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Competitive Analysis & Two-Firm Comparison Paper

Carlsberg Group | Sapporo Holdings
Brandon Altman
Professor Geraldine Wu
International Studies Program: Europe
Spring 2019

Word Count: 2393 – Excluding Titles

2

Table of Contents

Part 1: Industry Analysis Part 2: Firm Analysis Part 3: Location Matters References
Pg. 3 Pg. 6 Pg. 9 Pg. 12

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Part 1

Industry Analysis

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Nature of Danish Beer Industry:

The Danish beer market has proven to be an extremely attractive industry, as evidenced by the shocking

increase in beer-firm numbers over the past two decades. According to Draft Mag, “at the end of the 20th

century, Denmark had around a dozen breweries to its name, most conspicuously Carlsberg, one of the

world’s largest brewers of industrial lager. A decade into the 21st century, the nation boasted almost 150 breweries.” This microbrewery boom brought in a large variety of craft beers that have tended to do especially well given that “the notoriously unstable Danish weather [caused] an increase in sales of craft

beer due to people being driven away from the beaches and into bars or their own homes, where the consumption of craft and specialty beers is higher” (Euromonitor).

On a competitive level, Denmark is a somewhat difficult market to compete in on a large scale. As stated by Euromonitor, “beer in Denmark continued to be highly consolidated with the two leading players, Carlsberg Denmark and Royal Unibrew, accounting for three quarters of total volume sales in 2017. The success of the leading players can partly be attributed to a high level of brand recognition and loyalty amongst Danish consumers, as well as strong distribution networks and ongoing marketing campaigns.” This consolidation proves tough to new entrants, who in addition to establishing their own brand name, are forced to invest in control of distribution, marketing of products, and establishment of supplier and production relations.

Main Factors Affecting Competitive Dynamics in the Industry | Key Success Factors

One can argue that an increase in the product offering available is a signal of greater competition, though others will argue that it is a sign of lower barriers to entry. Brewers of Europe stated in a report regarding

the contribution made by beer to the European economy that “there has been a general decline in beer consumption over time… [with] companies responding by introducing new products which respond to consumer demand particularly for more craft or niche beers.”

These craft or niche beers cover a number of price points to match varying consumer demand, and additionally diversify offerings of products to match different tastes. In order to stay alive in the heavily diversified market, brands are forced to invest in research to discover efficiencies within manufacturing and supply chain management. Brand success can be determined through regional success, and brand recognition or loyalty in a market where there are such a large number of options.

Five Forces Analysis

Bargaining Power of Suppliers

According to Carlsberg Group, a high risk for 2018 was the industry consolidation of customers and suppliers. The group stated that “consolidation among customers and suppliers also leads to increased dependency, pricing pressure and the risk of margin pressure.” It appears that Carlsberg makes continuous efforts to develop alternative sourcing solutions in an attempt to decrease reliance on their current supplier partnerships. Given that the largest brand in Denmark faces these concerns, the bargaining power of suppliers must be high.

Bargaining Power of Buyers

In a market with ever-changing tastes, bargaining power of buyers is high, especially in the Danish market. In order to appease the varying tastes of consumers and customers, Carlsberg and other Danish beer brands have been forced to release a diversified offering of products to match different interests. Companies like Carlsberg Group have a number of different brands under their arsenal in order to cover a variety of price points to match consumer demand.

Competitive Analysis & Two-Firm Comparison Paper

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Threat of Substitutes

The rise of microbreweries has proven to be a major cause for concern for top Danish beer brands. IBIS World states that “There is a high level of competition from external sources, particularly manufacturers of other alcoholic beverages such as wine and spirits. Manufacturers of these substitute beverages compete for generally the same base of consumers as beer manufacturers. Some major beer manufacturers have diversified their corporate holdings to include wine and spirits to leverage economies of scope and to capture a wider demographic of alcohol consumers.”

Threat of New Entrants | Strengths/Weaknesses of Major Competitors

The Danish beer market has seen its fair share of new entrants over the past decade, especially in the craft beer sector. Therefore, on the smaller scale of breweries, the threat is high. However, because the

craft/niche market is so fragmented within itself, larger brands don’t see the individual new entrant as a

threat, and rather the trend of entrants as a threat. The top three beer manufacturers in Denmark are Carlsberg, Royal Unibrew, and Harboes Bryggeri. Consistent between all of the brands is a wide portfolio of products, with offerings of traditional beers and also a variety of craft beers.

