Following LVMH’s announcement of job cuts within its wines and spirits division, beer giant Budweiser has also confirmed workforce reductions across the Asia-Pacific region.
According to Budweiser APAC’s 2024 annual report, the company employed 21,930 people by year-end, down from around 24,973 in 2023—a reduction of over 3,000 employees, or roughly 16%.
Earlier market rumours suggested that Budweiser APAC planned to slash operating costs by 15% in 2025, including thousands of layoffs. However, the company denied these reports, citing a response from headquarters stating that the claims of large-scale job cuts were not accurate, and that it remains committed to long-term investment in China.
Budweiser APAC bills itself as the largest beer company in the region. In China, it manages both local and international brands including Harbin, Budweiser, Hoegaarden, and Corona, with all distribution and channel operations handled by Budweiser APAC.
Despite denying plans for further layoffs in 2025, the 2024 staff reductions have already taken place. In addition to workforce cuts, Budweiser APAC also underwent a leadership reshuffle. On February 26, 2025, the board announced that CEO and Co-Chairman Jan Craps would step down and leave the company. He was succeeded by Yanjun Cheng, the company’s Global Chief Supply Chain Officer, who officially assumed the role of CEO and Co-Chairman on April 1.
Industry observers widely interpret the layoffs as a sign of pressure on the company’s performance. In 2024, Budweiser APAC reported revenues of US$6.246 billion, down 7% year-on-year. Normalised EBITDA came in at US$1.807 billion, a 6.3% decline. The Chinese market, which once contributed over 70% of company revenues, saw a sharp downturn—sales volumes fell 11.8%, revenue dropped 13%, price per hectolitre slipped 1.4%, and market share declined by 1.49 percentage points.
Budweiser APAC is another leading global alcohol company to announce layoffs following LVMH. Similar cost-cutting measures are also taking place among domestic Chinese brewers. Public disclosures show that in 2024, China Resources Beer and Yanjing Beer each laid off over 1,000 employees, while Tsingtao Beer cut 800 jobs. China Resources and Tsingtao saw revenues decline by 0.76% and 5.3% respectively, with China Resources’ net profit down 8.03%. Only Yanjing Beer managed to grow both revenue and profit during the fiscal year.
A decade ago, China’s beer market was dominated by a few major domestic players. But since 2014, the influx of imported beers has reshaped consumer preferences. In recent years, the rise of instant retail platforms like Freshippo and Pop Mart, along with vertical alcohol delivery apps such as Waima Wine and Jiu Xiaoer, has led to the proliferation of private-label beer brands, further fragmenting the market. In today’s climate of muted consumption, the fierce competition among too many players is weighing heavily on legacy beer giants.
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