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Colombia Food and Drink Report Q1 2009
Business Monitor International, Feb 2009, Pages: 69
Consumption of beer in Colombia has been rising steadily in both volume and value terms over the past five years as discussed in our newly published Q109 Colombia Food & Drink Report. However, market leading firm Bavaria – owned by SABMiller – recorded falling sales volumes for the six months to September 30 2008. The parent company has put this down to subdued consumer confidence due to high lending rates and the global economic downturn.
Elsewhere, Colombia's largest retailer Exito, owned by France-based Casino, has launched a new upmarket private label range named Taeq. Casino already sells the brand through the Brazilian chain CBD in which it owns a 35% stake and the move marks the first time that the French retailer has developed private label synergies across its Latin American operations. The new strategy is partly a result of a lack of expansion opportunities in the country, which is forcing the company to look for new ways to generate profit. The growing affluence of Colombian consumers, however, means that there should be a strong market for premium goods.
In other news, Colombia’s largest processed food producer Grupo Nacional de Chocolates has announced it will acquire Mexican chocolate manufacturer Nutresa SA for US$95mn. The move will expand the firm’s operations in the substantial Mexican market and can also be seen as a move to increase its Mexican product portfolio as part of a wider strategy of targeting the growing Hispanic population in the US. hocolates has expanded rapidly over the past two years, investing in new plants and buying up a variety of food firms in neighbouring countries. This, along with rising purchasing power among consumers in Colombia, allowed the firm to increase its profits by 250% in the five years between 2002 and 2007. This growth continued into 2008 with the firm announcing that its net profits in the first nine months of that year were up by 46% compared to the same period in 2007.
Meanwhile, Colombia has moved up to third place in our Business Environment Rankings for the Latin American region. This is due mainly to the poor performance of Mexico and Argentina, who have both been more severely affected by the global banking crisis. Meanwhile, although the sector should remain resilient, a severe drop in coffee prices could have a strong negative impact on the country, which relies heavily on coffee exports.
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