Industry Rivalry

The Danish beer market, as stated, consists of a wide variety of brands, with not much consumer loyalty

beyond the largest brands. Because of this, “competitive behaviors occur most often through marketing and brand promotion where the amount of price competition is limited” (IBIS World). The largest brands

like Carlsberg or Royal Unibrew are likely to acquire the top competing niche brands in an attempt to gain more market share.

Economics of industry

IBIS World explains the impact of Eastern European demand as follows: “Demand from Eastern Europe has exhibited little growth over the past five years, hurting brewers such as Carlsberg that depend heavily

on the region for brand exposure.” Carlsberg in addition to other Danish beer brands addressed this by

expanding into other regions. Carlsberg described their economic risks as follows in their 2017 annual report: “Adverse economic conditions may result in reduced consumer demand and a higher degree of price sensitivity on the part of consumers, while major social or political changes may disrupt sales and operations. Political and economic instability may lead to adverse exchange rate fluctuations, increased credit risk, insolvency of suppliers, goodwill impairment, operational restrictions and possibly

nationalization of assets.” With the rise of the far right in Denmark, some could argue that a number of

these risks are rather close to reality, generating danger for the beer manufacturing market.

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Part 2

Firm Analysis

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Carlsberg SWOT Analysis

Strengths

Carlsberg Group is the largest beer manufacturer in Denmark, and captures 3.9% of global market share (IBIS World). The group is well diversified, with a well-established house of brands that each have their own loyal followings. Due to this variety of brands in their arsenal, Carlsberg Group is also able to offer a large variety of types of beer, at different price points corresponding to different demand markets. Further, the brand is extremely international, with market presence in over 100 countries.

In 2017, Carlsberg brought in over 61.8bn DKK in revenue, or nearly $9.5bn US. With such substantial income, the group has the flexibility to invest heavily in marketing, equipment, and acquisitions. The group recognizes the value of marketing communication and invested 9.7% of their net revenue in it during 2017. These marketing activities are comprised of sales campaigns, sponsorships, advertising and in-store displays. Carlsberg is the brand sponsor of Liverpool Football Club and has gained a collective following of thousands of viewers across their social media channels.

Weaknesses

As Carlsberg is an international brand, their products are subject to factors that are outside of their

control. In 2017, Carlsberg faced a decrease in volume sold, due to “the PET downsizing in Russia and bad summer weather in parts of Western Europe.” Further, the brand is subject to foreign exchange

movements and the prices of raw materials could potentially be negatively affected. Carlsberg has listed their largest risks in 2018 as the following: commodity & foreign exchange impact, industry consolidation, partnerships, and political & economic instability.

Other than their flagship brands (Carlsberg and Tuborg), Carlsberg Group’s niche brands don’t have

much international recognition (Marketing 91). These smaller brands are where the Group stands to make their most substantial gains in growth, but are also their most risky; if the Group does not invest properly, the smaller brands can become cash dumps with no substantial returns, or could even result in losses.

Opportunities

Carlsberg has recognized the importance of a strong base of local brands, and in 2017 made an attempt to accomplish this through investment in their smaller, niche brands in markets like Serbia, Switzerland, and Sweden. This investment revolved around brand strengthening and sharpening, “providing affordable crafty propositions that tap into the increased consumer interest for craft & specialty beers and consumer

willingness to pay a premium for these products.”

In addition to their alcohol-based offerings, Carlsberg is also invested in the alcohol-free market. The category has proven to be an excellent opportunity for growth, given the recent trend of wellness across Europe, and also offers excellent margin opportunities.

Another area for growth is emerging markets, which “have been an increasing source of interest for major

brewers… and are expected to show much stronger growth than developed markets” (IBIS World). Asia has proved to be a region of specific interest for Carlsberg Group, and “the Group has expanded its presence in the region, both organically and through acquisitions… [this region is especially interesting because of] young populations, urbanization, rising disposable income levels, and growing economies.”

