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Packaged Food 2010 - Part 1: Global Market Performance
Euromonitor International, Nov 2010, Pages: 65
Objectives of Global Briefing:
- The core objective of this two-part report is to examine the current state of the global packaged food industry, and determine how latest industry trends and developments are impacting both present and future retail performance. This report will take into consideration a variety of industry developments that have taken place since the beginning of 2010, discussing their effects throughout the calendar year to date as well as future potential impact.
- Since a full-fledged global economic recovery remains far from guaranteed – given high sovereign debt levels and public spending cuts in Europe and unemployment rates that refuse to come down in the USA – the report begins with analysis as to how all this lingering uncertainty has impacted packaged food sales over the past year, both in general and by specific product category and geography. A mixture of staple and impulse food items will be reviewed. Given the present impact of broader economic factors, future industry prospects through to 2015 will also be discussed.
- The report also examines how the competitive landscape for packaged food has evolved since Kraft’s purchase of Cadbury in January 2010. Other M&A developments and their overall market impact will be reviewed, as well as other potential mergers, acquisitions and joint ventures currently in the pipeline.
- Retailer consolidation – and its impact on packaged food sales – will also be examined, as it relates to developed and developing markets alike. The impact of retail consolidation on private label development will be examined in the process, as will the effects of retailing regulations in key emerging markets such as India and Russia.
- The separately published second part of the report will then examine the key trends, developments and opportunities impacting and driving the industry, starting with the present state of the health and wellness trend. Given increasing levels of regulatory and consumer scrutiny, particularly for functional food, many manufacturers with a health and wellness positioning are having to re-evaluate their product development and marketing strategies. While rumours of the ‘demise’ of health and wellness remain unfounded, significant changes may be in store.
- Health and wellness also plays at least in part to mounting global consumer demand for ‘lifestyle’ brands, that is products that very explicitly speak to consumers’ personalities, values, priorities and quirks. Other packaged food new product developments with an overt lifestyle positioning will also be reviewed and analysed.
- Another ‘lifestyle’ positioning that has been gaining traction especially in Western Europe is ethical packaged food. As such, a summary of the current state of packaged food leveraging an ethical positioning will be provided, focusing specifically on organic, fair trade and other sustainably-sourced items. Any impact that continued global economic uncertainty is having on the retail performance of ethical packaged food will also be examined.
Key Findings:
- While the recent global economic downturn had a comparatively minimal impact on packaged food sales, continued economic anxiety and the spectre of public spending cuts across much of Europe means future growth prospects are far from guaranteed.
- Despite ongoing economic uncertainty, general consumer preferences have not necessarily changed that much when it comes to packaged food, but consumers will shop smarter and seek out value for money in whichever retail formats they can.
- Health and wellness remains a significant growth driver for the global packaged food industry, but has also come under mounting pressure from both regulators and consumers. Significant changes to product marketing and claims are in store.
- As in other industries, packaged food offerings with a clear lifestyle message and positioning remain popular, irrespective of broader economic conditions. Products that speak to consumers’ personalities, aspirations and values tend to do very well.
- One such value that is continuing to resonate with consumers, especially those in mature developed packaged food markets, is ethicality. Though still relatively niche, retail sales prospects for organic and fair trade food remain fairly strong.
- After Kraft bought Cadbury in January 2010, a flurry of packaged food M&A was widely anticipated. However, not much has actually transpired as leading manufacturers instead focus on inward investment and organic growth strategies.
- Packaged food retailing is becoming more and more consolidated, to the benefit of supermarket, hypermarket and discounter chains and at the expense of traditional formats such as small independent grocers and outdoor markets/bazaars.
- Retail consolidation is also spurring on private label encroachment across the packaged food industry, in developed and developing markets alike. That said, room still exists for brands to succeed, especially those with a strong added-value focus.
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