Carlton & United Breweries

What Carlton & United Breweries does

Carlton & United Breweries (CUB) is one of Australia's largest brewers, founded in 1907 and wholly owned by Asahi Group Holdings since 2020. It produces iconic Australian beer brands including Victoria Bitter, Carlton Draught, Carlton Dry, and Great Northern, and operates within the broader Asahi Beverages portfolio spanning beer, cider, premium spirits (Never Never gin), ready-to-drink beverages (Vodka Cruiser), mixers and adult soft drinks (Schweppes, StrangeLove), and coffee (Allpress Espresso). The business runs on traditional beverage manufacturing and distribution operations — brewing, production, and supply chain logistics — supported by 50+ local manufacturing and distribution centres across Australia and New Zealand, producing approximately 2.2 billion litres annually across 85+ brands and employing approximately 4,200 people across ANZ.

The company sells through two principal channels: off-premise retail distribution to major Australian grocery chains, bottle shops, and convenience stores; and on-premise direct field sales to pubs, clubs, bars, and restaurants. Revenue is generated primarily through beverage sales (beer, cider, spirits, mixers, adult soft drinks) with a secondary stream of brand licensing and partnership income from merchandise, co-branded products, and sports sponsorship arrangements. Customer segments include everyday Australian adult consumers (primary), hospitality venue operators (primary), and a growing health-conscious segment seeking low- and no-alcohol alternatives. Pricing is not publicly disclosed and is determined through commercial arrangements with retail and hospitality channels.

Since 2020, CUB has been integrated under Asahi Beverages, which in 2025 formed an Asia Pacific regional headquarters combining its Oceania operations with 22 countries across Southeast, South, and Central Asia. The company's go-to-market is anchored by high-profile sports sponsorships (NRL via Great Northern, State of Origin via Victoria Bitter, AFL via Carlton Draught) and community partnerships (The Great Shout with Rural Aid). Recent operational moves include appointing new creative agencies and Mindshare as media partner (June 2026) and breaking ground on a new Queensland distribution centre at Redbank as part of a multi-year supply chain modernisation program.

Name

Carlton & United Breweries

Legal name

Carlton & United Breweries

Website

https://cub.com.au

Company type

Private

Founded year

1907

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Carlton & United Breweries is an Australian brewer producing iconic beer brands including Victoria Bitter, Carlton Draught, Carlton Dry, and Great Northern, operating as a core subsidiary of Asahi Beverages, the APAC arm of Asahi Group Holdings, distributing 85+ beverage brands across Australia, New Zealand, and 22 Asian countries.

Ownership category

akta.pro rank

Product category

Beer Manufacturing

NAICS

Breweries (31212), Soft Drink Manufacturing (312111)

SIC

Beverages (2080), Bottled & Canned Soft Drinks & Carbonated Waters (2086)

akta.pro primary industry

Beer Brewing & Brands (CRADAIAA)

akta.pro secondary industries

Non-Carbonated Soft Drinks (Juice Drinks, Lemonades, Fruit Drinks) (CRADAHAB), Regional & National Breweries (THAFALAD)

Keywords

• Beer brewing
• Alcoholic beverages
• Beverage manufacturing
• Beer brands
• Ready-to-drink cocktails

Headquarters

HQ city

Southbank

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Infrastructure

Revenue model

1. Beverage Sales: Sale of alcoholic and non-alcoholic beverages through retail and hospitality channels. Revenue generated from beer, cider, spirits, mixers, and adult soft drinks sold to consumers via supermarkets, bottle shops, pubs, clubs, and restaurants.
2. Brand Licensing and Partnerships: Licensing of brand assets for merchandise, co-branded products, and sponsorship arrangements with sports leagues and community organizations.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Carlton & United Breweries (CUB) is an Australian beverage company that brews and distributes a portfolio of beer, cider, spirits, mixers, and adult soft drinks. Its core brands include Victoria Bitter, Carlton Draught, Carlton Dry, and Great Northern, sold through retail and hospitality channels across Australia and New Zealand. Operating as part of Asahi Beverages, CUB also distributes Schweppes mixers, Allpress Espresso coffee, StrangeLove adult soft drinks, Never Never Gin, and Vodka Cruiser.

Product overview

Carlton & United Breweries (CUB), now part of Asahi Beverages, operates as a multi-beverage portfolio company offering alcoholic and non-alcoholic beverages. Following Asahi Group Holdings' acquisition of CUB (2020-2024), the portfolio spans beer brands (Great Northern, Victoria Bitter, Carlton), premium spirits (Never Never Gin), ready-to-drink products (Vodka Cruiser), mixers and soda water (Schweppes), adult soft drinks (StrangeLove), and coffee (Allpress Espresso). The combined Asahi Beverages entity produces approximately 2.2 billion litres annually across 85+ beverage brands, distributed through 50+ manufacturing and distribution centres across Australia and New Zealand. This is a platform-plus-multiple-sub-brands architecture, where CUB brands operate alongside existing Asahi brands in a unified beverage company serving occasions from morning coffee to after-work drinks.