Threats

According to the Danish Brewers’ Association, beer consumption in Denmark has decreased over time, following a trend similar to Western Europe, where Carlsberg has struggled in the past. From this, one can predict investments by Carlsberg to generate an increase in brand loyalty. In order to do this,

Competitive Analysis & Two-Firm Comparison Paper

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according to the DBA, Carlsberg will have to adjust to trends like becoming more authentic, through the release of more local, natural, organic, and healthy beers.

In a growing market, Carlsberg faces competition on all fronts from the rise of craft beers, consolidation among competitors, and a continued increase in the number of small breweries (Euromonitor). According

to pourmybeer.com, “beer drinkers have become more adventurous. Now when they shop, they’re more

interested in finding something new rather than more of the same.” This threat is consistently being addressed by Carlsberg through further release of their own craft beers and acquisitions of small microbreweries.

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Part 3

Location Matters
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Two-Firm / Two-Country Comparison: Carlsberg Group (Denmark) & Sapporo Holdings (Japan)

Historical / Economic

Japanese history with alcohol goes as far back as the 3rd century, where “Chinese historians recorded the

fact that the people of ancient Japan engaged in excessive drinking, singing, and dancing” (Japan Visitor).

This early adoption of drinking led to a more organic integration of drinking into modern society. Beer however, according to a blog titled Yatta Tachi, did not arrive in Japan until the 18th century,

accompanying Dutch traders. It was around this time period that Japan’s largest brands were founded,

including Sapporo. The industry did not begin to blossom however, until the Prohibition in the United

States, which according to the Brewers Association of Japan, led to “surplus brewing equipment being imported into Japan.” Following the Second World War, Japan’s economy rapidly grew with US-assisted

programs, leading to an increase in propensity to spend among Japanese consumers, and hence an increase in demand for beer.

Denmark however, has a much longer history with beer. The known tradition of brewing in Denmark dates from approximately 1370 B.C. (Beer and Brewing). Even in the 15th century, the country had kings who ordered the domestic growth of hops to reduce German hop imports, eventually leading to around 150 breweries operating by the end of the 17th century. Carlsberg was founded in 1847, nearly 30 years prior to Sapporo.

It is because of this deep-rooted history that Carlsberg was able to successfully compete and grow to the

size that it is functioning at today. Given Japan’s late cultural adoption of beer, Carlsberg and the Danish

beer market had a significant head start on establishing cultural embedment of their products. This later adoption of beer by Japan meant that it was less embedded in their culture, as compared to sake and other Japanese alcohols. Sapporo entered a Japanese market with a much higher threat of substitution, and

competition on multiple fronts as compared to Carlsberg’s single focus. In regards to their economies, Japan and Denmark are on completely different scales. Japan’s GDP is

estimated at nearly 5 trillion USD, while Denmark is only estimated at around 300 billion USD. However, Carlsberg has done notably better than Sapporo in terms of revenue, which can be attributed to

Carlsberg’s numerous mergers and acquisitions over their history. Carlsberg dominates the entire Danish

beer market. In comparison, Sapporo has to compete with the likes of Asahi Group, Kirin Holdings, and Suntory Holdings. According to a Wall Street Journal post, Sapporo only held 10.2% of the Japanese beer market and is very unlikely to merge with any of the other groups, especially as the spearhead of the deal.

Social / Cultural / Legal

Drinking is a staple of Japanese culture. In fact, it interweaves itself in all facets of society: at home, among groups of friends, and even in the work place. In Japan, the pastime of drinking with others is “so common that it even has its own term: nominication” (Gogonihon). However, where Japan distinguishes itself from many other countries is the necessity to go out drinking with coworkers. It is expected that you attend a drink after work, and additionally that you actually drink. It is seen as a slight if you do not.

In Denmark however, drinking is limited to friendly outings. The nation focuses on the feeling of coziness and warmth, or hygge. Danes are known as beer drinkers, and according to the World Health

Organization, “45% of Danes prefer beer, while 39% prefer wine” (Insight Out Magazine).

Sapporo and other Japanese brands have thrived in this Japanese culture, where beer has essentially become a staple of socializing. The culture also allows Sapporo to market to a larger variety of

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consumers in a variety of settings. Carlsberg on the other hand is forced to limit their marketing to social outings and at-home drinking, any other market necessitates Carlberg to define a new need, which can be costly and potentially ineffective.

