Japan & USA: Asahi looks to invest more in the USA

Asahi Group Holdings, one of Japan’s largest drink makers, is investing more in the U.S., paying heed to President Trump’s tariff threats, which has led many global companies to recalibrate their investment strategies, MSN reported on March 12.

Asahi aims to deepen its presence in the U.S., where consumers haven’t sought its brands as much as those in European and Asia-Pacific markets. The company has allocated $35 million partly to start and boost the production of its top-selling Asahi Super Dry beer at a plant it acquired last year in Wisconsin, Asahi Chief Executive Atsushi Katsuki said.

Katsuki said production of the beer brand is expected to begin later this month, adding that the Japanese company is looking to spend more on the Wisconsin facility or elsewhere in the U.S. to make beer or other drinks in the coming years.

President Trump said last month that the U.S. is considering 25% tariffs on the European Union. The U.S. imposed 25% tariffs on imports from Canada and Mexico earlier this month, though it has partially pulled back levies on some goods.

Asahi has been importing the beer brand from Italy to sell in the U.S., which could be affected by potential U.S. tariffs on European products.

Katsuki said developments in President Trump’s tariff policy would influence Asahi’s production and capital-expenditure plans, adding, “We can’t ignore that.” The company’s exports to the U.S. from Europe or Japan aren’t large currently, he said.

Over the past decade, Asahi has built its global footprint through multibillion-dollar acquisitions in Europe and Australia. Some well-known beer brands under Asahi include Peroni from Italy and Pilsner Urquell from the Czech Republic. Still, the U.S. remains a weak spot.

The company sees limited opportunities for large acquisitions in North America, where big players like Budweiser-brewer Anheuser-Busch InBev, Miller Lite-maker Molson Coors Beverage and Modelo-owner Constellation Brands dominate the beer market.

Katsuki said he wants to increase Asahi Super Dry sales in the U.S. several times in a few years. Currently, U.S. sales are roughly one-third of Australia’s despite the U.S. population being more than 12 times bigger.

While seeking growth in the beer business in the U.S., the company has also been investing in startups through its San Francisco-based $70 million venture-capital fund, which focuses on premium nonalcohol and low-alcohol drinks.

Katsuki said the premium nonalcohol and low-alcohol drinks business is growing quickly, and the company can use its capability to develop nonalcoholic beverages. Besides beer and whisky, Asahi is known in Japan for making popular soft drinks such as Calpico and Mitsuya Cider.

At home, the company began selling Asahi Zero, a beer-like beverage with 0.00% alcohol content. In 2024, sales were nearly three times higher than the company had initially projected, prompting management to target an additional 16% increase in sales for the current year. “This market will grow much, much bigger,” Katsuki said.

The company’s stock has risen about 16% in 2025, driven by earnings growth. Last year, its net profit climbed 17% to 192 billion yen, equivalent to $1.30 billion, thanks to strength in the European and Japanese businesses, as revenue grew 6.2% to ¥2.9 trillion.

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