美国布朗霍文股份公司分析报告Brown-Forman-外文版培训课件2024.7

COMPANIES

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PRODUCTSBrown-FormanCHAPTER

01OverviewLeadingbeveragecompaniesworldwidein2022,basedonsales(inmillionU.S.dollars)Globalbeveragemarket:leadingcompanies2022,basedonsalesSalesinmillionU.S.dollars30,000010,00020,00040,00050,00060,00070,000Anheuser-BuschInBevNestléSA57,78645,16743,000TheCoca-ColaCo.PepsiCoInc.36,283StarbucksCorp.32,25024,785DiageoPLCSuntoryHoldingsLtd.Kirin-LionHoldingsKeurigDrPepperPernodRicard19,71714,75114,05711,90610,70110,1779,027MolsonCoorsBrewingCo.ConstellationBrandsInc.JacobsDouweEgberts*3Description:Anheuser-BuschInBevwastheleadingbeveragecompanyintheworldin2022,withsalesinexcessof57billionU.S.dollars.ThealcoholicbeverageproducerhadaslightleadinsalesoversecondplaceNestléSA,whosesaleswereover45billionU.S.dollarsinthesameyear.ReadmoreNote(s):Worldwide;2022;*BeverageIndustryestimate.+Alloperatingunits,includingnon-beverages.§Refreshmentsandicecream.^Bottledwateronly.§§AmericasSimpleMealsandBeverages.^^GlanbiaPerformanceNutritiondivision.++[...]

ReadmoreSource(s):BeverageIndustryMagazineVolumeshareoftheleadingdistilledspiritssuppliersintheUnitedStatesin2022VolumeshareoftheleadingdistilledspiritsuppliersintheU.S.2022Volumeshare6%0%2%4%8%10%12%14%16%DiageoSazerac15%11.8%SpiritofGallo9.7%BeamSuntory8%BacardiUSA6.5%5.8%PernodRicardUSAHeavenHillBrandsProximoSpirits5.7%4.7%FifthGenerationInc.Brown-FormanCorp.CampariAmericaConstellationBrandsMoetHennessyUSAWilliamGrant&SonsMcCormickDistillingCompany4%3.7%2.1%1.6%1.6%1.1%1.1%4Description:In2022,Diageoaccountedforavolumeshareof15percentofalldistilledspiritssalesintheUnitedStates.InsecondplacewasSazeracCompany,with11.8percent.

ReadmoreNote(s):UnitedStates;2022;*ThepublicationmaybepurchasedontheBeverageInformationGroup'swebsite.ReadmoreSource(s):BeverageInformationGroupLeadingspiritsproducersworldwidein2023,bynumberofbrands*Leadingspiritsproducersworldwidein2023,bynumberofbrandsNumberofbrands051015202530353440DiageoPernodRicardSuntoryGlobalSpiritsBacardi2198RadicoKhaitanGruppoCampariHeavenHill766Brown-Forman55Description:Diageohadthemostspiritsbrandswhichshippedoveronemillionnine-litercasesinitsportfolioofallspiritsproducersworldwidein2023.Theproducerhad34suchbrands,comparedtosecondplacePernodRicard's21brands.

ReadmoreNote(s):Worldwide;2023;*Numberofbrandssellingatleastonemillion9-litercases.ReadmoreSource(s):DrinksInternationalRevenueofthewhiskymarketintheUnitedStatesfrom2019to2029(inbillionU.S.dollars)RevenueofthewhiskyindustryintheU.S.2019-2029252023.4222.9322.4721.6320.8220.0419.1118.3517.3516.4815.3151050201920202021202220232024202520262027202820296Description:Theindicator'Revenue,Combined'inthe'Whisky'segmentofthealcoholicdrinksmarketintheUnitedStateswasforecasttocontinuouslyincreasebetween2024and2029byintotal3.4billionU.S.dollars(+16.97percent).Aftertheninthconsecutiveincreasingyear,theindicatorisestimatedtoreach23.42billionU.S.dollarsandthereforeanewpeakin2029.ReadmoreNote(s):UnitedStates;2019to2029Source(s):ConsumerMarketInsightsCHAPTER

