Suntory Global Spirits Reports Growth in 2024 Amidst North American Challenges

February 14, 2025

Suntory Global Spirits has successfully expanded its sales base of $5.6 billion in 2024, achieving positive growth despite facing significant challenges in North America and other critical markets. The company has set an ambitious target of reaching $10 billion in sales by 2030. While this goal may be increasingly difficult to achieve given the recent turbulent industry conditions, Suntory has shown resilience in its strategy, particularly through growth in ready-to-drink (RTD) cocktails and Japanese whisky. According to Impact Databank, Suntory Global Spirits ranks as the third-largest player in the global spirits market, with an annual volume of approximately 145 million cases.

In the United States, the ready-to-serve cocktail brand On the Rocks performed exceptionally well last year, experiencing an estimated 7.5% growth to nearly 800,000 cases. This success was bolstered by the introduction of a new Lemon Drop Martini to its product lineup. Despite a slight decline in U.S. depletions for the company’s flagship brands, Jim Beam and Maker’s Mark, Suntory reported that Jim Beam still managed to achieve low single-digit growth in both sales and volume on a global scale, significantly driven by record sales in Japan. Overall, Suntory’s American whiskey portfolio has increased its market share.

In addition to On the Rocks, the expansion of the -196 brand has contributed to double-digit global gains in the RTD category. The brand launched a new U.S. marketing campaign titled “Unusual Your Usual,” promoting its unique 6% ABV label that employs a distinctive “freeze, crush, infusion” process. This process involves freezing whole fruit in liquid nitrogen at -196 degrees Celsius, resulting in a fresh and vibrant product that has achieved a global volume of 30.5 million cases, as reported by Impact Databank.

Sales for the House of Suntory were notably enhanced by the performance of Japanese gin Roku, which experienced low single-digit growth, as well as significant double-digit growth in Japanese whiskies Hibiki and Yamazaki. While Suntory acknowledged the ongoing difficulties in the North American market, the Asia Pacific region emerged as a bright spot for the company, contributing positively to its overall performance.

“The year 2024 proved to be challenging due to persistent global cost increases and inflation, which led to economic stagnation in many regions,” stated Takeshi Niinami, president and CEO of Suntory Holdings. “Consequently, we observed a deterioration in market conditions and a more competitive environment across various regions and business segments.”

Despite these challenges, Niinami emphasized that Suntory leveraged its strengths as a multifaceted global beverage company to achieve record-high revenue and operating income for the year. “It has been ten years since we acquired Beam Inc. in 2014, marking the start of our full-scale globalization. Since then, Suntory Group’s revenue has more than doubled, and our operating profit has grown 2.5 times,” he added.

In a significant leadership transition, Suntory Holdings announced the promotion of Nobuhiro Torii to the position of president, effective in late March. Niinami will continue to serve as CEO while also taking on the role of chairman. Nobuhiro Torii is the great-grandson of Shinjiro Torii, the founder of Suntory’s predecessor company, Torii Shoten, and he currently holds the position of executive vice president.

Suntory Global Spirits—Key Brands in the U.S.

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