New Food market report from Business Monitor International: "United States Food & Drink Report Q2 2013"
Boston, MA -- (SBWIRE) -- 05/24/2013 -- We have revised up our US real GDP growth forecast to 2.3% from 2.1% for 2013. While this partly reflects slightly stronger incoming data in Q412 increasing the base effect for 2013, the tax matters in the fiscal cliff were resolved more swiftly than we had expected, with the final tax hikes amounting only to the expected payroll tax cut expiry (costing about US$115bn to US workers in 2013, around 0.75% of GDP) and an increase in taxes for wealthier households (amounting to around US$60bn). This will not ease the uncertainty over the prospects for the US economy, and we expect food and drink consumption growth to remain subdued in the medium term as a result.
Headline Industry Forecasts (local currency)
- 2013 per capita food consumption = +1.9%; five-year compound annual growth rate (CAGR) to 2017 = +2.6%.
- 2013 alcoholic drinks value sales = +3.5%; CAGR to 2017 = +3.6%.
- 2013 soft drink value sales = +3.0%; CAGR to 2017 = +2.1%.
- 2013 mass grocery retail sales = +2.7%; CAGR to 2017 = +2.7 %.
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Key Industry Trends And Developments
Headline Comparison Between Heinz And Campbell Soup: As the dust begins to settle on the February 14 2013 announcement that Warren Buffett and his Berkshire Hathaway investment fund had teamed up with the Brazil-based private equity firm 3G Capital to strike a US$28bn deal to buy US food company Heinz, analysts and the wider US food industry have been looking at some of the implications. Campbell Soup, one of the US's largest food companies and owner of a number of legacy brands, said in an interview with Reuters that it will take a closer look at its own cost structure.
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