02CompanyfactsBrown-Forman'snetsalesworldwidefrom2011to2024(inbillionU.S.dollars)Brown-Forman'sglobalnetsales2011-20244.54.03.54.234.183.933.463.363.323.253.133.092.992.992.853.02.52.01.51.00.50.02.722.59201120122013201420152016201720182019202020212022202320248Description:In2024,Brown-Formangeneratedabout4.18billionU.S.dollarsinnetsales.Brown-Forman'sbrandportfolioincludesJackDaniel's,SouthernComfort,FinlandiaVodka,WoodfordReserveBourbon,CanadianMist,EarlyTimes,OldForester,andKorbelchampagne.ReadmoreNote(s):Worldwide;2011to2024;FiscalyearsendingApril30,basedona52/53-weekyear.Source(s):Brown-FormanBrown-Forman'snetincomeworldwidefrom2011to2024(inbillionU.S.dollars)Brown-Forman'sglobalnetincome2011-20241,2001,0001,0671,0249038358388277838007176846696595915726004002000513201120122013201420152016201720182019202020212022202320249Description:Brown-Forman'snetincomeamountedtooveronebillionU.S.dollarsin2024.Brown-Forman'sbrandportfolioincludesJackDaniel's,SouthernComfort,FinlandiaVodka,WoodfordReserveBourbon,CanadianMist,EarlyTimes,OldForester,andKorbelchampagne.ReadmoreNote(s):Worldwide;2011to2024;FiscalyearsendingApril30,basedona52/53-weekyear.Source(s):Brown-FormanBrown-Forman'sglobalnetsalesfrom2017to2024,byproductcategory(inmillionU.S.dollars)Brown-Forman'sglobalnetsales2017-2024,byproductcategoryWhiskey*Tequila**Vodka***Wine****Non-brandedandbulk*****Restofportfolio4,0003,5003,0002,5002,0001,5001,00050002017201820192020202120222023202410Description:In2024,Brown-Forman'swhiskeycategorygeneratedabout2.8billionU.S.dollarsinnetsalesworldwide.Brown-Forman'sbrandportfolioincludesJackDaniel's,SouthernComfort,FinlandiaVodka,WoodfordReserveBourbon,CanadianMist,EarlyTimes,OldForester,andKorbelchampagne.ReadmoreNote(s):Worldwide;2017to2024;FiscalyearsendingApril30,basedona52/53-weekyear.;*Includesallwhiskeyspiritsandwhiskey-basedflavoredliqueurs,ready-to-drink,andready-to-pourproducts.Thebrandsincludedinthiscategoryarethe[...]

ReadmoreSource(s):Brown-FormanBrown-Forman'sglobalnetsalessharein2024,bymarketGlobalnetsalesshareofBrown-Formanin2024,bymarketShareofnetsales0%5%10%15%20%25%30%35%40%45%50%UnitedStates45%Restofemergingcountries9%Restofdevelopedinternationalcountries7%7%MexicoGermany6%5%AustraliaUnitedKingdomTravelretailFrance4%4%3%3%PolandBrazil2%2%Non-brandedandbulkCanada1%1%Spain11Description:In2024,theUnitedStatescomprised45percentofBrown-Forman'stotalnetsalesworldwide.MexicoandGermanywerethenextlargestsinglemarketswithsevenandsixpercentofsales,respectively.

ReadmoreNote(s):Worldwide;2024;FiscalyearendingApril30,basedona52/53-weekyear.Source(s):Brown-FormanBrown-Forman'sglobalnetsalesfrom2018to2024,byregion(inbillionU.S.dollars)Brown-Forman'sglobalnetsales2018-2024,byregionUnitedStatesOtherGermanyMexicoAustraliaUnitedKingdom4.54.03.53.02.52.01.51.00.50.00.210.220.240.240.190.20.220.220.290.260.180.210.180.230.210.160.160.150.20.160.210.160.150.680.170.211.351.350.171.170.160.161.010.940.721.921.971.891.751.691.531.56201820192020202120222023202412Description:In2024,Brown-Formangeneratedabout1.89billionU.S.dollarsinnetsalesintheUnitedStates.Brown-Forman'sbrandportfolioincludesJackDaniel's,SouthernComfort,FinlandiaVodka,WoodfordReserveBourbon,CanadianMist,EarlyTimes,OldForester,andKorbelchampagne.ReadmoreNote(s):Worldwide;2018to2024;FiscalyearsendingApril30,basedona52/53-weekyear.Source(s):Brown-FormanNumberofemployeesofBrown-Formanworldwidefrom2015to2024Brown-Forman'sglobalnumberofemployeesworldwidefrom2015to20246,0005,0004,0003,0002,0001,00005,7005,6005,2004,8004,8004,7004,7004,7004,6004,400201520162017201820192020202120222023202413Description:Asof2024,Brown-Formanemployedapproximately5,700worldwide,anincreaseof100overthepreviousyear.Thisrepresentedanewhighinthenumberofpeopleemployedbythecompany.

