Recently published research from Business Monitor International, "South Korea Food & Drink Report Q3 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 08/12/2013 -- Despite the recent uptick seen in some of South Korea's economic data, we are maintaining our relatively downbeat view of the economy. In light of the poor economic showing thus far, we have decided to revise our real GDP growth forecasts for both 2013 and 2014 down from 3.0% and 4.6% to 2.6% and 3.0% respectively. The domestic economy is unlikely to provide much supportive pressure, with the government doing little to address the country's mountain of household debt and, coupled with a floundering real estate market, this will crimp consumption spending.
Headline Industry Data (local currency)
- 2013 per capita food consumption = +2.8%; forecast to 2017 = +25.1%.
- 2013 alcoholic drink value sales = +3.0%; forecast to 2017 = +27.9%.
- 2013 soft drink value sales = +4.5%; forecast to 2017 = +32.0%.
- 2013 mass grocery retail sales = +6.5%; forecast to 2017 = +53.0%.
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Key Industry Trends And Developments
Energy Drinks Sales Decline: It was reported in June 2013 that sales of energy drinks in South Korea have declined sharply in 2013 owing to growing health concerns over the consumption of the highly caffeinated beverages, according to Yonhap news agency.
Tesco Denies South Korea Sell-Off: In June 2013, the chief executive of Tesco, Philip Clarke, on a visit to South Korea, denied any rumours that the retailer is looking to sell its HomePlus operation, stating that the country was one of its high growth markets and as important as Thailand and Malaysia.
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