Diageo, the leading alcoholic drinks firm, has announced the creation of a new research and development (R&D) centre in Shanghai to develop products for the Chinese market.
The state-of-the-art centre, which is said to be the first of its kind in the beverage alcohol sector in Shanghai ,will primarily support the China market and will strengthen Diageo’s ability to rapidly innovate and develop premium products that cater to Chinese consumer tastes, the company said.
“Today’s announcement is another key step in our transformational journey to invest and deliver growth in a fast-moving and highly competitive market”, said Sam Fischer, Diageo president Asia-Pacific and Global Travel. “China’s total beverage alcohol market is the largest in the world in both value and volume terms, and is expected to grow over the next five years. Much of this growth will be driven by strong premiumization trends that are accelerating as new channels and occasions emerge for international spirits, beer and new- to-world innovations”.