Differentiator

Problem solved

Functional benefit

Brands

• Great Northern: Iconic Australian beer brand known for its Great Northern Super Crisp lager
• Victoria Bitter
• Carlton

Products and services

• Great Northern Iconic Australian beer brand from Queensland featuring the Great Northern Super Crisp lager, distributed through retail and hospitality venues across Australia.
• Victoria Bitter (VB) Iconic Australian beer brand and official beer of State of Origin rugby league, sold through supermarkets, bottle shops, and on-premise hospitality venues.
• Carlton Historic Australian beer brand known for Carlton Draught, distributed through Australian retail and hospitality venues, and promoted through AFL partnership 'The Carlton Draft'.
• Schweppes Historic brand of mixers and soda water for both retail and hospitality use, part of the Asahi Beverages portfolio spanning Australia and international markets.
• Allpress Espresso Premium espresso coffee brand serving morning coffee occasions as part of the diversified Asahi Beverages portfolio.
• StrangeLove Adult soft drinks brand featuring premium and creative mixers, part of the Asahi Beverages portfolio.
• Never Never Gin Premium gin brand complementing the mixers and adult beverages offering within the Asahi Beverages portfolio.
• Vodka Cruiser Ready-to-drink vodka brand offering pre-mixed beverages for retail and on-premise consumption as part of the Asahi Beverages portfolio.

Quantifiable outcome

• Production capacity of ~2.2 billion litres annually
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Rural AidcoreGTM or Marketing Partner · 1 January 2026The Great Shout partnership where Great Northern beer matches donations up to $100,000 for Queensland farmers in need. Annual campaign activated at NRL Magic Round and through other community touchpoints.
• NRLcoreGTM or Marketing Partner · 1 January 2026NRL Magic Round sponsorship featuring Great Northern beer bell activation calling fans to support rural communities. Sports marketing partnership reaching rugby league audiences.
• AFLcoreGTM or Marketing Partner · 1 January 2026The Carlton Draft partnership where AFL legends are drafted to local footy clubs for special match day events. Brand activation connecting Carlton beer with Australian rules football culture.
• State of OrigincoreGTM or Marketing Partner · 1 January 2026Victoria Bitter is the official beer of State of Origin, with activations like Thirst Class private jet experience flying interstate fans to games.
• MindshareminorOthersAppointed as Asahi Beverages media agency following competitive pitch to support next phase of growth across the beverage portfolio.
• DrinkWise AustraliaminorStrategic or Co-development PartnerPartnership promoting responsible drinking and social responsibility messaging in public-facing communications.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Lion: Lion is Australia's other major brewer (owned by Kirin Holdings), producing XXXX, Tooheys, James Squire, Hahn, and Little Creatures. Direct head-to-head competitor to CUB across Australian retail and on-premise channels with comparable scale and brand portfolio.
• Coopers Brewery: Australia's largest family-owned brewery, producing Coopers Original Pale Ale, Sparkling Ale, and premium lagers. Competes directly with CUB in Australian mainstream and premium beer segments.

Broad incumbents

• AB InBev: World's largest brewer and owner of Budweiser, Corona, Stella Artois, and Great Northern Brewing (Australian craft). Operates in Australian beer market alongside CUB with global scale advantages.
• Heineken: Global brewer with portfolio including Heineken, Sol, and local Australian acquisitions such as Sydney Brewery. Competes with CUB in premium import and mainstream beer segments across ANZ.
• Kirin Holdings: Japanese parent of Lion, and a direct global peer to CUB's parent Asahi. Competes through Lion in Australia and through its own brands in broader APAC markets.
• Molson Coors Beverage Company: Global multi-beverage company producing beer (Coors, Miller), hard seltzers, and other drinks. Comparable in scale and product diversification to CUB/Asahi Beverages portfolio.
• Diageo: Global leader in premium spirits (Johnnie Walker, Bundaberg Rum) and beer (Guinness). Directly comparable to CUB's premium spirits strategy (Never Never Gin) and broad beverage portfolio diversification.
• Constellation Brands: Multi-beverage company with beer (Corona, Modelo), wine, and spirits. Similar diversified beverage portfolio strategy to CUB/Asahi Beverages, with comparable premiumization and category extension plays.

Regional players

• Treasury Wine Estates: Australia's largest wine company (Penfolds, Wolf Blass, 19 Crimes) with global distribution. Fellow Australian-headquartered major beverage producer with comparable ANZ distribution scale and Asia-Pacific export exposure.
• San Miguel Corporation: Philippine-headquartered brewer with extensive Southeast Asian beer operations. Comparable as an Asia-Pacific regional brewer that CUB/Asahi Beverages will increasingly compete with as APAC expansion progresses.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/asahi-beverages
• Facebookfacebook.com/CarltonUnitedBreweries

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carlton & United Breweries