Case analysis question about German Beer. list opportunities and threats.

BEER IN GERMANY Euromonitor International June 2016 B E E R I N G E R M A N Y P a s s p o r t I © E u r o m o n i t o r I n t e r n a t i o n a l LIST OF CONTENTS AND TABLES Headlines ................................ ................................ ................................ ................................ ..... 1 Trends ................................ ................................ ................................ ................................ .......... 1 Production, Imports and Exports ................................ ................................ ................................ .. 2 Competitive Landscape ................................ ................................ ................................ ................ 3 Prospects ................................ ................................ ................................ ................................ ..... 4 Category Background ................................ ................................ ................................ ................... 4 Lager Price Band Methodology ................................ ................................ ................................ 5 Summary 1 Lager by Price Band 2015 ................................ ................................ ............ 5 Table 1 Number of Breweries 2010 -2015 ................................ ................................ . 5 Category Data ................................ ................................ ................................ .............................. 5 Table 2 Sales of Beer by Category: Total Volume 2010 -2015 ................................ .. 5 Table 3 Sales of Beer by Category: Total Value 2010 -2015 ................................ ..... 6 Table 4 Sales of Beer by Category: % Total Volume Growth 2010 -2015 .................. 7 Table 5 Sales of Beer by Category: % Total Value Growth 2010 -2015 ..................... 7 Table 6 Sales of Beer by Off -trade vs On -trade: Volume 2010 -2015 ........................ 7 Table 7 Sales of Beer by Off -trade vs On -trade: Value 2010 -2015 ........................... 8 Table 8 Sales of Beer by Off -trade vs On -trade: % Volume Growth 2010 -2015 ....... 8 Table 9 Sales of Beer by Off -trade vs On -trade: % Value Growth 2010 -2015 .......... 8 Table 10 GBO Company Shares of Beer: % Total Volume 2011 -2015 ....................... 8 Table 11 NBO Company Shares of Beer: % Total Volume 2011 -2015 ....................... 9 Table 12 LBN Brand Shares of Beer: % Total Volume 2012 -2015 ............................ 10 Table 13 Production, Imports and Exports of Beer: Total Volume 2009 -2014 .......... 11 Table 14 Imports of Beer by Country of Origin: Total Volume 2009 -2014 ................. 11 Table 15 Imports of Beer by Country of Origin: Total Value 2009 -2014 .................... 12 Table 16 Exports of Beer by Country of Destination: Total Volume 2009 -2014 ........ 12 Table 17 Exports of Beer by Country of Destination: Total Value 2009 -2014 ........... 13 Table 18 Forecast Sales of Beer by Category: Total Volume 2015 -2020 ................. 14 Table 19 Forecast Sales of Beer by Category: Total Value 2015 -2020 .................... 14 Table 20 Forecast Sales of Beer by Category: % Total Volume Growth 2015 - 2020 ................................ ................................ ................................ ........... 15 Table 21 Forecast Sales of Beer by Category: % Total Value Growth 2015 - 2020 ................................ ................................ ................................ ........... 15 B E E R I N G E R M A N Y P a s s p o r t 1 © E u r o m o n i t o r I n t e r n a t i o n a l BEER IN GERMANY HEADLINES  In 2015 beer declines by 2% in total volume terms, to reach 8.9 billion litres  Renewed interest in traditional and regional beers leads brewers to refocus on new product developments  Non/low alcohol beer increases by 5% in total volume terms in 2015, to re ach 471 million litres  After a price increase in 2014, the total average unit price of beer remains stable in 2015, at €3.00 per litre  Domestic premium lager brands outperform their mid -priced and economy counterparts  Beer in Germany is expected to see a n egative total volume CAGR of 2% over the forecast period TRENDS  After the performance of beer in 2014, which owed its success to the FIFA World Cup and pleasant weather in the first half of the year, beer continued its decline in 2015. In addition to de mographic changes in Germany, which have been driving the declining consumption of beer domestically for years, the absence of a major sporting event and the relatively unfavourable weather conditions also contributed to the overall decline of beer in Germ any in 2015. Decreasing beer consumption can partly be attributed to the declining number of “best agers”; a group of consumers above 50 which thus far has guaranteed steady beer consumption. Similarly, the number of people who completely reject the consum ption of alcohol increased throughout the last few years.  