Boston, MA -- (ReleaseWire) -- 11/27/2012 -- Food consumption is expected to increase steadily over our five-year forecast period, reaching a projected HRK14.17bn by 2017, which represents a modest local currency compound annual growth rate of 2.4% on 2012 levels. The overall value will remain low by Western European standards. Croatia's subdued longer-term demographic outlook will play a part in such market dynamics. In 2012, we expect that food consumption will have increased slightly, by 0.5% in local currency terms. This outlook is based on the expected continuation of a challenging economic situation, including high unemployment and a VAT increase, which will continue to negatively impact consumer confidence and thus also favour cheaper private label products.
Headline Industry Data (local currency)
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- 2013 per capita food consumption = +2.3%; forecast compound annual growth rate (CAGR) to 2017 = +2.7%
- 2013 alcoholic drinks value sales = +2.6%; forecast CAGR to 2017 = +3.0%
- 2013 soft drinks value sales = +5.0%; forecast CAGR to 2017 = +5.9%
- 2013 mass grocery retail = +4.1%; forecast CAGR to 2017 = +5.5%
Key Company Trends
Agrokor Expects 5% Rise In 2012 Revenue: In October 2012, Croatian food and drink group Agrokor said it was forecasting a 5% year-on-year (y-o-y) increase in its 2012 revenues, to EUR4bn (US$5.18bn). In Serbia, where the group owns mass grocery retail chain Idea, sales for the year are projected to hit EUR800mn (US$1bn), according to the company's executive vice president for retail.
Carlsberg Brews New Hajducko Beer: In August 2012, Danish brewer Carlsberg unveiled a new beer brand for the Croatian market, according to Balkans Business News. The beer, called Hajducko, a word with local origins, is targeted at the Dalmatian region.
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