Recently published research from Business Monitor International, "Greece Food & Drink Report Q1 2013", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 12/22/2012 --Despite some signs that the pace of economic contraction in Greece could finally start to ease, the depression is far from coming to an end. Latest figures show that industrial production, in particular, has been a heavy casualty of fiscal cut backs, dwindling investment and depressed consumer demand. Unsurprisingly, the retail sector is also still struggling, with retail sales contracting by 9.2% year-on-year (y-o-y) in May 2012, even though this marked an improvement on previous months. While this may suggest that the plunge in sales is close to bottoming out, the outlook for the sector is bleak since household wealth, incomes and employment prospects remain in the doldrums. In the meantime, headline consumer price inflation in Greece is slowly but surely heading towards deflationary territory, with the situation thus not providing optimism for value growth of food and drink sales.

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Headline Industry Data (local currency)

- 2013 per capita food consumption = -2.51%; forecast to 2017 = +0.62%.
- 2013 alcoholic drink value sales = -3.56%; forecast to 2017 = +0.57%.
- 2013 soft drink value sales = -4.95%; forecast to 2017 = -0.63%.
- 2013 mass grocery retail sales = +1.43%; forecast to 2017 = +1.87%.

Key Company Trends

Greek Cheeses Increasingly Popular in the UK: According to a report released by UK-based market research company Kantar Worldpanel in mid-2012, Greek and Cypriot cheeses are expected to become the UK's fastest growing cheese variety. The report revealed that UK sales of haloumi increased 35% y-oy in 2011, with that of white feta were up 15%. According to UK-based retailer Tesco, the demand for such cheeses has risen in part owing to celebrity chefs, such as Nigella Lawson, Jamie Oliver and Gordon Ramsay, featuring these varieties on their TV shows and in their books.

Coca Cola Hellenic (CCH)'s H112 Results Show Continued Decline in Net Profits: In the six months to the end of June 2012, the firm's net sales rose 1% to reach EUR3.4bn, but net profits declined 25% to EUR109mn. H112 volumes were down by 2%. This represents a continuation of the pattern seen during 2011, when net sales ticked up by 1% but profits fell by 37%. The figures indicate that the firm is working very hard to maintain its market share, while being unable to pass through additional costs to consumers owing to the weak economic background.

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