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Pakistan Food and Drink Report Q1 2010
Business Monitor International, Nov 2009, Pages: 60
The Pakistan Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Pakistan's food and drink industry.
With a population close to 165mn, Pakistan is one of the largest markets in the Asia Pacific region and potentially a highly lucrative long-term play for fast-moving consumer goods companies. Yet it continues to be weighed down by fundamental risks and is still firmly rooted to the bottom of BMI’s Asia Pacific Food & Drink Business Environment Ratings table for Q110. Although the highly challenging business environment and the price sensitivity of the consumer base will continue to impede investments, BMI believes that Pakistan’s soft drinks industry will continue to provide promising opportunities over their forecast period to 2014.
Dominated by low-cost carbonates, Pakistan’s soft drinks industry benefits from key demand triggers such as the absence of a notable alcoholic drinks industry and a warm climate. Led by the core carbonate brands of Coca Cola and PepsiCo, the publisher estimates per capita soft drinks consumption in Pakistan to stand at about 20 litres per annum, which leaves significant room for growth. Owning close to 50% of Coca-Cola Beverages Pakistan, Pakistan contributes about 8% to Turkey-based Coca-Cola Içecek’s (CCI) international volume sales. Taking into account the size and underdeveloped state of the industry, its importance to CCI is likely to strengthen considerably over the long-term.
Although health consciousness has begun to surface, the limited spending power of consumers means that it has yet to truly impact on the structural development of the industry despite a promising pick up in demand for calorie-free carbonates. Higher value segments such as bottled water and particularly functional drinks will continue to be confined mostly to the niche segments of the market. Over the publisher's forecast period to 2014, BMI expects soft drinks sales to increase 39.8% to PKR19.5bn (US$233mn), with carbonates likely to pick up most of the volume growth.
The bottled water segment in particular is likely to be a key long-term growth segment. Taking into account the limited access the vast majority of consumers have to potable water, the segment is likely to strengthen considerably as disposable incomes rise over the long-term. A forecast 71.1% increase in per capita GDP to US$1,747 to 2018 coupled with product development and capacity strengthening by existing producers should contribute to significant per capita bottled water consumption growth over the period.
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