Greece Food and Drink Report Q1 2013
BMI View: Despite some signs that the pace of economic contraction in Greece could finally start to ease, the depression is far from coming to an end. Latest figures show that industrial production, in particular, has been a heavy casualty of fiscal cut backs, dwindling investment and depressed consumer demand. Unsurprisingly, the retail sector is also still struggling, with retail sales contracting by 9.2% year-on-year (y-o-y) in May 2012, even though this marked an improvement on previous months. While this may suggest that the plunge in sales is close to bottoming out, the outlook for the sector is bleak since household wealth, incomes and employment prospects remain in the doldrums. In the meantime, headline consumer price inflation in Greece is slowly but surely heading towards deflationary territory, with the situation thus not providing optimism for value growth of food and drink sales.
Headline Industry Data (local currency) ? 2013 per capita food consumption = -2.51%; forecast to 2017 = +0.62%. ? 2013 alcoholic drink value sales = -3.56%; forecast to 2017 = +0.57%. ? 2013 soft drink value sales = -4.95%; forecast to 2017 = -0.63%. ? 2013 mass grocery retail sales = +1.43%; forecast to 2017 = +1.87%.
Key Company Trends Greek Cheeses Increasingly Popular in the UK: According to a report released by UK-based market research company Kantar Worldpanel in mid-2012, Greek and Cypriot cheeses are expected to become the UK's fastest growing cheese variety. The report revealed that UK sales of haloumi increased 35% y-oy in 2011, with that of white feta were up 15%. According to UK-based retailer Tesco, the demand for such cheeses has risen in part owing to celebrity chefs, such as Nigella Lawson, Jamie Oliver and Gordon Ramsay, featuring these varieties on their TV shows and in their books.
Coca Cola Hellenic (CCH)’s H112 Results Show Continued Decline in Net Profits: In the six months to the end of June 2012, the firm's net sales rose 1% to reach EUR3.4bn, but net profits declined 25% to EUR109mn. H112 volumes were down by 2%. This represents a continuation of the pattern seen during 2011, when net sales ticked up by 1% but profits fell by 37%. The figures indicate that the firm is working very hard to maintain its market share, while being unable to pass through additional costs to consumers owing to the weak economic background.
Key Risks To Outlook Consumer Prices Heading Towards Deflationary Territory: Headline consumer price inflation in Greece is slowly but surely heading towards deflationary territory. Although there is scope for a surge in commodity-related imported inflation, which would support domestic prices, the destruction in domestic demand and endemic double-digit unemployment are the overwhelming forces, which will conspire against price stability.
Table of contents
BMI Industry View
SWOT Analysis Greece Food Industry SWOT Greece Drink Industry SWOT
Greece Mass Grocery Retail Industry SWOT
BMI’s Core Global Industry Views
Table: Core Views Western Europe Risk/Reward Ratings Western Europe Q113 Food & Drink Risk/Reward Sub-Factor Ratings (scores out of 10)
Western Europe Q113 Food & Drink Risk/Reward Ratings Greece Food & Drink Risk/Reward Ratings
Table: Economic Activity
Industry Forecast Scenario
Food Food Consumption
Table: Food Consumption Indicators – Historical Data & Forecasts, 2009-2017
Table: Canned Food Value/Volume Sales – Historical Data & Forecasts, 2009-2017 Confectionery
Table: Confectionery Value/Volume Sales – Historical Data & Forecasts, 2009-2017
Table: Pasta Volume Sales, Production & Trade – Historical Data & Forecasts, 2009-2017 Meat.
Table: Meat Volume Sales, Production & Trade – Historical Data & Forecasts, 2009-2017 . Frozen Food.
Table: Frozen Fruit & Vegetables Volume Sales, Production & Trade – Historical Data & Forecasts, 2009-2017
Table: Baked Goods Volume Sales, Production & Trade – Historical Data & Forecasts, 2009-2017
Other Processed Foods
Table: Jams And Jellies Volume Sales, Production & Trade – Historical Data & Forecasts, 2009-2017
Table: Dairy Volume Sales, Production & Trade – Historical Data & Forecasts, 2009-2017 Trade
Table: Food & Drink Trade Balance – Historical Data & Forecasts, 2009-2017
Table: Hot Drink Value Sales – Historical Data & Forecasts, 2009-2017
Table: Soft Drink Value/Volume Sales – Historical Data & Forecasts, 2009-2017
Table: Alcoholic Drinks Value/Volume Sales – Historical Data & Forecasts, 2009-2017
Greece Food & Drink Report Q1 2013
Mass Grocery Retail
Table: Mass Grocery Retail Value Sales by Format – Historical Data & Forecasts, 2009-2017
Table: Grocery Retail Sales By Format
Key Industry Trends And Developments
Greek Cheeses Increasingly Popular In The UK Competition Commission Fines PepsiCo Snack Unit
Unilever Commits To Greece With Ice Cream Buy
Vivartia Merges With Mevgal
Food Consumption Food Production Leading Producers Trade.
Table: Fish Volume Sales, Production & Trade, 2009-2017.
Key Industry Trends And Developments
Coca-Cola Hellenic To Restructure Operations In Greece Amid Falling Profits
Could CCE Ignore Germany And Bid For Coca-Cola Hellenic?
New Legislation Could Create Conflict Between Greek Drink Makers.
Greek Wine Boosted By Big Export Deal With China
Heineken To Expand In Greece Despite Economic Crisis
Duty Tax Set To Further Dampen Greek Spirits
Soft Drinks Hot Drinks Mass Grocery Retail Key Industry Trends And Developments Supermarkets Seeking Permission To Sell Baby Food Carrefour Exiting Greece
Delhaize’s Greek Success Is Carrefour’s Loss Potential In Discount Sector As Lidl Buys Aldi Outlets
Leading MGR Players.
Table: Structure Of The Mass Grocery Retail Market By Estimated Number Of Outlets
Table: Structure Of The Greek Mass Grocery Retail Market By Value (US$bn)
Table: Average Value Of MGR Outlets 2011
Table: Key Players In Greece's Food Sector
Table: Key Players In Greece's Drink Sector
Table: Key Players In Greece's Mass Grocery Retail Sector Greece Food & Drink Report Q1 2013
Food Unilever Greece
Fage Dairy Industry.
Coca-Cola Hellenic Beverages Company
J. Boutari & Son Holding (Boutari Group)
Athenian Brewery (Heineken)
Mass Grocery Retail
Carrefour Marinopoulos Alfa-Beta Vassilopoulos
Demographic Outlook Table: Greece's Population By Age Group, 1990-2020 ('000)
Table: Greece's Population By Age Group, 1990-2020 (% of total)
Table: Greece's Key Population Ratios, 1990-2020
Table: Greece's Rural And Urban Population, 1990-2020
Risk/Reward Ratings Methodology
Table: Risks Weighting
Table: Weighting.. BMI Food & Drink Industry Glossary Food & Drink Mass Grocery Retail . BMI Food & Drink Forecasting & Sourcing
How We Generate Our Industry Forecasts Sourcing
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