アサヒグループホールディングス株式会社のMVV分析 - Asahi Demonstrates the True Value of "Glocal Value Creation" with 37% PET Recycling Rate

Key Metrics at a Glance

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Key Findings: Assessing Asahi’s Current Standing Through Three Insights

The trajectory of Asahi Group Holdings from 2023 to 2025 illustrates a resolute commitment to transforming from a conventional beverage manufacturer into a "Glocal Value Creation Company." The various KPIs presented in its Integrated Report eloquently demonstrate how the company is embedding its core philosophy—the Asahi Group Philosophy (AGP)—into its business activities. This article examines the company's strategic progress and future challenges through the lenses of finance, human capital, and ESG.

1. "Walking the Talk": Accelerated Achievement of ESG Targets Asahi's exceptional execution of its environmental goals is particularly noteworthy. In FY2024, the usage rate of recycled and bio-based materials in PET bottles reached 37%^¹, significantly surpassing the FY2025 target of 30%^² a full year ahead of schedule. This serves as evidence that the company views sustainability not as a mere aspirational goal, but as a critical management priority to be achieved. Regarding CO2 emissions reduction, Asahi achieved a 35% reduction (vs. 2019 levels) as of 2024^³, making steady progress toward its 40% reduction target for 2025^⁴. These results lend tangible credibility to the company's ambitious goal of achieving net-zero emissions by 2040^⁵.

2. Global Strategy Driven by Diversity in Senior Management Asahi's human capital strategy has yielded significant results, especially in the diversity of its leadership. The ratio of women in senior management rose steadily from 21% in 2023^⁶ to 24% in 2024^⁷. This reflects a strong determination to transform the decision-making core of the company rather than settling for perfunctory diversity initiatives. As the company accelerates its global expansion, a leadership team with diverse perspectives will serve as a vital source of innovation and adaptability in an increasingly complex market environment.

3. Integration of "Premium Strategy" and Sustainability At the heart of Asahi’s business strategy is "achieving growth centered on high-value-added brands."^⁸ This "high value" has evolved to encompass sustainability value—such as reducing environmental impact and contributing to society—in addition to quality and taste. For instance, in the global expansion of "Asahi Super Dry,"^⁹ environmental considerations in the manufacturing process have become key components of brand value. By positioning ESG investment as a strategic move to enhance brand value rather than a cost, Asahi is creating a virtuous cycle of business growth and social contribution.

Evolution of Philosophy: From "Cheer the Future" to "Make the World Shine"

The foundation of Asahi Group’s corporate activities lies in its steadfast "Asahi Group Philosophy (AGP)."^² The AGP consists of a Mission (Existence Value), Vision (Desired State), Values, and Principles (Action Guidelines), serving as the compass for all strategic decision-making.

Universal Existence Value Defined by AGP

The core Mission, "Deliver on our great taste promise and bring more fun to life,"^¹⁰ and the Vision, "Be a glocal value creation company, with high-value-added brands as the core of our growth,"^⁸ have remained consistent over the past three years. This indicates that the company’s business domain and intended direction are clearly defined and shared both internally and externally. This universal axis allows for flexible strategic adjustments in response to changes in the environment.

A Global Will Embedded in the Corporate Statement

Meanwhile, the company’s message to society has evolved. The corporate statement moved from "Cheer the Future" in 2023^¹¹ to "Make the world shine" in 2024^¹². This shift sharpens the company's identity as a global entity that looks beyond the Japanese market. The change from a supportive stance ("Cheering") to an active role ("Making the world shine") represents a more proactive and large-scale declaration of intent. This can be viewed as a strategic evolution in communication designed to increase presence in global markets and resonate with stakeholders worldwide.

Connecting Strategy and Philosophy: Premiumization as the Embodiment of "Glocal"

Asahi's business strategy is designed as a concrete action plan to realize the "Glocal Value Creation Company" vision set out in the AGP. The crux of this plan is the integration of a global "premium strategy" with sustainability management.

Redefining "High Value" through Sustainability

The "strategy centered on premiumization" touted by the CEO^¹³ does not simply mean selling more high-priced products. Today’s consumers prioritize not only the quality of the product itself but also how it is made and its impact on society and the environment. Asahi is redefining brand "added value" through specific environmental measures, such as obtaining SBT net-zero certification^¹⁴ and targeting 100% renewable energy for purchased electricity^². These initiatives are indispensable for winning the support of environmentally conscious consumers and solidifying the company's position as a premium brand.

