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Italy Food and Drink Report Q4 2011
Business Monitor International, Oct 2011, Pages: 111
Business Monitor International's Italy 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 Italy's food and drink industry.
Although the Italian economy continues to recover, the rate of growth remains anaemic. Clearly the Italian economy is struggling to regain momentum, and as such BMI has revised down its 2011 forecast for real GDP growth to 0.8% from 1.1% previously. Through to 2015, growth in food and drink spending is expected to stagnate in real terms. Static domestic demand remains a concern for all of Italy's food and drink producers and particularly impacts those that do not have much exposure to markets outside of the country.
Headline Industry Data (local currency)
2011 per capita food consumption = +1.9%; forecast to 2015 = +8.4%
2011 alcoholic drink sales = +2.5%; forecast to 2015 = +10.9%
2011 soft drink sales = -1.0% ; forecast to 2015 = +11.2%
2011 mass grocery retail sales = +3.1%; forecast to 2015 = +15.9%
Key Industry Trends & Developments
Soft Drink Sector Shows Long Term Potential:
Italy remains a European market where there is a possibility of long-term outperformance within the carbonated soft drink sector given the relatively low levels of per capita consumption. This has been borne out by Coca-Cola Hellenic Bottling Company's recent results for Italy, which have been relatively positive despite the weak economic backdrop. For the first half of 2011, the firm reports that volume in Italy increased in the low single digits, representing a continuation of the positive trend of the previous two quarters. The company attributed this to an increase in sales of trademark Coca-Cola products, led by Cola-Cola Zero, and water.
Coop Italia Highlights Consumption Weakness:
The country's leading retailer, Coop Italia, has recently lambasted what it calls the government's ‘unacceptable' 1% rise in VAT from 20% to 21%. According to the retailer, the move will seriously impact consumer purchasing power and drive up inflation. Despite this, the retailer plans to continue investing, announcing plans to spend EUR500mn and to open 55 new stores in the 2011-2013 period.
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