葡萄酒与烈酒：变化世界中的新视野

Wines&Spirits:

New

HorizonsCircana,

LLC

|Wine&SpiritsNew

horizons

in

a

changing

worldANANDA

ROYSVP

ThoughtLeadershipEuropeCPG

Growth

Advisor

0

XX

Wine&SpiritsLandscape02

Respect&

Reinvention03

NewHorizonsWines&Spirits:

NewHorizons

InA

Changing

WorldCircana,

LLC|

Proprietary

and

confidential

0

XX

Wine&SpiritsLandscape02

ReinventionthroughDisruption03

NewHorizonsWines&Spirits:

NewHorizons

InA

Changing

WorldCircana,

LLC|

Proprietary

and

confidentialThealcoholicbeveragescategorycommandsasignificantproportionofF&Bdemand;ledbysomeoftheworld’siconicbrands,innovativeproducts&experiences-3.2%VolumeSales

ChangevsYA+0.1%€

SalesChangevsYA-1.1%VolumeSalesChangevsYA12%Shareof

F&B-0.9%$SalesChangevsYA-2.6%VolumeSalesChangevsYA12%Shareof

F&BA$26bnA$SALES$93bn$

SALES+0.3%A$SalesChangevsYA€69bn€

SALESHorizons

InAChangingWorldLLC|

Proprietary

andconfidentialSource:CircanaPOSdata;PeriodendingMATNov2024Wines&

Spirits:

NewCircana,19%Share

of

F&BVolume%Chg

vs

YAValue€

Chg

vsYAValueShare+0.1%

Inflation-led,not

organicdemandTotalAlcohol-1.1%+42Mn

Wine&

Champagne-1.9%+31MnAlcohol&Spirits-4.4%-373MnGrowthinRTDSpiritsdid

notoffsetcategorycontractionRTDSpirits+2.3%+136Mn

Beer&Cider-0.6%+249MnThealcoholicbeveragescategoryinEU6*isvaluedat€69bnand43%ofallbeverages;Yet

Volume

is

down-1.1%led

by

Wines(-1.9%)and

Spirits

(-4.4%)

leaving

money

on

the

tableAlcoholicBeverages-1.1%VolumeWines&Spirits:

NewHorizons

InA

Changing

World5Circana,

LLC|

Proprietary

and

confidentialTotal

Beverages-0.1%Volume*EU6:France,Germany,Netherlands,

Spain,

Italy,

UKSource:CircanaPOSdata;PeriodendingMATNov2024ValueSalesroundedPlant

B

DrinasedksSpEorts&nergyRTDSpiritsNon

CarbonatesW●●

TeaaterMilkBased

DrinksBeer

&

CiCofderfee

●

CarbonaUHT

MilktesJuices

&

S

Condenmoothiessed

Milk&

Powder●

Chilled

L

SyrMilkup

ConcentratesHotChocolatAdditivese&Thisvolumechallengerepresentsthevulnerabilityofthecategorytore-positioningbyotherbeveragecategoriesdespitestrongbrands,equity,superlativeproducts&ritualsInthelast5yearsdespiteheavyretailpromotionstooffsetimpactof

inflation,volumegrowthremainsdepressedValue2019-2024CAGR10%-2%Alcohol&

Spirits-4%-8%-2%0%2%

4%6%

8%10%12%14%16%18%Wines&Spirits:

NewHorizons

InA

Changing

WorldCircana,

LLC|

Proprietary

and

confidentialSource:Circana

POS

data

from

EU6(France,UK,

Germany,

Italy,

Spain

and

Netherlands).

Period

ending

Aug

2024.

olum01-R024CAWine

&Champagne-6%4%2%0%8%6%●6Thealcoholindustryhasseenconsumerdemandtrendtowardmorepremiumproducts,withconsumersoptingforqualityoverquantity.Bypromotingpremiumisation,thespiritssectorcanincreasesalesvalueratherthansalesvolumes.Inrecentyears,premiumisationhasbecomeakeydriverbehindvaluegrowthinspiritssalesaroundtheworld,asconsumerslookforincreasinglyexcitingandhigh-qualityexperiencesandchoicestosuittheirtastes.AlcoholVolumeSalesandConsumptionhasdeclinedsteadily;thoughtrendforpremiumisation,excitingexperiences&smallerservingshassoftenedtheimpactBritonsswitchingtosmaller,higher-qualityalcoholicdrinks,expertssayIncreasingpreferencesaidtobedrivenbydesiretobehealthierandisfuellingtrendfor

100mltasterbottlesSource:

OECD

Health

Statistics2022and

WHO

Global

Information

System

onAlcohol

and

Health.Source:WHO

•

(*aged

15andover)Source:CircanaPOSdatafromEU6(France,UK,Germany,Italy,SpainandNetherlands).PeriodendingJun2024PandemicJul,20

toJun,21PandemicWave2;

Ease

oflockdownJul,21to

Jun,22Post-PandemicInflationJul,22to

Jun,23Peak

inflationJul,23to

Jun,242000

2005

2010

2015

2020Source:WorldHealth

Organisation12

11.710.89.8

9.5Alcoholconsumption

inthe

theWHO

European

RegionLitres

per

personCAGR

=

-1.7%17.1

16.7Wines&Spirits:

NewHorizons

InA

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WorldCircana,

LLC|

Proprietary

and

confidentialSource

link:

https://www.euronews.com/health/2024/02/05/dry-january-where-in-europe-is-drinking-alcohol-getting-worseJun-20Jun-21Jun-22Jun-23June'241917.9VolumeSales

in

Bn

Litres17.67Agenerationalshiftinconsumerneeds,affordabilityandavailabilityofinnovativeoptionsforthesameoccasion,withoutcompromise,hasweakeneddemandAstructuralchangeincategorydynamicsdemandsdisruption:‘MoreoftheSame’isnotagrowthstrategy21%22%27%27%55%71%Buyor

Stock

Less,ConsumeLess

orStop

buyingaltogetherFitsmy

lifestyleBetter

for

meTastesbetterHealthier

with

plant-basedingredientsMorerefreshing23%of

25-35yroldshavestoppedbuyingalcoholicdrinks,afurther

13%havepostponedtheir

purchaseWhydidyouswitchfromyourregularalcoholicdrinktoalternativeoptions?Source:

Circana‘Volume

Vortex’Shopper

Survey;

February

2024:n=2000;Conductedin

Europe

–

UK,

France

(FRA),Spain(SPA),

Germany(GER),

Italy

(ITA),The

Netherlands

(NL);

in

USA

and

S.

AfricaWhatarethe

kindsofbeveragesthatyou’reswitchingtooinstead?Haveyouchangedthewayyoubuyalcoholicbeverages?Wines&Spirits:

NewHorizons

InA

Changing

WorldCircana,

LLC|

Proprietary

and

confidential8IllustrativeexamplesPL

BuyerShare2021PL

BuyerShare2024UKBottledShandies45.6%36.9%DEFruit

Wines33.9%12.9%FRCognac31.6%20.4%SPBeer38.7%36.6%ITAApertifs38.7%37.3%Fewerbuyersof

PLalcoholic

beveragessince2021

PrivateLabelshavealsostruggledtomakeabreakthroughinalcoholicbeveragesdespitecompetitivepricing,deeppromotions,limitededitionsandconsumertargeting30%17%26%18%17%9%MAT0.0pp+0.0pp+0.3pp-0.5pp-0.3pp+0.2ppL13W

+0.3pp-0.4pp-0.6pp-0.8pp-0.9pp0.0ppAlcoholicBeverages:PrivateLabel*

BuyerShare[*PL]2021

vs2024;Source:EuropanelAlcoholic

beveragesrelativelyresilienttoPrivateLabelscomparedtoNABWinesrelatively

morevulnerabletoPrivateLabelsAlcoholicBeverages:PrivateLabelValueShareValueSharein

%;Growthin

%on

MAT

and

L13

Wbasis*EU6:France,Germany,Netherlands,

Spain,

Italy,

UKSource:CircanaPOSdata;PeriodendingMATNov2024Wines&Spirits:

NewHorizons

InA

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WorldCircana,

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and

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61

66

50Wines

Alcohol &

SpiritsIndexedtoBrand

Prices

(100)Price

Index

to

BrandsBeverages

Alcohol77Beer

&

CiderNon-Alc

TotalRTD

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apremiumconstrained

byaffordabilityconcernsininflationscenarioNon-alcBeveragesAlcoholWithadropinNon-AlcBeverageprices,UnitSaleshaverisendespitefewerlaunchesWines&Spirits:

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InA

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confidentialInnovations

UnitSales%CHG-3.1%-3.8%-3.9%#of

Innovations

%CHGAvg

Unit

Price%CHG

YearAgo

CurrentYear3.4%-9.2%10becomenormalized&itsdefinitionhaswidened;

yetunderperformingduetoavailabilityandaffordability

Sustainability

Ethics&

SocialConscience•

Simple,Natural

Ingredients•Low-impactMaterials•IngredientSourcing&Traceability•BetterforPlanet&

CommunitySustainabilityacrossF&Bhasconsumerdemandhasbeen28%42%61%†

Sustainability-MarketedProductsreferstoproductswhoseattributes&claimsare

associatedwithSustainabilitybyconsumersSource:‘Sustainability:No

PlanB’;

Circana

POSdatafrom

EU6(France,

Germany,

Italy,).