Both Denmark and Japan are extremely similar in their handling of underage drinking. It seems that authority has turned a blind eye to it, with a majority of teenagers stating that they drink. This enables both Carlsberg and Sapporo to market to a younger age group, and naturally establish brand loyalty even before the legal age.

Both economies have faced a decrease in overall alcohol consumption. However, Japan’s beer market has “continued to diminish due to a higher liquor tax, shifting trends in alcoholic beverage product sales,

and a shrinking national population” (GAIN). This means that Sapporo will be forced to invest more in establishing a need for their product, while Carlsberg, who is losing market share to craft beers, needs to focus on being more competitive and inventing new flavors.

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References

Alcoholic Beverages, www.japan-guide.com/e/e2037.html.

Alcoholic Drinks Report 2018 - Beer, Statista

Bhasin, Hitesh. “SWOT Analysis of Carlsberg - Carlsberg SWOT Analysis.” Marketing91, 20

Dec. 2017, www.marketing91.com/swot-analysis-carlsberg/.

CBG Annual Report 2017 FINAL - Carlsberggroup.com.

carlsberggroup.com/media/22828/carlsberg-breweries-as_annual-report-2017.pdf.
“Copenhagen Rising.” DRAFT, 16 Mar. 2012, draftmag.com/copenhagen-rising/. Cracking Open Japan’s Craft Beer Market, Global Agricultural Information Network (GAIN), https://gain.fas.usda.gov/Recent%20GAIN%20Publications/Cracking%20Open%20Japan %E2%80%99s%20Craft%20Beer%20Market_Tokyo%20ATO_Japan_8-31-2018.pdf

“Drinking Culture in Japan.” Coming of Age Day | JapanVisitor Japan Travel Guide,

www.japanvisitor.com/japanese-culture/drinking-in-Japan.
Euromonitor International. www.euromonitor.com/beer-in-denmark/report.

Global Beer Manufacturing, IBISWorld Industry Report,

http://clients1.ibisworld.com.proxy.library.nyu.edu/reports/gl/industry/default.aspx?entid =390

Integrated Report 2017, Sapporo Holdings Group,

http://www.sapporoholdings.jp/ir/report/pdf/Sapporo_AR2017.pdf

Japan, Brewery Convention of. “History of the Japanese Beer Industry｜Brewery Convention of

Japan.” Brewers Association of Japan, www.brewers.or.jp/english/09-history.html.
“Japan's Drinking Laws.” Nomunication, www.nomunication.jp/japans-drinking-laws/.

“Japanese Drinking Culture Is as Unique as Anywhere Else. Learn More Here.” Go! Go! Nihon,

5 Feb. 2019, gogonihon.com/en/blog/japanese-drinking-culture/.

Koichi. “Is Underage Drinking and Smoking a Problem In Japan?” Tofugu, Tofugu, 7 May 2013,

www.tofugu.com/japan/underage-drinking-in-japan/.

“Skål! The Danish Drinking Culture from the Inside.” In-Sight out Magazine, 11 Apr. 2013,

insightoutmagazine.wordpress.com/2013/04/10/skal-an-inside-of-the-danish-drinkingculture/.

The Contribution Made by Beer to the European Economy.

brewersofeurope.org/uploads/mycms-files/images/2016/publications/economic-reportcountries/denmark.pdf.

“The Culture of Alcohol in Japan vs. in America.” Yatta-Tachi, 17 Jan. 2018,

yattatachi.com/alcohol-culture-japan-vs-america.

The Danish beer and soft drink market 2017, The Danish Brewer’s Association

“The Japanese Beer Market: International Growth vs. Internal Craft Beer Development –

Scandinavian Brewers' Review.” Scandinavian Brewers Review, scandbrewrev.dk/the-

japanese-beer-market-international-growth-vs-internal-craft-beer-development/.

“The Oxford Companion to Beer Definition of Denmark.” Craft Beer & Brewing Magazine,

beerandbrewing.com/dictionary/WBZ1ZDnezn/.
“The Seasonality of Beer.” Pour My Beer, 5 Feb. 2019, pourmybeer.com/seasonality-of-beer/.