A Virtuous Cycle of Financial Foundation and Growth Investment

The Group CFO aims for "sustainable growth driven by cash generation capability, a solid financial foundation, and the results of growth investments."^¹⁵ The goal is to establish a cycle where high profitability from the premium strategy enables aggressive investment in ESG and human capital, which in turn further enhances brand value and profitability. Given the awareness that Scope 3 emissions account for 90% of the total^¹⁶, directing investment toward sustainability across the entire value chain is a strategic financial decision directly linked to long-term risk mitigation and corporate value enhancement.

Human Capital Management: The Future Opened by 24% Female Leadership

Another pillar supporting Asahi's growth strategy is investment in human capital. In particular, the promotion of Diversity & Inclusion (D&I) plays a vital role in enhancing competitiveness as a global company.

Transformation Through Diversity in Decision-Making

The fact that the ratio of women in senior management rose from 21% in 2023^⁶ to 24% in 2024^⁷ speaks to Asahi's serious commitment to D&I. Bringing diverse perspectives to management decisions prevents uniform thinking and enables precise judgment in complex global markets. This achievement goes beyond hitting a numerical target; it fosters a culture of innovation across the organization and contributes directly to increasing corporate value.

Developing Global Talent and Creating Opportunities

Under the people statement "Learning, growing, achieving TOGETHER,"^¹⁷ Asahi is building a framework that links individual growth to organizational growth. Specific examples include measures to promote global personnel exchange and the cross-regional sharing of expertise accumulated at Regional Headquarters (RHQs)^¹⁸, as well as the establishment of AGPRO^¹⁹ to expand opportunities for specialized talent. These initiatives strengthen the human resource foundation required to realize the vision of a "Glocal Value Creation Company" and ensure sustainable growth.

Brand Action: Business Activities Guided by "Planet Positive"

Asahi's philosophy and strategy provide value to society through specific brand actions. At the root of these actions is the "Planet Positive" ideal outlined in the "Asahi Group Environmental Vision 2050."^²⁰ This is an ambitious goal that aims not only to eliminate the environmental impact of business activities but also to create positive value for the global environment.

SBT Net-Zero Certification and the 2040 Target

The company has obtained SBT (Science Based Targets) net-zero certification for its greenhouse gas reduction targets^¹⁴, earning international recognition for its commitment. Furthermore, Asahi moved up its initial timeline, setting a target to achieve net-zero GHG emissions by FY2040^⁵. This high level of target-setting reflects a strong will to position climate change as a top management priority and lead the industry.

Realizing Sustainability Across the Entire Value Chain

Asahi's efforts extend beyond its own factories. Guided by the policy of "realizing sustainable living for all across the value chain,"^²¹ the company aims to solve environmental and social issues throughout the supply chain—from raw material procurement to product consumption and disposal. The early achievement of the recycled material ratio target for PET bottles^¹^² is a prime example of this success. These activities build brand trust and provide consumers with a reason to choose Asahi.

Historical Changes: The Trajectory from 2023 to 2025

Asahi Group’s key non-financial indicators have shown steady progress over the last few years. Changes in the areas of ESG and human capital, in particular, clearly indicate the company's strategic priorities.

Trends in Key Non-Financial Indicators

Metric	2023	2024	2025 Target	Change	Analysis
CO2 Emissions Reduction Rate (Scope 1&2, vs. 2019)	32% reduction^²²	35% reduction^³	40% reduction^⁴	Progressing steadily	Demonstrates solid execution toward the net-zero goal.
Recycled/Bio-based Material Ratio in PET Bottles	25%^²³	37%^¹	30%^²	Target achieved early	Suggests strong will and technical capability to accelerate the transition to a circular economy.
Ratio of Women in Senior Management	21%^⁶	24%^⁷	-	Steady improvement	Indicates that ensuring diversity in decision-making is a key item in the management strategy.

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Conclusion: Proving Philosophy Through Numbers on the Path to a "Glocal Value Creation Company"

With the "Asahi Group Philosophy" as its compass, Asahi Group Holdings is making steady progress in its transformation into a "Glocal Value Creation Company" that balances sustainability and business growth.

