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Turkey Food & Drink Report Q1 2012
Business Monitor International, Nov 2011, Pages: 81
Business Monitor International's Turkey 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 Turkey's food and drink industry.
Turkey remains one of the most promising emerging markets, having rebounded from the 2009 recession very strongly. Its economy continues to develop apace, providing plentiful opportunities for a further increase in the frequency of discretionary purchases. Favourable demographic trends will remain supportive of the broader development of the country’s food and drinks markets, especially given the expected expansion of modern retail formats away from urban centres.
Headline Industry Data (local currency)
- 2011 per capita food consumption value sales = +8.9%; forecast compound annual growth to 2016 = +7.1%.
- 2011 beer volume sales = +0.5%; forecast compound annual growth to 2016 = +1.4%.
- 2011 mass grocery value retail sales = +15.6%; forecast compound annual growth to 2016 = +12.6%.
Key Company Trends
Nestlé Continues Investing in Turkey: Swiss food and beverages conglomerate Nestlé has announced a number of initiatives for Turkey, which is clearly seen as a very promising longer-term opportunity. The firm is to open an TRL85mn (US$54.63mn) breakfast cereal factory in Turkey which will target exports of breakfast products to a number of markets across the Middle East and North Africa. Nestlé is also expected to make inroads into the Turkish low-cost sweet and chocolate market, having purchased a 51% stake in local chocolate producer Dogan and BalabanGida for an undisclosed sum in December 2010.
Nestlé has earmarked TRL4mn (US$2.1mn) for capacity increases in the country in an effort to achieve growth of 30% in 2012.
Key Risks To Outlook
European Union (EU) Membership Increasingly Unlikely: Downside risks to our consumer outlook include the increasingly uncertain political direction of Turkey and its increasingly assertive foreign policy. This makes Turkey’s potential accession to the EU increasingly unlikely, especially as we also expect Turkey to continue diversifying and strengthening its trade and investment linkages away from the West and towards more vibrant emerging markets in the Middle East and the Commonwealth of Independent States. The above will have clear implications regarding the sources of foreign direct investment and general involvement in Turkey’s food and drink markets.
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