Lager remained by far the largest category in beer in Germany in 2015, mainly due to the most popular type of beer, pils. However, because pils competes with speciality beer, its current decline is expected to continue over the forecast period. Domestic pr emium lager continued to be the largest category in terms of total volume sales in 2015, followed by domestic mid -priced lager. Imported premium lager is slowly gaining importance; however, compared with domestic lager it is still very small in terms of vo lume sales. As consumers are tending to pay more attention to the quality of beer, and are willing to pay more for it, this has put pressure on economy and mid -priced lager, which are struggling to compete.  In 2015 beer experienced increasing demand for bo th regional beer, as well as an emphasis on traditional brewing techniques. Driven by the craft beer wave coming from the US, German consumers are drawn to beer that is positioned as hand -crafted, regional and has a distinct character, thanks to being brew ed in accordance with traditional recipes. An interest in old - fashioned brewing techniques therefore shaped the German beer category. Festbier, kellerbier and landbier are gaining traction, and consumers are also responding positively to the positioning of these traditional types of beer, which are often sold in compact, old - fashioned so -called steini bottles.  Non/low alcohol beer saw the strongest performance within beer in 2015. Germany is experiencing a slight reluctance to consume alcohol amongst some c onsumer groups, based on a variety of reasons. Dietary motivations and concerns about calorie intake, regulations impacting the consumption of alcohol before driving, as well as the fact that during the week people are often expected to be available for wo rk, are all having an impact on the consumption patterns of beer. Innovations and new product developments within non/low B E E R I N G E R M A N Y P a s s p o r t 2 © E u r o m o n i t o r I n t e r n a t i o n a l alcohol beer capitalised on this development, leading to a change in the perception of non/low alcohol beer. Whereas in the past this beer was often belittled in German society, it has now become a real alternative for many consumers. The taste has improved significantly, thanks to new innovations in recipes, and the variety of different mixed flavours has increased massively. In 2015, n on/low alcohol beer therefore increased by 5% in total volume terms, to reach 471 million litres.  Although relatively small in Germany compared with other European markets, ale and stout performed comparatively well in Germany in 2015. This was due to the overall demand for speciality beer, and the fact that prominent brands such as Guinness are associated with speciality beer. In Germany, stout is still predominantly consumed in Irish pubs by consumers who are looking for the real Irish experience. Ale is increasingly brewed by microbreweries, which are differentiating their products at the high -end of the market, experimenting with new flavours.  After many of the large players increased the unit price of beer in 2014, prices remained stable in 2015. Price competition was especially intense in 20 x 0.5 -litre crates, which most of the large brewers sold through promotions at lower prices. This affected in particular economy brands, such as Oettinger, which is increasingly threatened by the strong promotional activities of mid -priced and premium brands.  Beer performed better in the off -trade channel than in the on -trade channel in 2015. The declining consumption of beer in the gastronomy and bar/club scene was amongst other reasons due to a change in drinking p atterns, especially amongst younger people. They increasingly purchase alcoholic drinks in retail stores and drink them at home or on the way to a party. Moreover, the smoking ban, as well as tougher restrictions on consuming alcohol before driving, negati vely affected the consumption of alcohol in the on -trade channel in recent years. PRODUCTION, IMPORTS AND EXPORTS  For the first time since 2005, beer production in Germany increased in 2014, due to the successful soccer World Cup month, and the good wea ther during the summer months. Of the 9.5 billion litres of beer produced in Germany in 2015, over 90% was also consumed within Germany – in other words, domestic beer continued to dominate the German beer landscape. However, due to its high quality and st rict regulations concerning the brewing process and the purity of the beer, it is also very popular in other countries, underpinning the relatively high export rate, which also grew in 2014.  The main export countries for beer within Europe are Italy, Franc e, the Netherlands and the UK, followed by the US on a worldwide scale. Even though China is the world‟s largest beer producer, Asia and South America are considered new target markets for German beer, with high potential for growth. In particular China ha s become an increasingly important market for German brewers.  