Strength: Strong Commitment to Goal Achievement and Execution

The company's greatest strength lies in its ability to execute—ensuring that stated goals, particularly in the ESG domain, are met or even achieved ahead of schedule. The 37% recycled material ratio for PET bottles^¹ is a symbol of this capability. This "walk the talk" approach is crucial for gaining the trust of investors and consumers and enhancing intangible corporate value. Furthermore, the 24% ratio of women in senior management^⁷ indicates that the company's transformation is being driven from the top level.

Challenge: The Grand Ambition of Value Chain Transformation

However, challenges remain. The fact that Scope 3 emissions account for 90% of the Group's total CO2 emissions^¹⁶ means that transformation across the entire value chain—involving both suppliers and consumers—is essential. This is a massive undertaking that cannot be completed through internal efforts alone, and it will require even deeper stakeholder engagement moving forward.

Future Outlook: Translating Non-Financial Value into Economic Value

A key point of focus going forward will be how Asahi translates progress in these non-financial areas into sustainable economic value. Specifically, the market will be looking for a concrete roadmap and track record for reducing Scope 3 emissions, the innovative results brought about by globally developed talent, and the extent to which a premium strategy embedded with sustainability can succeed in global markets. When these results manifest as financial figures, Asahi's "Glocal Value Creation" can be said to have truly reached fruition.

Footnotes

出典

Footnotes

ASAHI GROUP INTEGRATED REPORT 2024, p.21, "Overall View of Value Creation" ↩ ↩² ↩³ ↩⁴
Asahi Group Integrated Report (FY2025), "Realizing the AGP and Corporate Statement" ↩ ↩² ↩³ ↩⁴ ↩⁵
ASAHI GROUP INTEGRATED REPORT 2024, p.22, "Asahi Group's Current Standing and Desired State" ↩ ↩²
Asahi Group Integrated Report (FY2025), p.20, "Asahi Group's Value Creation Process" ↩ ↩²
Asahi Group Integrated Report (FY2025), p.5, "Our Values" ↩ ↩²
ASAHI GROUP INTEGRATED REPORT 2023, p.17, "CEO Message" ↩ ↩² ↩³
ASAHI GROUP INTEGRATED REPORT 2024, p.23, "Asahi Group's Execution Capability Unveiled Through History" ↩ ↩² ↩³ ↩⁴
Asahi Group Integrated Report (FY2025), p.5, "Asahi Group Philosophy" ↩ ↩²
ASAHI GROUP INTEGRATED REPORT 2024, p.13, "Message from Our Group CEO" ↩
Asahi Group Integrated Report (FY2025), p.5, "Our Mission" ↩
ASAHI GROUP INTEGRATED REPORT 2023, p.3, "01 Sources of Corporate Value Enhancement" ↩
ASAHI GROUP INTEGRATED REPORT 2024, p.4, "Key Figures" ↩
Asahi Group Integrated Report (FY2025), p.10, "Message from the Group CEO" ↩
Asahi Group Integrated Report (FY2025), p.21, "Strengths and Management Foundations Developed by the Asahi Group" ↩ ↩²
ASAHI GROUP INTEGRATED REPORT 2024, p.11, "Message from Our Group CEO" ↩
ASAHI GROUP INTEGRATED REPORT 2024, p.24, "Unifying the Global Corporate Foundation for Next Growth" ↩ ↩²
ASAHI GROUP INTEGRATED REPORT 2024, p.9, "Message from Our Group CEO" ↩
ASAHI GROUP INTEGRATED REPORT 2023 (FY2025 version), p.53, "Use of Renewable Energy (Scope 1, 2)" ↩
Asahi Group Integrated Report (FY2025), p.22, "Medium- to Long-Term Management Policy Concepts" ↩
ASAHI GROUP INTEGRATED REPORT 2024, p.19, "Continuously Enhancing Corporate Value Through AGP Implementation" ↩
ASAHI GROUP INTEGRATED REPORT 2023, p.16, "CEO Message" ↩
ASAHI GROUP INTEGRATED REPORT 2023, p.2, "Our Mission" ↩
ASAHI GROUP INTEGRATED REPORT 2023, p.2, "Our Vision" ↩