Period

ending

Dec

2023Doesn’t

WorkNotAvailable

To

BuyToo

Expensive

Major

BarriersStoppingYoufrombuying

sustainable

products%householdsWines&Spirits:

NewHorizons

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and

confidential11Wine&SpiritscategoryhascontractedbyVolume;

most

Value

sales

growth

inflation

&

premiumisation

led

rather

thanorganicdemandGenerationalshiftinconsumers’needs,affordability,newrituals,

experiences

and

innovativeoptions

requiresnewproductpropositionsandengagementtodriveconsideration

&

trial:

make

wine

&

spirits

cool

again! Sustainabilityisnon-negotiabletoRetailers:Inviolablefor

all

generations,

expandingto

community

&

ethicsPrivateLabelshavenotgainedafoothold;yet

Retailers

are

likelytofocus

on

RTD

Spirits

segment

growthwithnewlaunches,innovativeproductsand

customised

engagement

at

scale

available:morefunctional,healthier,excitingwithanewcool

buzz,

active

in

social

media

communities

(RTM)ReinventionwithRespectofbrand&categoryiconicity

is

a

strategic

imperativeDisruptingthetraditionalcategorycodeiscrucialtoWines&SpiritsInnovationisarobustsourceofdemand

but

struggling

to

command

a

premium

when

exciting

alternatives

are

nowWines&Spirits:

NewHorizons

InA

Changing

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LLC|

Proprietary

and

confidential

0

XX

Wine&SpiritsLandscape

New

HorizonsWines&Spirits:

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confidentialRespect&

Reinvention0302ABCDEFEvolvingAdjacentSustainabilityDisruptiveFunctionalEngagingCategoryCodeCategories&

CSRInnovationBeveragesAudiencesSignificantopportunitiestoreinventwines&spiritsdistinctively;Respectingtherichcategoryandbrandassetsotherbeveragesdon,tpossessWines&Spirits:

NewHorizons

InA

Changing

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Proprietary

and

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Categoryleadersrespecttheindustrycode;

yetre-inventitforthetimesAIgeneratedimagesreflectstheestablishedcategorycodeofculture,itsbrands,its

heritage,

rituals,

nobility,socialevents,taste,textures&terroir,art,theneedformoderationbalancedwithindulgence&enjoymentPrompts:Wine,Spirits,Alcoholic

Beverages,Terroir,

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isaworld

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&

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justliving,art

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iconicityJoy&

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Diversity,SocialActivism,Bio-hacking,Hyper-focus,ClimatePositiveNoassignedcopyrightsNew

Consumers,Needs,

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&

Consumption

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life

with

Resilience&

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“World

of

Wines

and

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NewHorizons

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LLC|

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and

confidential15ReinventandRe-positionoranadjacentcategorymaydoitforyou:

HowtheSnackingBoomhasimpacted

Beveragepairings;

and

drained

coffee’s

cup€65bnEuropeanSnack

MarketSizeGROWTHSEGMENTSFortifiedHydrationExoticFruitCombinations&

FlavoursBubble&SparklingmouthsensationsDRIVERSHealthierOptionsAlternativeIngredientsNaturalSourceLow-Sugar,Alt-DairyGluten-FreeBeveragePairingthatcoherentwithSnackOptions&Any-timeDrivers2023SnackInnovationPacesetters©

earning>€1Mn/SKUAffordable&SustainableHydrationTap

Water

with

Real

Fruit&Vegetable

InfusionsHealthier,Affordable,Carbon-Neutral,RecycledLow-Sugar,Caffeine,Cold&FruitInfusionsLow/Zero

Alcohol,HardSeltzers&RTDSpiritsLow/ZeroAlcohol&RTDSpiritsSeltzers&

Cold

Brew

InfusionsGuarana,Manganese,

B-Vitamins,ProteinHydration&ReplenishmentLow-Sugar,Real

Fruit

or

Juice

InfusedGuarana,Manganese,

B-Vitamins,ProteinChanging

Product

MixChanging

Consumer

DemographyConsumption

OccasionsWines&Spirits:

NewHorizons

InA

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WorldCircana,

LLC|

Proprietary

and

confidential6.3%2023-2027

CAGRForecastActiveIngredientsCaffeine,Guarana,

Manganese,

B-Vitamins,ProteinVegetable&Corn-Based

SpicyCrispsFruitSmoothie

Filled

Energy

BarHigh-Protein,Gluten-FreeFruit

BarsSensationGluten-FreeFruit

BarsCream&Juice-Filled

Snack

BarsBFunctionalBeveragesRefrigerated

Snack

BarsSource:Statista,June2023ReinventandRe-positionoranadjacentcategorymaydoitforyou:

Marginaleventsoutsideofthecorecategorytodaycanhavesignificantstrategic

effects

by

2045Countrieswithagingpopulationsbecometraditionalwines&spirits

marketsChinaKoreaJapan

ItalyLow/NoAlcoholLowSugars/

CalorieLowFizzMorganStanleyResearch,

2024Moody’s

Research,

Drinks

BusinessProtein

agnostic Tax/Tariffs

Climate

18-24yrsNo/LoMajorityAgingLo/NoAlcohol=Beverages

ConvergenceRegulation

MarginaltrendstodaybecomeStructuralby2045Wines&Spirits:

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2035

2045TheOzempic

EffectonAlcoholB图SustainabilityhasabilitytodrivecommercialgrowthifalignedtokeytrendsthatconsumersgenuinelyvalueandtrustAllverynicebutSustainabilitycostsmoney&

impact

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confidentialC18Plan98%96.5%76%92%SustainabilitykeyfactorinProductSourcingImplementingStrategiestobuyfromsocially&environmentallysustainablesourcesPubliccommitmentstosustainablesourcingstrategiesRetailersexpecttosee

SalesofSustainable

ProductsgrowfasterImpactonBrands:

MandatorySustainabilityInformation(ESPR),

Regulationon

MarketingClaims

(GCD),TheEuropeanCommissionEcodesignRegulation

focussesonCircularity,EnergyEfficiency&SustainableSourcing&Production.

It

requiresseveralNon-FoodCPG

&

Gen

Merch

production

&

productsto

be

Durable,

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urr

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ia

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EuroSEcingose

SoacSustainabodayAnticipatinghowSustainabilitymayevolvewithCommercialuplift

is

crucialSource:

European

Commission

Director

General

ofTrade,

2021

based

on

studyof

1832

RetailersIn

FR,

GER,

ITA,

SPA,

NL

excludes

UKWines&Spirits:

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and

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Taking

aleaf

out

of

the

world’smost

iconic

juicebrand(they

alsohave

sparkling

grape

juice)AnticipatinghowSustainabilitymayevolvewithCommercialuplift

is

crucial HealthierDietary

ChoicesWines&Spirits:

NewHorizons

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confidentialFarmingPracticesTraceability<

Exciting

AspirationalD

Disruptiveinnovationbut

withafundamentalshiftWines&Spirits:

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confidential0.021BlurringCategoriesYoungerDemographicBeverageTrendsPremiumisation

ExperimentationSustainabilityQuickCommerce&Home

DeliveryProductsdeliveredtohomeAfterTastingguidanceonvideocallPersonalizationSessionableServingsCanned

WinesTargets

out-of-home

convenience&on-the-go

occasionsUnlike

bottles,which

imply

sharing,cansconveymoreindividualistic,personalconsumptionMood-EnhancingNoAlcoholBeveragesAlcoholictoSoft

HottoAlcoholicCoffee/tea–basedRTDcocktailsDisruptive

innovation

canmake

wine

andspirits

desirable

and

coolagainBringalivethetransformation,notthefeatureWines&Spirits:

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AlcoholBeverageSales

Functionalbeveragesthatare,better-for-you,arestormingaheadImmuneDefenseClaimsProteinClaimsHigh/Source/More

EnergyClaimsPrebiotic/ProbioticClaimsDigestionClaims28%21%17%17%16%Alcoholic-BeveragesDollar%

Chgvs.

YA

20222023

2024137Source:

Circana

OmniMarket

(BWSShared

DB),

52WESept.8,

2024vs.

YA,

Total

U.S.