Imported beers play a relatively insignificant role in beer in Germany. Only a few imported beers seem to meet the high demands of tradition, purity and quality that German consumers are used to from domestic beers. These few imported beers come mainly from Denmark, the Czech Republic and Belgium, and also have a significant international reputation. However, choosing a beer brand is also a very emotional choice for many consumers. It is a form o f regional patriotism, which also accounts for the fact that certain beer types are often only consumed in the areas in which they are produced, such as wheat beer in Bavaria and southern Germany, and kölsch almost only in the Cologne area. B E E R I N G E R M A N Y P a s s p o r t 3 © E u r o m o n i t o r I n t e r n a t i o n a l  For profitabili ty reasons, as well as due to very high standards in the German market, imported economy lager is not present in the country. Imported premium lager led imported lager overall, with sales of 224 million litres in 2015, which represents a 6% share of premiu m lager. COMPETITIVE LANDSCAP E  Radeberger Gruppe maintained its leading position in beer in 2015, thanks to its wide spectrum of brands, which are present in most beer categories. Despite experiencing a slight decline in its overall volume sales, Radeber ger Gruppe managed to achieve growth with brands such as Ur -Krostitzer and Schöfferhofer Grapefruit. Its flagship brand Radeberger remained stable in 2015, in spite of heavy spending on advertisements and promoting its 20 x 0.5 -liter crates. Its focus on d iversifying its beer brand portfolio, especially by building on strong regional brands, is likely to guarantee its leading position in beer in Germany in the future.  The craft beer wave coming from the US has had no massive impact on the German beer catego ry, mainly due to the general perception of German beer as a relatively high quality product. Nonetheless, it has shaped consumers‟ attitude towards the brewing of beer. An interest in traditional brewing techniques and old -fashioned beer types, such as ke llerbier or landbier have convinced major brewers to invest in these types of retro beers. Arguably the most successful beer of this kind, Grevensteiner, was introduced by Brauerei C & A Veltins in 2014. Since then it showed massive growth of 72% in volume terms in 2015, and inspired other major competitor brands, such as Warsteiner and Krombacher, to launch their own traditional kellerbier in early 2016. At the same time, Veltins is expected to capitalise on the massive success of its star brand by expandi ng the line and adding a flavoured mixed variant, Grevensteiner Naturradler.  Oettinger Brauerei is arguably suffering the most under the current conditions in beer in the German market. The company, which is known for its large volumes of economy beer, suf fered declining volume sales throughout the last few years, amongst other reasons due to the increasing pressure from aggressive price promotions on premium beer, which started to close the price gap for 20 x 0.5 -litre crates between premium and economy la ger. Internal power struggles concerning the control of the company further exacerbated its negative sales performance. In 2015 alone, Oettinger Pils declined by 5% in total volume terms.  As a result of the increasing interest in speciality beer, the numbe r of breweries actually increased over the review period, in spite of the overall decline in beer consumption in Germany. This is because consumers are intrigued by craft brewing techniques and by the increasing number of regional products with which they are able to identify. Especially during the Christmas season, seasonal brews are very popular. Because every new microbrewery launches at least three new brands, the growing number of breweries in Germany has provided the German market with a greater varie ty of brands. The number of available brands has therefore increased to 5,500, whereas in 2000 it was still only at 5,000 brands, according to the German brewers‟ association.  Imported premium lager performed relatively well in 2015 compared with many Germ an domestic brands. The Czech company Budweiser Budvar Importgesellschaft in particular had a successful year in Germany, with its two main brands Budweiser Budvar and Pardal.

Growing by 4% in total volume terms in 2015, Budweiser Budvar has strengthened i ts position as the leading imported brand in Germany, followed by Pilsner Urquell and Heineken. B E E R I N G E R M A N Y P a s s p o r t 4 © E u r o m o n i t o r I n t e r n a t i o n a l PROSPECTS  As beer in Germany is highly saturated, domestic beer consumption is expected to decline, with a negative volume CAGR of 2% over the next five years . The consumer preference for regional beer and beer which is positioned as traditional and higher quality will further underpin this development. Although this might be difficult to accept for major brewers, thinking less about merely achieving higher vol ume sales through aggressive promotions, and more about strategic positioning along the lines of consumer preferences, will eventually pay - off better in the long run.  Non/low alcohol beer is expected to continue its growth trajectory over the forecast peri od in Germany. With consumers becoming increasingly health -conscious, more people will try to reduce their calorie and alcohol intake. New product developments and recipes which result in better -tasting non/low alcohol beers will support the continued grow th of this category. Further launches can also be expected in non -alcohol beer which stress the isotonic benefits of non - alcohol beer for an active lifestyle.  