas

51、te. For example, Beijing Er Guo Tou is one of the famous spirit in 1970s and 1980s, there are several companies making Er Guo Tou in Beijing. Beijing Redstar Co Ltd made their label to be the original Er Guo Tou since 1949.OutlookPolarisation of alcoholic drinks is expected to persist over the forec

52、ast period with economic products penetrating to more territories, while premiumisation will determine the value growth of alcoholic drinks products. Pricing remains essential to shaping the brand image of alcoholic drinks such as whisky and grape wine. At the same time, increasingly sophisticated c

53、onsumers may look for premium brands/alcoholic drinks to enhance their public image and fit in with their pursuit of a certain lifestyle. This niche group of relatively affluent consumers should drive demand for premium and super-premium alcoholic drinks such as whisky, grape wine and premium beer.

54、Future ImpactAs such, international players are expected to bring in more of their premium products while domestic players may use the advantage on their established distribution network with both low to high range product lines in China. Mean while, they will use the low-end products to open more m

55、arkets and attract mass consumers. China Resource, Leading player of beer industry, has adopted different pricing of different brands strategy since 2003. It uses the price advantage of its low-end brand Snow to expand across most areas in China. Champagne, cognac, premium vodkas will get more popul

56、ar in first tier cities along with the growing consumer preference to high end products. The growing conception of drinking premium exotic alcoholic drinks is becoming a very fashionable act. Celebrates and rich consumer group will be pursuing such trend over the forecast period. As more coastal cit

57、ies like Shanghai and Guangzhou are emerging to be international business centres, the demand for premium imported alcoholic drinks will continue to speed up over the forecast period. Growing Number of Young Drinking ConsumersThe total number of young adults has been rising for more than two decades

58、 but peaked in 2002 at 448 million (35% of total population). Despite no legal controls defined by the Chinese government, Chinese consumers generally do not start drinking until 18 years old. The age of 18 is believed to be the boundary between teenagers and adults. Thus the rising proportion of young adults translates into a growing proportion of younger drinker