ReadmoreNote(s):Worldwide;2015to2024;FiscalyearsendingApril30,basedona52/53-weekyear.Source(s):Brown-FormanBrown-Forman'sadvertisingspendingworldwideinfiscalyears2012to2024(inmillionU.S.dollars)Brown-Forman'sglobaladspend2012-20246005005295064364374384174084053953963993834003002001000372201220132014201520162017201820192020202120222023202414Description:In2024,Brown-Formanspentabout529millionU.S.dollarsonadvertisingactivities.Brown-Forman'sbrandportfolioincludesJackDaniel's,SouthernComfort,FinlandiaVodka,WoodfordReserveBourbon,CanadianMist,EarlyTimes,OldForester,andKorbelchampagne.ReadmoreNote(s):Worldwide;2011to2024;FiscalyearsendingApril30,basedona52/53-weekyear.Source(s):Brown-FormanCHAPTER

03BrandsoverviewBrown-Forman'sglobalnetsaleschangein2024,bybrandBrown-Forman'sglobalnetsaleschangein2024,bybrandNetsaleschange-20%Restofportfolio-10%0%10%20%30%40%50%60%70%61%NewMixJackDaniel'sTennesseeAppleRestofwhiskey32%32%15%OldForester11%WoodfordReserveWine2%0%0%elJimadorNon-brandedandbulkJackDaniel'sTennesseeWhiskeyJackDaniel'sRTDs/RTPJackDaniel'sTennesseeHoneyHerradura-2%-6%-6%-8%-10%16Description:In2023,Brown-Forman'sfastestgrowingbrandswereJackDaniel'sTennesseeAppleandtheelJimador-basedready-to-drinkNewMix,whicheachgrewby32percent.OldForesterwasthenextlargestgrowthbrandinthecompany'sportfolio.

ReadmoreNote(s):Worldwide;2024;FiscalyearendingApril30,basedona52/53-weekyear.Source(s):Brown-FormanStraightwhiskeymarketshareintheUnitedStatesfrom2017to2022,bybrandStraightwhiskeymarketshareintheUnitedStates2017-2022,bybrandOthersJimBeamJackDaniel'sEvanWilliamsMaker'sMarkBulleitBourbonOleSmokeyWoodfordReserveSBLWildTurkey120%100%80%60%40%20%0%20172018201920202021202217Description:Thetopbourbonbrandsaresteadilylosingmarketsharetosmallerbrands.In2022,JackDaniel'smarketshareintheUnitedStatesdeclinedto17.6percentfromahighof23in2017and2018.

ReadmoreNote(s):UnitedStates;2017to2022;*ThepublicationmaybepurchasedontheBeverageInformationGroup'swebsite.Figuresfrom2017to2021arefrompreviouseditionsofthereport.

ReadmoreSource(s):BeverageInformationGroupVolumesalesshareoftheleadingtequilabrandsintheUnitedStatesin2022VolumesalesshareoftheleadingtequilabrandsintheU.S.2022Volumesalesshare20%

25%0%5%10%15%30%35%40%45%50%JoseCuervoPatron17.5%9.7%CasamigosDonJulio18008.1%7.2%6.9%HornitosOthers5.7%44.9%18Description:In2022,JoseCuervoaccountedfora17.5percentshareoftequilavolumesalesintheUnitedStates.Patronrankedsecondwith9.7percentofvolumesales.

ReadmoreNote(s):UnitedStates;2022;*ThepublicationmaybepurchasedontheBeverageInformationGroup'swebsite.ReadmoreSource(s):BeverageInformationGroupLeadingvodkabrandsintheUnitedStatesin2022,basedonsalesvolume(inthousand9-litercases)U.S.vodkamarket:leadingbrands2022,basedonsalesvolumeSalesvolumeinthousand9-litercases02,0004,0006,0008,00010,00012,00014,000Tito'sHandmadeVodkaSmirnoff11,6038,690NewAmsterdamVodkaSvedka5,8004,385Absolut3,128GreyGoose2,5802,519KetelOneVodkaPinnacleVodkaStoli2,2102,039Burnett'sVodkaPlatinum7XDeepEddyBarton'sVodka2,0031,9991,9531,93119Description:In2022,Tito'sHandmadeVodkahadthehighestvolumeofsalesintheUniteStatescomparedtootherVodkabrands.Svedka,distributedbyConstellationbrands,hadasalesvolumeofabout4.39million9-litercasesintheU.S.thatyear.