In flavoured/mixed beer, trade sources agree that the experimental days of mixing beer with various exotic flavours for the sake of creating an eye -catching product are over. Within flavoured/mixed lager, radler is expected to increase its share thanks to its long tradition and general popularity amongst German consumers, whilst the demand for non -mainstream beer mixes will decline.  Discounters is projected to gain further share over the forecast period. In early 2016, both Aldi Süd and Aldi Nord began list ing Krombacher Pils, one of the largest domestic premium lager brands in Germany. This not only indicates Aldi‟s efforts to increasingly attract consumers with well -known brands, but also that it will gradually compete with other channels which were previo usly sought out by consumers for their offering of more premium brands.  Potential threats to beer consumption in Germany originate from the unpredictable weather conditions, which always have a major impact on how much people drink, both in the off -trade and on -trade channels. Major sporting events, mainly the European Championship and the soccer World Cup, which will take place in 2016 and 2018 respectively, have the potential to boost sales of beer during the summer months. However, even these events are highly dependent on the weather, as well as factors such as the performance of the German national team.  Retro beer such as Grevensteiner from Veltins, which experienced massive growth in the last two years, is expected to see more imitations over the fore cast period. Other major brewers, such as Warsteiner and Krombacher, are launching their own versions of traditional kellerbier.

This demonstrates that Veltins has indeed hit the bull‟s eye with its successful brand, Grevensteiner Landbier. Similarly, beer which is considered more extraordinary in Germany, such as ale and stout, will continue to see growth, becoming better -known.  Thanks to the changing consumption patterns of younger adults, who are increasingly drinking at home or on their way to parties, beer consumption in the on -trade channel is expected to perform worse than in the off -trade channel. Moreover, gastronomy is declining, especially in rural areas, because young people are moving to urban areas. Advantageous conditions for gastronomy are ge nerally provided by warm weather, which draws people to beer gardens. Many operators then use this opportunity to organise public viewings of major sports events. CATEGORY BACKGROUND B E E R I N G E R M A N Y P a s s p o r t 5 © E u r o m o n i t o r I n t e r n a t i o n a l Lager Price Band Methodology  In Germany, lager is divided into three g eneral price segments: Economy (entry level), mid - priced and premium. Even though there are regional and channel -related differences to the pricing of specific brands, overall the average unit price for off -trade premium lager is currently €1.23 per litre. This represents a slight increase compared with the previous year‟s unit prices, but at a European level these are still exceptionally low beer prices. Brands such as Bitburger, Beck‟s and Veltins can be found in this segment.  The still rather low prices and regular discounts on premium lager also put a lot of pressure on mid -priced lager, as it stands in direct competition with premium products. The average off - trade unit price in 2015 was €0.99 per litre; little different from the price of premium brands when they are on sale. Common mid -priced lager brands are Köstritzer, Holsten and Astra. One way to secure a rather loyal customer base for mid -priced lager brands is the addition of gimmicks and commercial gifts with the purchase of a crate of beer, as r egularly implemented by the fashionable brand Astra.  Prices of off -trade economy lager remained stable in 2015, with an average unit price of €0.56 per litre. The leading brand in this category was still Oettinger, accounting for a 45% share of total volum e sales of economy beer, followed by private label ranges, such as Aldi and Lidl. Summary 1 Lager by Price Band 2015 Category Price range per litre Premium €1.23> Mid -priced €0.99 -1.23 Economy €0.56 -0.99 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Note: Price bands for lager are based primarily on price, but positioning and packaging are other f actors that are considered in classification Table 1 Number of Breweries 2010 -2015 2010 2011 2012 2013 2014 2015 TOTAL 1,333 1,347 1,341 1,352 1,352 1,352 Source: Euromonitor International from official statistics (Quelle: Deutscher Brauer Bund), company research CATEGORY DATA Table 2 Sales of Beer by Category: Total Volume 2010 -2015 million litres 2010 2011 2012 2013 2014 2015 Dark Beer 1,544.3 1,54 9.0 1,522.0 1,488.9 1,470.7 1,429.1 - Ale 558.3 547.6 530.9 520.3 524.2 523.6 - Sorghum - - - - - - - Weissbier/Weizen/ 986.0 1,001.4 991.1 968.6 946.5 905.5 Wheat Beer B E E R I N G E R M A N Y P a s s p o r t 6 © E u r o m o n i t o r I n t e r n a t i o n a l Lager 7,447.4 7,432.9 7,320.1 7,192.8 7,140.0 6,979.8 - Flavoured/Mixed Lager 609.8 591.9 620.2 608.4 610.5 577.6 - Standard Lager 6,837.6 6,841.0 6,699.9 6,584.4 6,529.5 6,402.2 -- Premium Lager 4,215.8 4,212.9 4,133.8 4,063.4 4,022.5 3,966.2 --- Domestic Premium 3,985.2 3,986.1 3,897.8 3,833.5 3,795.4 3,742.5 Lager --- Imported Premium 230.5 226.8 236.0 229.9 227.1 223.6 Lager -- Mid -Priced Lager 1,518.8 1,507.6 1,466.4 1,439.4 1,433.3 1,396.6 --- Domestic Mid -Priced 1,459.2 1,449.3 1,406.1 1,380.8 1,374.6 1,339.5 Lager --- Imported Mid -Priced 59. 