New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/10/2013 -- The Canadian economy slowed considerably in the second half of 2012, as poor commodities production and household credit growth went off the boil. However, we expect private consumption and business investment to continue supporting GDP growth. For the time being, we envisage sluggish growth, although the likelihood of Canada entering recession is relatively low.
Headline Industry Forecasts (local currency)
- 2013 per capita food consumption growth = +1.18% year-on-year (y-o-y); forecast compound annual growth rate (CAGR) to 2017 = +1.45%;
- 2013 alcoholic drink sales growth = +4.16% y-o-y; forecast CAGR to 2017 = +4.45%;
- 2013 soft drink sales growth = +3.24% y-o-y; forecast CAGR to 2017 = +3.73%;
- 2013 mass grocery retail sales growth = +2.61% y-o-y; forecast CAGR to 2017 = +3.01%.
Key Industry Trends And Developments
'Safe Food For Canadians' Programme Introduced: In response to a recent spate of product recalls over fears of contamination, Canada's government in May 2013 introduced the 'Safe Food for Canadians Action' plan, aimed at further strengthening the country's food safety system, Food Business Review reported. Agriculture Minister Gerry Ritz said the plan aims to tighten regulation, introduce effective inspection and make a renewed commitment to service and better information for customers. The Canadian Food Inspection Agency is to launch significant food safety enhancements through the plan over the next two years and will work with consumer groups and industry to develop new regulations.
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McCain Makes Further Acquisitions In Europe: In line with its focus on strengthening its core potato business, in May 2013, Canada-based frozen food company McCain Foods secured approval from the European Commission to buy the potato division of Belgium-based frozen vegetables producer Pinguin Lutosa Food, dependent on meeting certain conditions. During 2012, McCain acquired Netherlands-based chilled potato producer CelaVita, a subsidiary of Dutch firm Bieze Food Group McCain Foods Holland.
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