NEWS
JAPAN'S SUNTORY ANNOUNCED 3rd PRICE HIKE IN A YEAR, UP 19-22% IN MAY
By Susan Lewis
16-2-2023
Source: Suntory/Instagram
Japan’s drinks giant Suntory Group announced that it will increase prices of their canned and bottled products in Japan by 19 to 22 percent effective from 1 May 2023, this is the company’s third price hike in a year.
Suntory said on their website that the ongoing increases in the costs of raw materials and manufacturing process “have reached a point where their absorption solely through individual company efforts is extremely difficult.”
It said the company has widely implemented costs saving measures, but the current level of costs inflation has left the company with no choice but to put up prices.
Effective on shipments made on and after 1 May 2023, the recommended retail prices in Japan for Suntory’s canned and bottled products will increase by 19 to 22 percent.
Suntory is Japan’s leading drinks manufacturer, the company owns many top alcoholic drink brands including Asahi beer, Yamazaki, Hakushu and Hibiki whisky. It also owns non-alcoholic drink brands including Ribena, Lucozade and Orangina.
Last October, Suntory hiked prices on its beers by 6 to 10 percent, the first price hike on its beers in 14 years, to reflect increasing costs for materials, energy and transportation.
Six months before in April last year, Suntory hiked prices on its whisky brands by up to 28 percent.
Suntory exports a lot of their products overseas, their domestic pricing strategy will certianly have knock-on effects in the overseas markets.
(the writer can be contacted at: info@thewinechronicle.com)
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