6 58.4 60.3 58.7 58.6 57.1 Lager -- Economy Lager 1,103.1 1,120.4 1,099.7 1,081.6 1,073.8 1,039.4 --- Domestic Economy 1,103.1 1,120.4 1,099.7 1,081.6 1,073.8 1,039.4 Lager --- Imported Economy - - - - - - Lager Non/Low Alcoho l Beer 321.2 344.5 378.9 426.0 446.7 470.7 Stout 17.2 17.3 16.8 17.3 17.9 18.5 Beer 9,330.1 9,343.7 9,237.8 9,125.0 9,075.2 8,898.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 3 Sales of Beer by Category: Total Value 2010 -2015 EUR million 2010 2011 2012 2013 2014 2015 Dark Beer 5,361.8 5,380.6 5,434.9 5,374.5 5,397.2 5,297.8 - Ale 2,016.2 1,996.7 1,955.1 1,945.5 1,986.7 1,991.5 - Sorghum - - - - - - - Weissbier/Weizen/ 3,345.6 3,383.9 3,479.8 3,428.9 3,410.6 3,306.3 Wheat Beer Lager 20,953.0 20,850.8 20,977.3 20,694.3 20,963.3 20,489.3 - Flavoured/Mixed Lager 1,928.6 1,914.6 2,018.2 1,990.8 2,039.7 1,966.2 - Standard La ger 19,024.4 18,936.2 18,959.1 18,703.4 18,923.5 18,523.0 -- Premium Lager 13,949.3 13,907.5 13,974.6 13,806.4 13,933.2 13,686.3 --- Domestic Premium 12,946.7 12,918.9 12,927.4 12,783.8 12,906.0 12,671.6 Lager --- Imported Premium 1,002.6 988.6 1,047.2 1,022.6 1,027.2 1,014.7 Lager -- Mid -Priced Lager 4,490.5 4,423.6 4,377.9 4,299.6 4,384.5 4,254.8 --- Domestic Mid -Priced 4,347.2 4,284.4 4,233.8 4,159.1 4,242.0 4,115.1 Lager --- Imported Mid -Priced 143.3 139.3 144.1 140.5 142.5 139.8 Lager -- Economy Lager 584.6 605.0 606.6 597.5 605.8 581.9 --- Domestic Economy 584.6 605.0 606.6 597.5 605.8 581.9 Lager --- Imported Economy - - - - - - Lager Non/Low Alcohol Beer 684.5 734.1 829.5 941.2 992.5 1,050.8 Stout 108.6 107.6 106.8 111.1 115.8 120.1 Beer 27,107.8 27,073.1 27,348.5 27,121.1 27,468.8 26,957.9 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sourc es B E E R I N G E R M A N Y P a s s p o r t 7 © E u r o m o n i t o r I n t e r n a t i o n a l Table 4 Sales of Beer by Category: % Total Volume Growth 2010 -2015 % total volume growth 2014/15 2010 -15 CAGR 2010/15 Total Dark Beer -2.8 -1.5 -7.5 - Ale -0.1 -1.3 -6.2 - Sorghum - - - - Weissbier/Weizen/Wheat Beer -4.3 -1.7 -8.2 Lager -2.2 -1.3 -6.3 - Flavoured/Mixed Lager -5.4 -1.1 -5.3 - Standard Lager -2.0 -1.3 -6.4 -- Premium Lager -1.4 -1.2 -5.9 --- Domestic Premium Lager -1.4 -1.2 -6.1 --- Imported Premium Lager -1.5 -0.6 -3.0 -- Mid -Priced Lager -2.6 -1.7 -8.0 --- Domestic Mid -Priced Lager -2.6 -1.7 -8.2 --- Imported Mid -Priced Lager -2.7 -0.9 -4.2 -- Economy Lager -3.2 -1.2 -5.8 --- Domestic Economy Lager -3.2 -1.2 -5.8 --- Imported Economy Lager - - - Non/Low Alcohol Beer 5.4 7.9 46.5 Stout 3.1 1.5 7.6 Beer -2.0 -0.9 -4.6 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 5 Sales of Beer by Category: % Total Value Growth 2010 -2015 % local currency, current valu e growth 2014/15 2010 -15 CAGR 2010/15 Total Dark Beer -1.8 -0.2 -1.2 - Ale 0.2 -0.2 -1.2 - Sorghum - - - - Weissbier/Weizen/Wheat Beer -3.1 -0.2 -1.2 Lager -2.3 -0.4 -2.2 - Flavoured/Mixed Lager -3.6 0.4 2.0 - Standard Lager -2.1 -0.5 -2.6 -- Premium La ger -1.8 -0.4 -1.9 --- Domestic Premium Lager -1.8 -0.4 -2.1 --- Imported Premium Lager -1.2 0.2 1.2 -- Mid -Priced Lager -3.0 -1.1 -5.2 --- Domestic Mid -Priced Lager -3.0 -1.1 -5.3 --- Imported Mid -Priced Lager -1.9 -0.5 -2.5 -- Economy Lager -4.0 -0.1 -0.5 --- Domestic Economy Lager -4.0 -0.1 -0.5 --- Imported Economy Lager - - - Non/Low Alcohol Beer 5.9 9.0 53.5 Stout 3.7 2.0 10.6 Beer -1.9 -0.1 -0.6 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 6 Sales of Beer by Off -trade vs On -trade: Volume 2010 -2015 B E E R I N G E R M A N Y P a s s p o r t 8 © E u r o m o n i t o r I n t e r n a t i o n a l million litres 2010 2011 2012 2013 2014 2015 Off -trade 5,935.0 5,973.4 5,923.2 5,864.8 5,845.0 5,751.9 On -trade 3,395.1 3,370.3 3,314.6 3,260.2 3,230.3 3,146.1 Total 9,330.1 9,343.7 9,237.8 9,125.0 9,075.2 8,898.0 Source: Euromonitor International from official statistics, trade assoc iations, trade press, company research, store checks, trade interviews, trade sources Table 7 Sales of Beer by Off -trade vs On -trade: Value 2010 -2015 EUR million 2010 2011 2012 2013 2014 2015 Off -trade 6,568.7 6,556.6 6,671.6 6,649.1 6,858.7 6,794.8 On-trade 20,539.1 20,516.6 20,676.9 20,472.0 20,610.1 20,163.2 Total 27,107.8 27,073.1 27,348.5 27,121.1 27,468.8 26,957.9 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 8 Sales of Beer by Off -trade vs On -trade: % Volume Growth 2010 -2015 % volume growth 2014/ 15 2010 -15 CAGR 2010/15 TOTAL Off -trade -1.6 -0.6 -3.1 On -trade -2.6 -1.5 -7.3 Total -2.0 -0.9 -4.6 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade source s Table 9 Sales of Beer by Off -trade vs On -trade: % Value Growth 2010 -2015 % constant value growth 2014/15 2010 -15 CAGR 2010/15 TOTAL Off -trade -0.9 0.7 3.4 On -trade -2.2 -0.4 -1.8 Total -1.9 -0.1 -0.6 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 10 GBO