Peru: "Big Cola" maker eyes beer drinkers
Peruvian multinational beverage maker Ajegroup, which makes its Big Cola soft drinks in eight nations, says it's poised to enter the beer market, starting in its home country, its chief executive said, according to Reuters, March 22.
Speaking at the Reuters Latin American Investment Summit, Angel Ananos said Ajegroup would invest $35 million this year in the beverage company's strategy to expand into brewing beer.
Ajegroup initially is aiming for a tenth of Peru's beer market. Calling it feasible, he said: "Taking 10 percent of the market that is growing at 20 percent is not too aggressive."
The new beer unit would have the capacity to meet 15 percent of Peru's market, whose size he did not specify.
Privately held Ajegroup is majority owned by the Ananos family.
Peru's beer market, analysts say, is dominated by SABMiller Plc (SAB.L: Quote, Profile, Research)(SABJ.J: Quote, Profile, Research). Its Peruvian unit Backus y Johnston (BKJi.LM: Quote, Profile, Research) posted 2006 sales of 1.569 billion soles ($490 million).
Peru has one of the lowest beer consumption rates in Latin America, making it an attractive market, SABMiller Peru Chief Executive Robert Priday told the Reuters Summit on Tuesday.
Last year, SABMiller invested $102 million in Peru and Priday forecast even more investments this year.
SABMiller moved into Peru in 2005 when it completed its acquisition of Colombian-based Bavaria, which owned Backus.
Brazil's AmBev (AMBV3.SA: Quote, Profile, Research), a unit of Belgium-based InBev (INTB.BR: Quote, Profile, Research), launched its Brahma brand in Peru in 2005. Analysts say it has won 18 percent of the market in Lima.
Ajegroup, one of Peru's leading multinationals, makes and bottles soft drinks in Mexico, Peru, Venezuela, Ecuador, Costa Rica, Nicaragua, Guatemala and Thailand. Ananos said it is building a plant in Colombia and plans one in Honduras.
Ajegroup's first attempted foray into the beer market was in Mexico with a 2005 plan to build a brewery. Ananos said Ajegroup scrapped that project after Mexico enacted a law to tax beer sold in nonreturnable bottles and cans at a higher rate than returnable bottles, a hurdle for new entrants.
Mexico's two main brewers, Femsa (FMSAUBD.MX: Quote, Profile, Research) (FMX.N: Quote, Profile, Research) and Modelo.
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