MULO+C.LowAlcohol

Definitions:

Beer

<4%

ABV;Spirits

<

5%ABV;

Wine

<

10%ABVAllBeveragesTop5

DollarSalesCAGR2021-2024No/LoAlcoholicBeverages

$4Bnandgrowing

rapidlyWines&Spirits:

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and

confidential(+36.5%)(+12.2%)BeerSpiritsWine28

29174932113

1112123$SHR

Chg

(mix)+18.1%-17.5%+0.7%-2.3%-0.5%RITUALSEEDLIP

CLEANCOFREE

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Chg

(mix)-10.5%+4.9%-0.3%-1.2%+0.9%FREGIESENSTELLA

ROSA

NATURALSARIELFREIXENET1084262

Low-alcoholspiritsaregainingshareofready-to-drinkcategoriesZero-proofspirits&wines

aredominatedbyasmallgroupofbrandsWines&Spirits:

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confidentialSource:

Circana

OmniMarket

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DB),

52WESept.8,2024vs.YA,Total

US

MULO+C.Low/NoAlcohol

Beers,Wines&Spiritsarenota

trend

-

they

are

a

reality26.0%18.8%12.0%No-AlcoholSpiritsBrands($Shareof

NASpirits)TopSelling

NAWine

Brands($Shareof

NAWine)LowAlcoholSpirits(<5%ABV)

$ShareofCocktailsand

SeltzersLowABVBeer(<4%ABV)

Dollar

Mix84.5%Traditional

LowABV

BeerFlavoredLow

ABVBeer2021

2022

20232024+16.7pp15.5%28.6%24Zero-proofpremixedcocktailstaking“mocktails”tonewheightsanddemonstratesolidgrowthSource:CircanaOmniMarket(BWSSharedDB),52WeeksEndingSept.8,2024vs.YA,TotalUS

MULO+C.Wines&Spirits:

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Attentionstarved&fragmented

audienceshard

toreach

via

traditionalmedia&ambassadorsrequiresaresetinconsumer

&shopper

engagementSocial

MediaAmbassadorscommunicateproductmessagingtoamoretargeted

group

ofconsumers,through

a

sourceconsumersengagewithregularly

andtrust.Socialmediahas

influenced

a

re-discoveryofthecategoryPersonalized,Informal

&Experiential

ConsumptionOrganiccontentfromsocialmedia

users

-eitherinfluencers

or

thelarger

social

mediacommunity

–helps

propelbeveragetrends

andinspires

new

usageoccasionsTime-poor,Over-stimulatedFragmentedmediaconsumptionTraveltotheworld’s

bestvineyardsVirtualWineTastingIn-StoreWineStorytelling&MerchandisingPartnershipswithcelebritiesandpublicfiguresallow

brandstoWines&Spirits:

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confidentialImperfect&AuthenticVoicesreachmillionsofconsumersat

atime.27 ButtheBWScategory,sbrandiconicity,crafted

&

innovative

products,

unique

experiences

can

shape

thejourney Resetinconsumer&shopperengagementdriven

by

newcapabilities,

nottactical

promotional

activity

creating

a

buzzStrategicreinvention,nottacticaldisruption,iscrucialtogrowthCategoryleadershipwillbecapability&skillsdriven Highgrowthinadjacentcategories&marginaltrendstodaywill

impact

thewines

&

spirits

category

by

2035 Newconsumers,

needs,

rituals&occasionsaretransformingthemeaning

ofthewines

&

spirits

categoryDisruptiveinnovationdrivenbycapabilitieswillmakewines

&

spirits

desirable

and

cool

again:Beyondbuzzbuttruere-inventionofinnovation

in

product,

pricing,distribution,

consumer

engagement2025

issettingthestagefornewhorizonsforgrowth&category

leadershipLow/NoAlcoholisaboutmoderation&under-consumption.

Itwill

structurally

changeconsumer

demand

by

2045Sustainabilityisacommercialopportunity;itis

a

retailer

driven

markettoday.

Consumer

demand

constrained

by

availability&affordabilityWines&Spirits:

NewHorizons

InA

Changing

WorldCircana,

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Proprietary

and

confidential

0

XX

Wine&SpiritsLandscape02

ReinventionthroughDisruption03

NewHorizonsWines&Spirits:

NewHorizons

InA

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Proprietary

and

confidentialTherearearangeofinsightfulvoicesandlearningsfromin&outoftheindustryWeneedatangiblestrategiclogictotieallthese

optionstogether

-

it

is

criticalExamine

newdistributionopportunitiesLet'slicensethebrandto

ChinaWewill

nevercompromiseonqualityWe

mustre-establish

our

CSROrganic

&

Unfilteredistheway

forwardInnovateonyourproductLaunchinemergingmarketsFindthepricingsweetspot?Social

Media

Engagementoryou’redeadIt

isall

aboutthe

brand!Low/No

Alcoholis

thefuture!Doyouknow

yourshopper?Howwemakeourbrandpremium?We

mustdeepenourrelationship

with

RetailersCan

weinvest

ineven

morepromotions?This

isonlya

passingphase

–

itwillendHaveyouseenthisbottledesign?Wines&Spirits:

NewHorizons

InA

Changing

WorldCircana,

L