Company Shares of Beer: % Total Volume 2011 -2015 % total volume Company 2011 2012 2013 2014 2015 Oetker -Gruppe 11.9 12.5 12.5 12.5 12.6 Anheuser -Busch InBev NV 8.6 8.7 8.4 8.2 8.3 Bitburger Braugruppe GmbH 8.0 8.1 7.9 7.9 7.9 Krombacher Brauerei Bhd 5.7 5.8 5.9 6.0 6.2 Schadeberg GmbH & Co KG B E E R I N G E R M A N Y P a s s p o r t 9 © E u r o m o n i t o r I n t e r n a t i o n a l Oettinger Brauerei GmbH 6.3 6.2 6.2 6.0 5.9 Carlsberg A/S 3.9 3.9 4.0 4.0 4.0 Brauerei C & A Veltins 3.2 3.3 3.2 3.4 3.5 GmbH & Co KG Paulaner Brauerei GmbH 2.9 3.0 3.1 3.2 3.3 & Co KG Brau Holding 3.1 3.1 3.0 3.0 3.0 International AG Warsteiner Brauerei 3.2 3.2 3.2 3.0 2.9 Haus Cramer GmbH & Co KG Karlsberg Brauerei GmbH 2.2 2.3 2.3 2.3 2.3 & Co KG Frankfurter Brauhaus GmbH 1.9 1.9 1.9 1.9 1.9 Erdinger Privatbrauerei 1.7 1.8 1.8 1.9 1.9 Weissbräu Werner Brombach GmbH Augustiner -Bräu Wagner KG 1.1 1.2 1.2 1.3 1.4 Badische Staatsbrauerei 0.8 0.8 0.8 0.8 0.9 Rothaus AG Reissdorf GmbH & Co, 0.7 0.7 0.7 0.7 0.7 Privatbrauerei Heineken NV 0.5 0.5 0.5 0.5 0.5 Gaffel Becker & Co oHG, 0.5 0.5 0.5 0.5 0.5 Privatbrauerei SABMiller Plc 0.5 0.5 0.5 0.5 0.5 Glaabsbräu KG 0.4 0.4 0.4 0.4 0.5 Cölner Hofbräu Früh 0.4 0.4 0.4 0.4 0.4 Budejovicky Budvar np 0.3 0.3 0.3 0.3 0.3 Flensburger Brauereien 0.3 0.3 0.3 0.3 0.3 Emil Petersen GmbH & Co KG Brauerei Maisel GmbH & 0.3 0.3 0.3 0.3 0.3 Co KG Eichbaum GmbH & Co KG 0.2 0.2 0.2 0.3 0.3 Weissbierbrauerei Georg 0.3 0.3 0.3 0.3 0.3 Schneider & Sohn GmbH König Ludwig GmbH & Co KG 0.2 0.2 0.2 0.2 0.2 Privat -Brauerei 0.2 0.2 0.2 0.2 0.2 Schmucker GmbH & Co KG Dom -Brauerei AG 0.2 0.2 0.2 0.2 0.2 Diageo Plc 0.1 0.1 0.1 0.1 0.1 Private Label 5.1 5.2 5.2 5.2 5.2 Others 25.1 24.0 24.4 24.0 23.7 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 11 NBO Company Shares of Beer: % Total Volume 2011 -2015 % total volume Company 2011 2012 2013 2014 2015 Radeberger Gruppe KG 12.0 12.5 12.6 12.6 12.7 Krombacher Brauerei Bhd 5.7 5.8 5.9 6.0 6.2 Schadeberg GmbH & Co KG Brauerei C & A Veltins 3.2 3.3 3.2 3.4 3.5 GmbH & Co KG Paulaner Brauerei GmbH 2.9 3.0 3.1 3.2 3.3 & Co K G B E E R I N G E R M A N Y P a s s p o r t 10 © E u r o m o n i t o r I n t e r n a t i o n a l Aldi Einkauf GmbH & Co 2.5 2.5 2.5 2.6 2.6 oHG Warsteiner Brauerei 2.8 2.9 2.9 2.7 2.5 Haus Cramer GmbH & Co KG Karlsberg Brauerei GmbH 2.2 2.3 2.3 2.3 2.3 & Co KG Kulmbacher Brauerei AG 2.3 2.3 2.2 2.2 2.2 Erdinger Privat brauerei 1.7 1.8 1.8 1.9 1.9 Weissbräu Werner Brombach GmbH Other Private Label 1.3 1.3 1.4 1.4 1.4 Augustiner -Bräu Wagner KG 1.1 1.2 1.2 1.3 1.4 Lidl & Schwarz Stiftung 1.3 1.3 1.3 1.3 1.3 & Co KG König -Brauerei GmbH & 1.3 1.3 1.3 1.3 1.3 Co KG Köstritzer 0.9 0.8 0.9 0.9 0.9 Schwarzbierbrauerei GmbH & Co Fürstlich 0.6 0.6 0.6 0.7 0.7 Fürstenbergische Brauerei GmbH & Co KG Reissdorf GmbH & Co, 0.7 0.7 0.7 0.7 0.7 Privatbrauerei Diebels GmbH & Co KG, 0.7 0.6 0.6 0.6 0.6 Privatbrauerei Vitamalz GmbH & Co KG 0.4 0.4 0.4 0.4 0.5 Cölner Hofbräu Früh 0.4 0.4 0.4 0.4 0.4 Heineken Deutschland GmbH 0.3 0.3 0.4 0.4 0.4 Frankenheim, 0.4 0.4 0.3 0.3 0.3 Privatbrauerei Flensburger Brauereien 0.3 0.3 0.3 0.3 0.3 Emil Petersen GmbH & Co KG Löwenbräu AG 0.3 0.3 0.3 0.3 0.3 Brauerei Maisel GmbH & 0.3 0.3 0.3 0.3 0.3 Co KG Weissbierbrauerei Georg 0.3 0.3 0.3 0.3 0.3 Schneider & Sohn GmbH König Ludwig GmbH & Co KG 0.2 0.2 0.2 0.2 0.2 Dom -Brauerei AG 0.2 0.2 0.2 0.2 0.2 Faxe Deutschland 0.1 0.1 0.1 0.1 0.1 Getränke -Vertriebs GmbH Miller Brands Germany 0.1 0.1 0.1 0.1 0.1 GmbH Eichbaum -Brauerei en AG - - - - - Others 53.5 52.5 52.4 51.9 51.5 Total 100.0 100.0 100.0 100.0 100.0 Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 12 LBN Brand Shares of Beer: % Total Volume 2012 -2015 % total volume Brand (Global Brand Company 2012 2013 2014 2015 Owner) Oettinger Oettinger Brauerei GmbH 6.2 6.2 6.0 5.9 Krombacher Krombacher Brauerei Bhd 4.8 4.8 4.9 5.0 B E E R I N G E R M A N Y P a s s p o r t 11 © E u r o m o n i t o r I n t e r n a t i o n a l Schadeberg Gm bH & Co KG Bitburger Bitburger Braugruppe GmbH 4.0 3.9 4.0 3.9 Beck's (Anheuser - Anheuser -Busch InBev 3.0 2.9 2.9 2.9 Busch InBev NV) Germany Holding GmbH Hasseröder Anheuser -Busch InBev 3.0 2.7 2.5 2.6 (Anheuser -Busch Germany Holding GmbH InBev NV) Veltins Brauerei C & A Veltins 2.2 2.2 2.3 2.4 GmbH & Co KG Warsteiner Warsteiner Brauerei 2.7 2.7 2.4 2.3 Haus Cramer GmbH & Co KG Radeberger (Oetker - Radeberger Gruppe KG 1.9 2.0 2.0 2.0 Gruppe) Frankfurter Frankfurter Brauhaus GmbH 1.9 1.9 1.9 1.9 Karlsberg Karlsberg Brauerei GmbH 1.8 1.8 1.8 1.8 & Co KG Aldi (Private Label) Aldi Einkauf GmbH & Co oHG 2.3 2.3 2.4 2.4 Other Private Label Other Private Label 1.3 1.4 1.4 1.4 (Private Label) Lidl (Private Label) Lidl & Schwarz Stiftung 1.3 1.3 1.3 1.3 & Co KG Karlskrone (Private Aldi Einkauf GmbH & Co 0.2 0.2 0.2 0.2 Label) oHG Others Others 63.3 63.8 64.0 64.0 Total Total 100.0 100.0 100.0 100.0 Sour ce: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade sources Table 13 Production, Imports and Exports of Beer: Total Volume 2009 -2014 million litres 2009 2010 2011 2012 2013 2014 Beer – Production 9,807.9 9,568.5 9,554.0 9,462.0 9,436.5 9,527.0 Beer – Imports 656.0 753.8 774.5 734.0 652.6 687.7 Beer – Exports 1,405.0 1,517.6 1,600.8 