New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 01/22/2013 -- We envisage another full-year of contraction for household consumption in 2012 - to the tune of 2.3% - which would mark the fifth year of real decline in the past six years. The outlook is based on deteriorating economic confidence (owing to both domestic and external weaknesses), a private sector that remains burdened by high debt, tight fiscal policy and weak domestic credit extension. Consequently, we retain our cautious outlook for the performance of the country's food and drink markets.
Headline Industry Data (local currency)
? 2013 per capita food consumption: +2.59%; forecast compound annual growth rate to 2017: +4.21% ? 2013 alcoholic drinks sales: +4.52%; forecast compound annual growth rate to 2017: +3.91% ? 2013 soft drinks sales: +2.34%; forecast compound annual growth rate to 2017: +3.88% ? 2013 mass grocery retail sales: +4.17%; forecast compound annual growth rate to 2017: +5.16%
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Key Company Trends
Foreign Companies Continue Investing in Local Manufacturing: In October 2012, Switzerland-based food flavouring and fragrances company Givaudan launched a new production plant worth US$169.12mn in Mako, Hungary. The company's new 50,000-square-foot plan - which will reportedly manufacture savoury flavours - already employs more than 200 workers and has a total capacity of 40,000 tonnes. Givaudan said commercial production is set to begin soon, and the plant is expected to be fully operational by end-2013.
Confectionery Volumes Down, Partly due to 'Fat Tax': Overall confectionery sales in Hungary declined 6% year-on-year (y-o-y) by volume, with sales of chocolate and candies falling 4% y-o-y and 8% y-o-y in H112, according to research by Gfk Hungaria. The decline might be attributed to the introduction of the 'chips tax' on September 1 2011, according to GfK Hungaria. The government applied the tax on soft drinks, sodas and juices with less than 25% real fruit juice and more than 8 grams of sugar per decilitre. The tax also applies to salty snacks containing more than 10% salt and energy drinks as well as prepackaged sweets containing 40% or more sugar.
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