Greece Food and Drink Report Q1 2012
Business Monitor International, November 2011, Pages: 95
Business Monitor International's Greece 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 Greece's food and drink industry.
BMI View: Very challenging economic conditions remain in place in Greece. The government‘s fiscal consolidation programme has many more years to run, while double-digit unemployment will become a lasting feature of Greece‘s post-crisis economic environment. In the consumer sector, the impact is compounded by rising taxes, including an increase in value-added tax from 13% to 23% in September 2011. Furthermore, the Greek economy will remain mired in depression through 2012 as deep fiscal retrenchment and internal devaluation take a damaging toll. All this will continue to impact on spending in the food and drink sector and inevitably change how Greek consumers shop and consume.
Headline Industry Data (local currency)
- 2011 per capita food consumption = -6.2%; forecast to 2016 = +2%
- 2011 alcoholic drink value sales = -2.8%; forecast to 2016 = +5.1%
- 2011 soft drink value sales = -2.9% ; forecast to 2016 = +1.6%
- 2011 mass grocery retail sales = -7.1%; forecast to 2016 = +6.2%
Key Company Trends
Greek Consumers Change Food Consumption Patterns: In response to the current economic crisis, retailers and manufacturers have noted that Greek consumers are spending less, sticking to their planned shopping lists, avoiding impulse purchases and increasingly turning towards private label items. Another trend to note is a tendency to purchase food products that are known to be made in Greece, a development which could bode well for those manufacturers able to market and promote locally sourced products.
Carrefour Scales Back Expansion: In an example of the ongoing difficulties faced by retailers in Greece, market leader Carrefour has recently announced that it will scale back its investment plans in the country. The retailer opened its first Carrefour Planet hypermarket format in Greece in September 2011 and had planned to convert 14 outlets to the new banner. This has now been revised downwards to 10 stores with the conversion decision to be based on very strict criteria. The retailer has also stated that it will not remodel any outlets; it had originally planned to make changes to 23 stores by 2013.
Key Risks To Outlook
Political Pressures Mounting: The prospect of further spending cuts and tax hikes will ensure that demonstrations and national strikes remain a key feature of the political landscape over the medium term. The severity of the fiscal consolidation programme and the public backlash means that the scope for slippage will remain pronounced over the medium term.
Eurozone Impact: Should the eurozone recovery begin to falter and demand for Greek exports weaken, there is a risk that the economy could contract more than BMI's current forecast.
BMI Industry View
SWOT Analysis
Greece Food Industry SWOT
Greece Drink Industry SWOT
Greece Mass Grocery Retail Industry SWOT
Business Environment
BMI’s Core Global Industry Views
Table: Food Prices, 2010 And 2011
Table: BMI’s Core Views For The Food & Drink Industry
Western Europe Risk/Reward Ratings
Table: United Kingdom Food & Drink Risk/Reward Ratings – Q112
Table: Western Europe Food & Drink Risk/Reward Ratings – Q112
Greece Food & Drink Risk/Reward Ratings
Macroeconomic Outlook
Industry Forecast Scenario
Consumer Outlook
Food
Food Consumption
Table: Food Consumption Indicators – Historical Data & Forecasts
Prepared/Canned Food
Table: Canned Food Value/Volume Sales – Historical Data & Forecasts
Table: Pasta
Table: Meat
Table: Frozen Fruit & Vegetables
Table: Baked Goods
Table: Jams & Jellies
Dairy
Table: Dairy
Confectionery
Table: Confectionery Value/Volume Sales – Historical Data & Forecasts
Trade
Table: Food & Drink Trade Indicators – Historical Data & Forecasts
Drink
Hot Drinks
Table: Hot Drink Value Sales – Historical Data & Forecasts
Soft Drinks
Table: Soft Drink Value/Volume Sales – Historical Data & Forecasts
Alcoholic Drinks
Table: Alcoholic Drink Value/Volume Sales – Historical Data & Forecasts
Mass Grocery Retail
Table: Mass Grocery Retail Value Sales by Format – Historical Data & Forecasts
Table: Grocery Retail Sales By Format (%)
Food
Key Industry Trends And Developments
Greek Consumers Change Food Consumption Patterns
Unilever Commits To Greece With Ice Cream Buy
Vivartia Merges With Mevgal …
… Having Previously Divested Of Its Bakery And Confectionery Unit
Market Overview
Food Production
Leading Producers
Trade
Agriculture
Organic Agriculture
Seafood
Drink
Key Industry Trends And Developments
Heineken To Expand In Greece Despite Economic Crisis
Duty Tax Set To Further Dampen Greek Spirits
CCH Volumes Moving in Right Direction
Market Overview
Alcoholic Drinks
Spirits
Beer
Wine
Soft Drinks
Hot Drinks
Mass Grocery Retail
Key Industry Trends And Developments
Delhaize’s Greek Success is Carrefour’s Loss
BMI Sees Potential In Discount Sector As Lidl Buys Aldi Outlets
Market Overview
Leading MGR Players
Table: Structure Of The Mass Grocery Retail Market By Estimated Number Of Outlets
Table: Structure Of Greece’s MGR Market – Value Sales, 2003-2010 (EURbn)
Table: Average Value Of Mass Grocery Retail Outlets By Format, 2010
Competitive Landscape
Table: Key Players In Greece’s Food Sector
Table: Key Players In Greece’s Drink Sector
Table: Key Players In Greece’s Mass Grocery Retail Sector
Company Monitor
Food
Unilever Greece
Nireus
Fage Dairy Industry
Vivartia
Drink
Coca-Cola Hellenic Beverages Company
J. Boutari & Son Holding (Boutari Group)
Athenian Brewery (Heineken)
Mass Grocery Retail
Carrefour Marinopoulos
Alfa-Beta Vassilopoulos
BMI Methodology
Food & Drink Business Environment Ratings
Ratings Methodology
Ratings System
Indicators
Table: Limits Of Potential Returns
Table: Risks To Realisation Of Potential Returns
Weighting
Table: Weighting
BMI Food & Drink Industry Glossary
Food & Drink
Mass Grocery Retail
BMI Food & Drink Forecasting And Sources
How We Generate Our Industry Forecasts
Sources
- Unilever Greece
- Nireus
- Fage Dairy Industry
- Vivartia
- Coca-Cola Hellenic Beverages Company
- J. Boutari & Son Holding (Boutari Group)
- Athenian Brewery (Heineken)
- Carrefour Marinopoulos
- Alfa-Beta Vassilopoulos
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