1,577.2 1,517.0 1,556.2 Beer – Apparent 9,059.0 8,804.6 8,727.7 8,61 8.8 8,572.2 8,658.4 consumption Source: GTIS, Euromonitor International Note: „-‟ indicates data not available Table 14 Imports of Beer by Country of Origin: Total Volume 2009 -2014 million litres 2009 2010 2011 2012 2013 2014 Beer – Latvia 0.1 0.1 0.0 0.3 0.6 0.3 Beer – Lithuania 1.0 0.4 0.5 0.9 0.5 0.3 Beer – Mexico 0.1 0.3 1.1 2.8 2.6 3.2 Beer – Netherlands 51.0 59.5 61.7 58.6 41.4 58.1 Beer – Poland 10.9 9.8 21.1 23.7 24.1 24.5 Beer – Portugal 1.8 2.0 1.8 1.8 1.5 1.1 Beer – Russia 5.1 11.1 3.2 2.5 2.4 2.2 Beer – Spain 5.1 8.0 7.5 8.3 8.0 11.4 Beer – Sweden 26.6 33.8 41.9 44.7 43.3 45.8 Beer – Switzerland 1.9 2.6 4.7 4.3 1.8 1.8 Beer – Ukraine 0.7 0.4 0.6 0.8 0.6 0.6 B E E R I N G E R M A N Y P a s s p o r t 12 © E u r o m o n i t o r I n t e r n a t i o n a l Beer – United Kingdom 10.3 24.2 19.2 3.6 3.0 4.3 Beer – United States 0.1 0.2 0.2 0.2 0.3 0.5 Beer – Austria 7.9 10.6 11.2 6.3 13.0 16.7 Beer – Belgium 104.0 131.5 149.9 169.8 113.7 118.6 Beer – China 0.4 0.4 0.3 0.3 0.3 0.3 Beer – Croatia 0.2 0.1 0.1 0.1 0.1 1.3 Beer – Czech Republic 119.3 110.9 92.1 83 .3 80.6 81.9 Beer – Denmark 287.1 312.0 294.5 286.7 292.5 287.3 Beer – Estonia 0.0 - 0.5 0.6 0.7 0.6 Beer – Finland 0.2 0.1 0.3 0.4 0.2 0.9 Beer – France 10.2 25.2 49.6 20.7 8.0 9.0 Beer – Hungary - - - - 0.7 3.2 Beer – Ireland 8.8 7.7 10.1 10.9 10.6 11.4 Beer – Italy 0.2 0.4 0.6 0.6 0.7 0.7 Beer – Others 2.9 2.4 1.7 1.6 1.4 1.8 Beer – Total 656.0 753.8 774.5 734.0 652.6 687.7 Source: GTIS, Euromonitor International Note: „-‟ indicates data not available Table 15 Imports of Beer by Country of Origin: Tota l Value 2009 -2014 EUR million 2009 2010 2011 2012 2013 2014 Beer – United Kingdom 5.9 11.2 11.8 2.9 2.8 4.9 Beer – United States 0.1 0.3 0.3 0.3 0.5 0.9 Beer – Austria 3.6 4.6 6.2 3.4 6.5 9.7 Beer – Belgium 45.1 49.5 62.8 73.1 59.8 71.0 Beer – Brazil 0.5 0.4 0.4 0.3 0.3 0.4 Beer – China 0.4 0.4 0.4 0.4 0.4 0.5 Beer – Croatia 0.2 0.1 0.1 0.1 0.1 1.6 Beer – Czech Republic 45.5 43.2 41.0 40.4 46.5 56.9 Beer – Denmark 186.5 188.7 219.0 200.1 222.4 293.8 Beer – Estonia 0.0 - 0.3 0.3 0.4 0.4 Be er – Finland 0.1 0.1 0.3 0.3 0.2 1.0 Beer – France 4.8 24.0 31.3 7.5 5.1 7.5 Beer – Greece 0.2 0.2 0.3 0.2 0.2 0.3 Beer – Hungary - - - - 0.6 2.4 Beer – Ireland 7.7 8.4 12.8 13.2 13.5 17.6 Beer – Italy 0.2 0.3 0.4 0.5 0.5 0.6 Beer – Mexico 0.1 0.3 1.4 3.2 3.0 4.5 Beer – Netherlands 32.2 35.2 39.5 40.8 33.5 46.9 Beer – Poland 4.3 3.7 6.9 7.0 7.3 8.6 Beer – Portugal 1.7 1.9 1.9 1.7 1.5 1.4 Beer – Russia 3.0 5.3 1.8 1.3 1.3 1.4 Beer – Singapore 0.1 0.1 0.2 0.2 0.3 0.3 Beer – Spain 5.2 7.2 7.6 7.4 7.6 12.3 Beer – Sweden 16.7 20.8 30.3 28.7 29.3 35.9 Beer – Switzerland 0.6 0.9 2.0 1.7 0.7 0.9 Beer – Others 2.7 2.2 1.9 2.2 2.0 2.1 Beer – Total 367.6 409.2 480.8 437.2 446.3 583.7 Source: GTIS, Euromonitor International Note: „-‟ indicates data not available Table 16 Exports of Beer by Country of Destination: Total Volume 2009 -2014 million litres B E E R I N G E R M A N Y P a s s p o r t 13 © E u r o m o n i t o r I n t e r n a t i o n a l 2009 2010 2011 2012 2013 2014 Beer – Poland 12.8 7.1 27.5 24.5 9.5 18.5 Beer – Romania 3.8 5.6 8.7 12.6 10.7 11.2 Beer – Russia 12.1 14.6 17.1 22.3 27.7 30.9 Beer – Sierra Leone 1.2 1.5 2.4 4.5 5.8 6.3 Beer – Singapore 6.9 8.5 10.3 11.8 13.5 10.0 Beer – Spain 94.1 84.6 73.5 75.3 60.9 55.3 Beer – Sweden 14.7 15.2 16.7 16.0 17.8 17.3 Beer – Switzerland 42.1 50.6 55.3 55.7 62.1 62.9 Beer – United Kingdom 124.4 130.1 12 0.6 91.6 94.6 65.5 Beer – United States 125.5 175.7 172.3 137.6 108.1 104.3 Beer – Australia 8.7 13.1 18.1 16.8 15.7 21.5 Beer – Austria 36.1 37.2 34.5 31.9 31.4 31.0 Beer – Belgium 24.2 42.7 53.7 62.0 40.7 48.3 Beer – Canada 24.4 24.2 24.9 27.3 26.4 27.1 Beer – China 12.4 17.5 33.9 67.6 103.5 152.1 Beer – Denmark 15.4 11.5 12.6 9.5 9.9 10.3 Beer – Finland 17.0 20.5 18.5 19.1 17.7 18.4 Beer – France 181.7 184.6 182.0 201.9 177.3 186.7 Beer – Greece 23.0 28.9 27.9 26.8 22.8 16.2 Beer – Hungary 16.0 11.0 9.3 8.5 6.4 7.0 Beer – Israel 2.6 3.0 3.8 4.2 5.2 5.9 Beer – Italy 340.5 323.6 332.3 321.5 305.4 309.5 Beer – Korea, South 2.5 4.2 5.2 7.8 13.6 16.2 Beer – Lithuania 6.2 7.8 9.4 10.7 11.6 10.2 Beer – Netherlands 136.3 152.6 180.9 175.9 180.8 172.0 Beer – Others 116.4 141.6 149.5 134.1 138.1 141.9 Beer – Total 1,401.1 1,517.6 1,600.8 1,577.2 1,517.0 1,556.2 Source: GTIS, Euromonitor International Note: „-‟ indicates data not available Table 17 Exports of Beer by Country of Destinat ion: Total Value 2009 -2014 EUR million 2009 2010 2011 2012 2013 2014 Beer – Australia 6.9 10.1 14.2 12.2 11.6 18.2 Beer – Austria 28.7 32.2 29.7 26.4 26.5 31.8 Beer – Belgium 12.8 22.1 29.1 25.7 21.4 30.8 Beer – Brazil 1.3 2.2 3.2 3.4 4.4 6.7 Beer – Can ada 17.1 17.9 19.0 21.7 21.7 26.1 Beer – China 12.5 17.0 32.9 59.8 89.2 142.7 Beer – Denmark 8.9 6.8 9.0 8.2 8.2 10.9 Beer – Finland 8.8 9.7 9.0 8.9 8.8 11.0 Beer – France 90.6 86.1 88.0 93.4 87.7 114.6 Beer – Greece 15.0 17.7 17.0 15.3 14.0 12.5 Beer – Ireland 15.4 19.2 22.6 4.5 3.9 5.3 Beer – Italy 226.8 213.0 220.1 219.6 217.4 261.6 Beer – Japan 2.3 2.5 2.9 3.6 5.1 5.3 Beer – Korea, South 1.7 2.7 3.7 5.0 8.8 12.5 Beer – Lithuania 3.1 3.5 4.1 4.7 5.2 6.7 Beer – Netherlands 58.7 54.9 63.0 65.0 70. 