ReadmoreNote(s):UnitedStates;2022;*ThepublicationmaybepurchasedontheBeverageInformationGroup'swebsite.ReadmoreSource(s):BeverageInformationGroupStraightwhiskeymarketshareofJackDaniel'sintheUnitedStatesfrom2011to2022JackDaniel'sstraightwhiskeymarketshareU.S.2011-202235%29.7%29.2%30%25%20%15%10%5%27.3%26.1%24.5%23.1%22%21.1%20.8%19.1%19%17.6%0%20112012201320142015201620172018201920202021202220Description:In2022,JackDaniel'shada17.6percentshareofthestraightwhiskeymarketintheUnitedStates.Thisrepresentedanotheryearofdeclinedsinceahighof29.7percentin2011.

ReadmoreNote(s):UnitedStates;2011to2022;*ThepublicationmaybepurchasedontheBeverageInformationGroup'swebsite.ReadmoreSource(s):BeverageInformationGroupSalesvolumeofJackDaniel'swhiskeyworldwidefrom2012to2023(inmillion9litercases)JackDaniel'sglobalsalesvolume2012-2023161414.614.313.513.413.312.912.412.312.211.711.51210810.9642020122013201420152016201720182019202020212022202321Description:In2023,over14million9litercasesofJackDaniel’swhiskeyweresoldacrosstheglobe.Salesincreasedeachyearincrementallyuntil2020andtheCOVID-19pandemic.2021and2022representednewhighsbeforedecliningagainin2023.

ReadmoreNote(s):Worldwide;2012to2023Source(s):DrinksInternational;EuromonitorSalesvolumeofElJimadortequilaworldwidefrom2009to2023(inmillion9litercases)ElJimadortequila'sglobalsalesvolume2009-20231.81.61.41.71.51.41.41.31.31.21.21.21.21.21.21.00.80.60.40.20.01.11.11.11.120092010201120122013201420152016201720182019202020212022202322Description:ElJimador,whichisownedbytheBrown-FormanCorporation,recordedvolumesalesof1.5million9litercasesworldwidein2023.Thisrepresentedadecreaseofroughly200,000casescomparedtothepreviousyear.

ReadmoreNote(s):Worldwide;2009to2023Source(s):DrinksInternational;EuromonitorSalesvolumeofFinlandiavodkaworldwidefrom2009to2023(inmillion9litercases)Finlandiavodka'sglobalsalesvolume2009-20234.03.53.53.23.23.13.1333333.02.52.01.51.00.50.02.62.62.62.52.420092010201120122013201420152016201720182019202020212022202323Description:Finlandiavodka,whichismarketedbyBrown-Forman,generatedvolumesalesof2.6million9litercasesworldwidein2023,asithassince2021.ReadmoreNote(s):Worldwide;2009to2023Source(s):DrinksInternational;EuromonitorCHAPTER

04CompetitorsNetsalesofDiageoworldwidefrom2013to2023(inmillionGBP)*Diageo'snetsalesworldwide2013-202318,00017,11315,45216,00014,00012,00010,0008,0006,0004,0002,000012,86712,73312,05012,03111,75211,43310,81310,48510,2582013201420152016201720182019202020212022202325Description:Diageo'sglobalnetsalesamountedtoapproximately17.11billionGBPin2023,an11percentincreaseoverthepreviousyear'sfigure.ReadmoreNote(s):Worldwide;2012to2023;FiscalyearendsonJune30ofeachyearSource(s):DiageoNetsalesofDiageoworldwidein2023,byregion(inmillionGBP)*Diageo'snetsalesworldwide2023,byregion7,0006,0526,0005,0004,0003,3773,0843,0002,0001,00001,6421,631AfricaNorthAmericaEuropeAsiaPacificLatinAmericaandCaribbean26Description:Diageo'snetsalesinNorthAmericaamountedtoapproximately6.05billionGBPin2023.Inthesameyear,netsalesinAfricatotaled1.63billionpounds.ReadmoreNote(s):Worldwide;YearendedJune30,2023Source(s):DiageoNetsalesofConstellationBrandsworldwidefrom2011to2023(inmillionU.S.dollars)ConstellationBrands:netsalesworldwide2011-202312,00010,0008,0009,961.89,452.68,820.78,614.98,343.58,1167,580.37,321.16,548.46,0286,0004,0002,00004,867.72,796.120122,654.320112013201420152016*201720182019202020212022202327Description:Accordingtotheannualreport,theglobalsalesofConstellationBrandsamountedtoapproximately9.96billionU.S.dollarsfortheyearendedonFebruary29,2024.ReadmoreNote(s):Worldwide;2011to2023Source(s):ConstellationBrandsNetsalesofConstellationBrandsworldwidefrom2011to2023,bygeographicregion(inmillionU.S.dollars)ConstellationBrands:netsalesworldwidebyregion2011-2023U.S.Non-U.S.12,00010,0008,0006,0004,0002,0000213.7258.1234.921