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Chile Food and Drink Report Q1 2009
Business Monitor International, Jan 2009, Pages: 67
This Chile Food Drink Report provides independent forecasts and competitive intelligence on Chile's food and drink industry.
Chilean retailers have benefited from high consumer spending power and a growing economy in recent years. However, they are now starting to feel the pinch as the global economic slowdown impacts Chile. High inflation has not been met with wage increases, which is likely to eat into consumer spending power. Meanwhile, the devaluation of the peso is making imports more expensive. Still, BMI believes that Chile accumulated enough cash reserves while commodity prices were sky-high in order to mitigate the worst effects of the financial crisis.
For the time being, Chile’s largest food and drinks producers seem to be weathering the storm. Indeed, Chilean beverage firm Compañía Cervecerías Unidas (CCU) has reported that its total volume sales in Q308 were up by 11.4% compared with Q307. Revenues have jumped by almost 13% over the same period, driven in part by a strong domestic performance. Chile’s leading wine producer Concha Y Toro reported healthy figures for Q208, with profits rising by almost one-fifth.
The strong performance of these two firms is partly due to their policies of premiumisation, which also reflects how the beer and wine industries in Chile are continuing to develop. However, premium brands are likely to be the first hit if the economic downturn is more prolonged than expected. Chilean retailer Cencosud seems unfazed by the troubles, however, and the company announced in September 2008 that it would be continuing with its planned US$3bn investment plan. Under the strategy, the company is looking to double sales over the next five years, although, owing to the maturity of the Chilean market, much of this investment may be in foreign markets.
Chile remains top of BMI’s Business Environment Ratings for the Latin American region. Its strong score is largely due to the country’s tight regulatory regime, advanced economy and high food consumption. Between 2008 and 2013, BMI forecasts that consumption will rise by just under 78%, to reach US$30.6bn. This works out at US$1,712 per capita, comfortably the highest in the region.
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