8 83.2 Beer – Poland 7.1 5.0 14.0 14.4 6.9 11.5 Beer – Romania 2.2 2.8 4.4 7.0 6.3 7.9 Beer – Russia 11.5 14.9 17.7 21.5 27.5 35.8 Beer – Singapore 5.5 5.1 5.7 6.8 8.0 8.1 Beer – Spain 58.0 52.7 48.3 45.7 40.2 45.3 Beer – Sweden 9.2 9.4 10.2 10.1 12.1 14.7 B E E R I N G E R M A N Y P a s s p o r t 14 © E u r o m o n i t o r I n t e r n a t i o n a l Beer – Switzerland 26.2 31.0 34.3 32.3 35.2 43.1 Beer – United Kingdom 74.9 75.9 67.2 60.5 61.6 49.0 Beer – United States 93.6 147.8 146.9 165.9 133.7 162.5 Beer – Others 71.2 84.2 88.0 93.7 100.3 126.6 Beer – Total 869.9 946.4 1,004.0 1,035.2 1,036.6 1,2 84.7 Source: GTIS, Euromonitor International Note: „-‟ indicates data not available Table 18 Forecast Sales of Beer by Category: Total Volume 2015 -2020 million litres 2015 2016 2017 2018 2019 2020 Dark Beer 1,429.1 1,392.2 1,361.0 1,335.7 1,314.7 1,297.3 - Ale 523.6 521.0 517.9 514.6 510.8 507.0 - Sorghum - - - - - - - Weissbier/Weizen/ 905.5 871.1 843.1 821.2 803.9 790.2 Wheat Beer Lager 6,979.8 6,844.4 6,705.6 6,577.0 6,455.8 6,342.2 - Flavoured/Mixed Lager 577.6 548.2 523.0 503.0 486.9 473.9 - Standard Lager 6,402.2 6,296.2 6,182.6 6,074.0 5,969.0 5,868.2 -- Premium Lager 3,966.2 3,906.8 3,842.9 3,780.0 3,717.8 3,659.0 --- Domestic Premium 3,742.5 3,687.1 3,627.4 3,568.6 3,510.4 3,455.3 Lager --- Imported Premium 223.6 219.8 215.6 211.4 207.4 203.6 Lager -- Mid -Priced Lager 1,396.6 1,363.6 1,328.7 1,295.6 1,264.4 1,234.7 --- Domestic Mid -Priced 1,339.5 1,307.9 1,274.2 1,242.2 1,211.9 1,183.1 Lager --- Importe d Mid -Priced 57.1 55.7 54.5 53.4 52.5 51.5 Lager -- Economy Lager 1,039.4 1,025.8 1,010.9 998.4 986.7 974.6 --- Domestic Economy 1,039.4 1,025.8 1,010.9 998.4 986.7 974.6 Lager --- Imported Economy - - - - - - Lager Non/Low Al cohol Beer 470.7 496.0 521.4 544.9 567.2 588.5 Stout 18.5 18.9 19.3 19.6 19.9 20.2 Beer 8,898.0 8,751.5 8,607.2 8,477.2 8,357.7 8,248.1 Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade source s Table 19 Forecast Sales of Beer by Category: Total Value 2015 -2020 EUR million 2015 2016 2017 2018 2019 2020 Dark Beer 5,297.8 5,184.9 5,084.2 5,003.4 4,936.2 4,877.5 - Ale 1,991.5 1,982.6 1,972.1 1,960.6 1,945.2 1,926.2 - Sorghum - - - - - - - Weissbier/Weizen/ 3,306.3 3,202.2 3,112.1 3,042.7 2,990.9 2,951.3 Wheat Beer Lager 20,489.3 20,004.9 19,513.0 19,040.0 18,598.4 18,183.5 - Flavoured/Mixed Lager 1,966.2 1,887.1 1,813.9 1,754.7 1,707.8 1,668.1 - Standard Lager 18,523.0 18,117.8 17,699.1 17,285.3 16,890.5 16,515.5 -- Premium Lager 13,686.3 13,417.4 13,130.9 12,835.6 12,550.4 12,278.7 --- Domestic Premium 12,671.6 12,418.8 12,150.7 11,875.2 11,610.5 11,360.5 B E E R I N G E R M A N Y P a s s p o r t 15 © E u r o m o n i t o r I n t e r n a t i o n a l Lager --- Imported Premium 1,014.7 998.6 980.2 960.4 940.0 918.2 Lager -- Mid -Priced Lager 4,254.8 4,128.7 4,007.2 3,897.9 3,796.5 3,700.9 --- Domestic Mid -Priced 4,115.1 3,992.2 3,873.8 3,767.0 3,667.9 3,574.5 Lager --- Imported Mid -Priced 139.8 136.5 133.4 130.9 128.6 126.5 Lager -- Econ omy Lager 581.9 571.8 561.0 551.9 543.6 535.8 --- Domestic Economy 581.9 571.8 561.0 551.9 543.6 535.8 Lager --- Imported Economy - - - - - - Lager Non/Low Alcohol Beer 1,050.8 1,107.5 1,161.2 1,209.8 1,254.1 1,296.2 Stout 120.1 123.3 125.9 128.4 130.7 132.8 Beer 26,957.9 26,420.5 25,884.2 25,381.6 24,919.3 24,490.0 Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources Table 20 Forecast Sales of Beer by Category: % Total Volume Growth 2015 -2020 % total volume growth 2015/16 2015 -20 CAGR 2015/20 Total Dark Beer -2.6 -1.9 -9.2 - Ale -0.5 -0.6 -3.2 - Sorghum - - - - Weissbier/Weizen/Wheat Beer -3.8 -2.7 -12.7 Lager -1.9 -1.9 -9.1 - Flavoured/Mixed Lag er -5.1 -3.9 -17.9 - Standard Lager -1.7 -1.7 -8.3 -- Premium Lager -1.5 -1.6 -7.7 --- Domestic Premium Lager -1.5 -1.6 -7.7 --- Imported Premium Lager -1.7 -1.9 -8.9 -- Mid -Priced Lager -2.4 -2.4 -11.6 --- Domestic Mid -Priced Lager -2.4 -2.5 -11.7 --- Imported Mid -Priced Lager -2.3 -2.0 -9.7 -- Economy Lager -1.3 -1.3 -6.2 --- Domestic Economy Lager -1.3 -1.3 -6.2 --- Imported Economy Lager - - - Non/Low Alcohol Beer 5.4 4.6 25.0 Stout 2.5 1.8 9.2 Beer -1.6 -1.5 -7.3 Source: Euromonitor Internationa l from trade associations, trade press, company research, trade interviews, trade sources Table 21 Forecast Sales of Beer by Category: % Total Value Growth 2015 -2020 % local currency, constant value growth 2015/2016 2015 -20 CAGR 2015/20 TOTAL Dark Be er -2.1 -1.6 -7.9 - Ale -0.4 -0.7 -3.3 - Sorghum - - - - Weissbier/Weizen/Wheat Beer -3.1 -2.2 -10.7 Lager -2.4 -2.4 -11.3 B E E R I N G E R M A N Y P a s s p o r t 16 © E u r o m o n i t o r I n t e r n a t i o n a l - Flavoured/Mixed Lager -4.0 -3.2 -15.2 - Standard Lager -2.2 -2.3 -10.8 -- Premium Lager -2.0 -2.1 -10.3 --- Domestic Premium Lager -2.0 -2.2 -10.3 --- Imported Premium Lager -1.6 -2.0 -9.5 -- Mid -Priced Lager -3.0 -2.8 -13.0 --- Domestic Mid -Priced Lager -3.0 -2.8 -13.1 --- Imported Mid -Priced Lager -2.4 -2.0 -9.5 -- Economy Lager -1.7 -1.6 -7.9 --- Domestic Economy Lager -1.7 -1.6 -7.9 --- Imported Economy Lager - - - Non/Low Alcohol Beer 5.4 4.3 23.4 Stout 2.7 2.0 10.5 Beer -2.0 -1.9 -9.2 Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources