Qingdao predicts sales growth on new breweries
Qingdao Brewery, China’s largest brewer, predicted its sales would grow at least 20% a year over the next five years following increased spending to build new plants, the Shandong Daily reported. The brewer will add one million tons to its capacity by the end of this year after building new plants in Shandong, Sichuan, and Shaanxi provinces. It currently has 50 plants in 20 provinces across the country. The company produced 4.5 million tons of beer last year compared to 2.5 million tons in 2001. The figure is projected to hit 5.08 million tons this year. Qingdao Brewery, which accounts for more than half of all Chinese-brewed beer exports, is also stepping up its marketing of premium products, including a low-alcohol brand, largely through sponsorship of next year’s Beijing Olympics. China’s beer market revenue jumped 16% last year, and consumption is expected to double within a decade.