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    Coho-ho to you* too Here's a (true!) fishing tale to top all fishing tales Up Frankfort way they're known as "The Lake Michigan. The Big Lake was sporting afternoon in the quiet of the channel. against my leg?" Britten said. "It was the who owned the gas station that sent the wrecker. Submarine Boys from St, Johns." 10-foot waves, and with small craft warnings "We had just the one day to fish," Britten station wagon pushing me in," The Peacocks provided the*1 two men with a It all happened . and happened, and in effect, the Frankfort dock area was con­ said. "It was either go out in those waves or The brakes had let go on the station wagon, and change of clothes,socks and shoes, gave them happened the weekend, of Sept, 9 when Don gested with about 530 other boats and trailers, come on home without any fish. We stuck Ryan's car rolled down the ramp and into supper and sleeping quarters Saturday night. Britten of 501 N. Clinton Avenue and Roy around until about 4:30 in the afternoon before Betsy River's 20 feet of water. The boat Ryan of 2719 W. Steel Road drove up to RYAN'S BOAT WAS NOT classed as a small we got up enough nerve to go out. popped off and floated away. It was retrieved. SUNDAY DAWNED BUSY at the station. Frankfort to do their first fishing for the craft, so he and Brittan decided to try their . "A lot of other boats our size were going out, The car floated for awhile, Britten said, with Britten and Ryan volunteered their assistance, mighty cblio salmon.
  • An Introduction to Coloplast 2015 Table of Contents

    An Introduction to Coloplast 2015 Table of Contents

    An introduction to Coloplast 2015 Table of contents Our Waking up Ostomy Care 04 commitment 06 to a new life 08 Breaking This is A partner 10 new ground 12 Coloplast. 14 in care How can I help? I am Simon Continence What women 16 18 Care 20 want Pioneering Urology Care No two days 22 new 24 26 are the same technologies Wound & A woman with Going west 28 Skin Care 30 a mission 32 in China A career, Coloplast Awards 34 not a job 36 globally 38 3 Lars Rasmussen, President, CEO Our commitment More than 2.5 million people live with a stoma; around 348 million suffer from incontinence; over 40 million are treated for chronic wounds every year. That’s a lot of people. We’re committed to help them live active, rewarding lives. hanks to life-saving surgery that meet their needs. That’s why we role in making this happen. By bringing and medication, we live work with healthcare authorities all innovative products to market. Working longer and survive conditions over the world to raise standards of to increase understanding – at all T that used to be fatal. As a care and promote choice of treatment. levels of society. And providing the consequence, however, many people We also engage with the people who information and inspiration users have to live with a chronic, intimate use our products to fully understand need to live the life they want to lead. healthcare condition for the rest of their daily challenges – and offer the their lives. guidance they need to manage their But let’s start by breaking the silence.
  • Annual Report 2012

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    ANNUAL REPORT 2012 MOVING ENERGY FORWARD MANAGEMENT’S REVIEW PARENT COMPANY FINANCIAL STATEMENTS 1 Chairman’s statement 92 Statement of comprehensive income 2 DONG Energy at a glance 93 Balance sheet 4 Selected events 2012 94 Statement of changes in equity 5 CEO’s review 95 Statement of cash flows 7 Our activities 96 Notes 11 CSR report MANAGEMENT STATEMENT, INDEPENDENT AUDITOR’S Financial performance and outlook REPORT AND ASSURANCE REPORT 15 Performance highlights, financial 105 Statement by the Executive Board and the Board of Directors 17 Consolidated results 106 Independent auditor’s report, financial statements 23 Review of business units’ performance 107 Assurance report, non-financial statements 27 Outlook 28 Financial objectives 29 DONG Energy in the capital market ADDITIONAL Information 30 Risk and risk management 108 Company announcements published in 2012 109 Glossary Management information 111 Activity map 37 Corporate governance and internal controls 40 Executive Board and Group Executive Management 41 Board of Directors FURTHER INFORMATION Media Relations Karsten Anker Petersen CONSOLIDATED FINANCIAL STATEMENTS +45 9955 9662 44 Statement of comprehensive income Investor Relations 45 Balance sheet Allan Bødskov Andersen 46 Statement of changes in equity +45 9955 9769 47 Statement of cash flows 49 Notes www.dongenergy.com DONG Energy A/S CONSOLIDATED NON-FINANCIAL STATEMENTS CVR No. 36213728 87 Performance highlights, non-financial Kraftværksvej 53 88 Accounting policies 7000 Fredericia Denmark Tel +45 9955 1111 Language The report has been prepared in Danish and in English. In the event of any discrepancies between the Danish and the English reports, the Danish version shall prevail. DONG ENERGY ANNUAL REPORT 2012 Management’S REVIEW CHairMan’s stATEMENT Focused transformation to the sustainable energy system of the future As Denmark’s largest energy company DONG Energy has a vital role to In our supply of energy to end customers, enhanced energy ef- play in keeping the Danes supplied with energy.
  • 2012 Catalogue of Results Proudly Conducted By

