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Estonia Food & Drink Report 2008
Business Monitor International, March 2008, Pages: 77
The Estonia Food Drink Report provides independent forecasts and competitive intelligence on Estonia's food and drink industry.
Estonia has been among the most attractive investment destinations in the Central and Eastern Europe (CEE) region. The country is ranked fifth in BMI’s revised Business Environment Ranking for the food and drink sectors, given its strong annual GDP growth, rising disposable income and the inflow of foreign direct investment (FDI). However, the small size of the market – Estonia has a population of only 1.3mn – is one of the main drawbacks to operating in the country. Indeed, Finnish retailer Kesko and German Lidl recently made a decision to exit the country’s mass grocery retail (MGR) sector. While this leaves more room for expansion for leading local players, primarily the Rimi Baltic and Maxima LT (formerly VP Market) chains, this space is clearly limited. Consequently, large-scale market entries are unlikely in the future.
In the meantime, although the food and drink industries are still not as consolidated as elsewhere in the CEE region, the sectors are rapidly rallying around a few key players. One of the recent entrants is Estonia-based Alta Capital Partners, a venture capital firm, which is taking over a number of Baltic food and drink processing companies in a bid to reap benefits from a steady growth in food and drink consumption across the region. Nevertheless, international companies are still interested in local investment as the demand for higher quality and premium products, especially in the chocolate and alcoholic drink sectors, will spur value growth in the industry. However, the substantial number of price-sensitive consumers, especially in the east of the country will hamper value growth of the food sector. The expansion of discount operators forecast for the coming years will also support the development of heavy competition in the retail sector in terms of price. All the same, niche sectors are still available as points of entry and/or expansion, as consumers in the country can be won over to a new product or wooed by a new retailer with an attractive price proposition.
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