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Serbia Food and Drink Report Q4 2011
Business Monitor International, Sep 2011, Pages: 105
Serbia 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 Serbia's food and drink industry.
Although foreign retailers and manufacturers continue to show interest in the Serbian market, the weak dinar and high inflation rates are impeding growth in the food and drink sector, mass grocery retail values and company performance in the short term, with recovery dependent on wider economic conditions and an improvement in consumer confidence. As high inflation and a weak labour market undermine consumer spending, BMI cautions that private consumption will most likely remain the weak link in the country's economic recovery for the duration of the year.
Headline Industry Data
- 2011 per capita food consumption: +3.71%; forecast to 2015: +17.41%
- 2011 alcoholic drinks sales: +3.68%; forecast to 2015: +16.31%
- 2011 soft drinks sales: +4.94%; forecast to 2015: +23.8%
- 2011 mass grocery retail sales: +8.0%; forecast to 2015: +41.9%
Key Industry Trends
Delhaize Finalises Move Into Serbia:
Belgian mass grocery retailer Delhaize Group has recently concluded the takeover of Serbian retailer Delta Maxi Group in a deal worth EUR932.5mn (US$1.31bn). The acquisition adds about 450 outlets in Serbia, Bulgaria, Bosnia and Herzegovina, Montenegro and Albania to Delhaize's other Central and Eastern European operations in Greece and Romania. CEO Pierre-Olivier Beckers said the acquisition is a perfect fit with the retailer's new strategy, under which it aims to accelerate profitable revenue growth. He said it will enable Delhaize to become a major player in the South East Europe retail market.
Nectar Expands Presence In South East Europe:
Serbian leading juice and soft drinks producer Nectar is set to receive a fund of up to EUR35mn from the European Bank for Reconstruction and Development. The fund will support Nectar in acquiring Slovenian premium and mainstream branded juice and food manufacturer Fructal, which has a business presence in Bosnia and Herzegovina, Croatia, the former Yugoslav Republic of Macedonia, and Serbia. This reflects Nectar's ambition to carry out an expansion drive in the South East Europe region and consolidate its operations, which will in turn allow it to create operational synergies and improve performance. Slovenian drinks group Pivovarna Laska agreed to sell its Fructal business to Nectar in July 2011 for EUR35.3mn.
Key Risks To Outlook
Slowdown In External Demand: A significant slowdown in external demand would present a large headwind to our economic growth forecasts for Serbia. The country's economic recovery has been mainly export-led on account of depressed private consumption and ongoing government fiscal austerity measures.
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