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    2012 Catalogue of Results Proudly conducted by 2012 Catalogue of Results The Royal Agricultural Society of Victoria Limited ABN 66 006 728 785 ACN 006 728 785 Melbourne Showgrounds Epsom Road Ascot Vale Victoria 3032 Telephone +61 3 9281 7444 Facsimile +61 3 9281 7592 www.rasv.com.au List of Office Bearers As at 01/05/2012 Board of Directors S. C. Spargo (Chair) D. Pollett Hodgson (VIce Chair) I. I. Bucknall D. S. Chapman M. J. Coleman A. J. Hawkes N.E. King OAM G. J. Phillips J. A. Potter P. J. B. Ronald OAM President S. C. Spargo Vice President D. Pollett Hodgson Chief Executive Officer M. O’Sullivan Industry Advisory Group P. Manders ( Chief Judge) B. Taylor B. Rogers C Badenoch L. Ryan P. Aldred Competition Manager Michael Conolly T: +61 3 9281 7473 E: [email protected] University Of Ballarat PO Box 663 Ballarat Victoria 3353 Australia Telephone 1300 225 527 Facsimile +61 3 5327 9855 www.ballarat.edu.au Vice Chancellor Professor David Battersby Contents Report on Entries 4 2012 Judging Panel 4 2012 Trophy Winners 6 2012 Sections and Classes of Entry 9 Exhibitors List 54 2 20 Years Celebrated with AUSTRALIAN INTER NATIO AIBA’s Collaborator NAL B EER AW ARDS In celebration of the AIBA’s 20th Anniversary a commemorative beer was produced, ‘Collaborator.’ AIBA 20 TH 2011 AIBA champion trophy brewers, Brendan Varis ANNIVERS ARY BREW from Feral Brewing and Andrew Ong from 2 Brothers Brewery came together to create this limited edition brew, the brewers have termed an Australian Brown Ale.
  • SUSTAINABILITY SUMMARY 2020 Introduction

    SUSTAINABILITY SUMMARY 2020 Introduction

    SUSTAINABILITY SUMMARY 2020 Introduction CARLSBERG GROUP SUSTAINABILITY SUMMARY 2020 INTRODUCTION 2 MESSAGE FROM OUR CEO 2020 has been an incredibly organic decline in operating profit to DKK 956m to support research, arts, challenging year for our 3.1%. We ended the year with culture and civil society, including reported revenue of DKK 58.5bn, DKK 109m specifically for COVID-19 business, our customers and operating profit of DKK 9.7bn and relief efforts. our people all around the free cash flow of DKK 5.1bn. world. Our purpose is brewing for a better Despite the challenges posed by today and tomorrow. Despite the Through it all, we have remained COVID-19, our strategic priorities immense and immediate threat to resilient, buoyed by our strong and ambitions remain intact, and we human health, I am encouraged to performance over the past few years. have continued to invest in our see that the global pandemic has brands. While volumes sold have sharpened the world’s focus on the I would like to thank each and every declined overall, we have seen long-term sustainability of the one of our people for their role in growth of 1% in our craft & speciality planet too. We must not lose sight of continuing to support our business brews and 11% in our alcohol-free this overriding objective and I joined and our customers through these brews. other leading CEOs in urging tough times. governments to ensure their recovery Our financial performance and efforts support the Paris Agreement’s During the year, our top priority was SAIL’22 business strategy are 1.5˚C climate goal.