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Published by: Business Monitor International
Published: Nov. 5, 2009 - 80 Pages
Table of Contents
- Executive Summary
- SWOT Analysis
- Croatia Food Industry SWOT
- Croatia Drink Industry SWOT
- Croatia Mass Grocery Retail Industry SWOT
- Business Environment
- CEE Food And Drink Business Environment Ratings
- Table: Emerging Europe Food And Drink Business Environment Ratings Q1 2010
- Croatia’s Food And Drink Business Environment Ratings
- BMI’s Core Global Industry Views
- BMI’s Core Views For The Food & Drink Industry
- Macroeconomic Outlook
- Table: Croatia - Economic Activity, 2006-2013
- Food
- Industry Forecast Scenario Food Consumption
- Table: Croatia Food Consumption Indicators - Historical Data And Forecasts
- Confectionery
- Table: Value/Volume Sales Of Croatian Confectionery - Historical Data And Forecasts
- Canned Food
- Table: Value/Volume Sales Of Croatian Canned Food - Historical Data And Forecasts
- Trade
- Table: Croatia Food And Drink Sector Trade* Indicators - Historical Data And Forecasts
- Industry Developments
- Market Overview
- Food Production
- Confectionery
- Canned Food
- Specialist Foods
- Trade
- Agriculture
- Organic Farming
- Dairy Production
- Sugar Production
- Olive Farming
- Drink
- Industry Forecast Scenario - Alcoholic Drinks
- Table: Croatia Alcoholic Beverage Sectors - Value/Volume Sales - Historical Data And Forecasts
- Soft Drinks
- Table: Croatia Soft Drink Sectors - Value/Volume Sales - Historical Data And Forecasts
- Hot Drinks
- Table: Croatia Coffee and Tea Sectors - Value/Volume Sales - Historical Data And Forecasts
- Industry Developments
- Market Overview
- Alcoholic Drinks
- Beer
- Spirits
- Soft Drinks
- Hot Drinks
- Mass Grocery Retail
- Industry Forecast Scenario
- Table: Croatia Mass Grocery Retail - Value Sales by Format - Historical Data And Forecasts
- Table: Croatia - Sales Breakdown By Retail Format Type (As % Of Total)
- Industry Developments
- Market Overview
- Leading Players
- Table: Structure Of Croatia's Mass Retail Grocery Sector By Estimated Number Of Outlets, 2002-2008
- Structure Of Croatia's Mass Retail Grocery Market By Value
- Table: Croatia - Estimated Value Of Sales Per Outlet 2008 (US$mn)
- Competitive Landscape
- Key Players - Food & Drink
- Table: Key Players - Croatia's Food And Drink Sector (2008)
- Mass Grocery Retail
- Table: Key Players: Croatia’s Mass Grocery Retail Sector (2008)
- Company Analysis
- Food
- Franck
- Podravka
- Agrokor
- Dukat (formerly Lura)
- Kraš
- Drink
- Adriatic Distillers
- Carlsberg Croatia
- Badel 1862
- Mass Grocery Retail
- Spar Croatia
- Lidl
- Konzum
- Mercator-H
- Getro
- Rewe (Billa)
- Appendix
- Country Snapshot: Croatia Demographic Data
- Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
- Table: Education, 2000-2003
- Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power
- Table: Employment Indicators, 1999-2004
- Table: Consumer Expenditure, 2000-2010 (US$)
- Table: Average Annual Wages, 2000-2010
- Food And Drink Business Environment Ratings
- Ratings Methodology
- Ratings Overview
- Indicators
- Limits Of Potential Returns
- Risks To Realisation Of Potential Returns
- Weighting
- Weighting
- BMI Food And Drink Industry Glossary
- Mass Grocery Retail
- BMI Food And Drink Forecasting And Sourcing
- How We Generate Our Industry Forecasts
- Sourcing
AbstractIn BMI’s Q110 Business Environment Ratings (BER) matrix for the 15 main markets of emergingEurope, Croatia’s position has worsened considerably. Having previously been placed seventh, Croatianow only places above Ukraine and Bulgaria, and is noticeably below neighbouring Serbia. Theconstraints of the small market (limited by the small and price-conscious population) have beenexacerbated by the economic downturn. Calculated in local currency, food consumption values areforecast to dip by some 2% year-on-year (y-o-y) in 2009, to HRK12.47bn (US$2.26bn). Through to 2014,the value of food consumption will rise by a modest 6.58% in local currency terms, although the market isnot expected to experience much dynamism, despite the scheduled accession to the European Union (EU)over the coming few years.
In the shorter-term, the situation will remain challenging. This is illustrated by the fact that the recent onepercentage-point rise in value-added tax (VAT) - to 23% - will not be passed on to the consumer.
Industry sources report that the decision was made in order to prevent a fall in food sales due to pricerises. Consequently, food consumption values are unlikely to be artificially boosted during the currentyear, with the predicted mild economic recovery in 2010 also having only a marginal positive effect onthe sector’s growth.
In fact, adverse economic conditions and flagging consumer confidence are already having an impact oncompanies’ performance. In August 2009, Croatian Podravka, a diversified conglomerate, posted a 2%y-o-y decline in the revenues achieved by its food and beverage arm for H109 (ending June). Sales fell toHRK1.37bn (US$268.9mn) compared with a 2% y-o-y increase in group-wide sales to HRK1.74bn (thecompany also operates a pharmaceutical unit). The fact that half of the company’s sales are now achievedoutside its home market cushioned the impact of the declining sales in the home market. In fact, growingfrom a lower base, Podravka's group-wide foreign markets sales increased by 4% y-o-y in H109, with aparticularly strong contribution from the South East Europe Unit.
Other Croatian companies are also increasingly looking abroad for growth. The leading Croatian massgrocery retail (MGR) operator Konzum recently finalised a EUR50mn loan with the European Bank forReconstruction and Development (EBRD). The loan will strengthen the retailer's balance sheet and allowit to push ahead with plans to launch additional stores in neighbouring Bosnia and Herzegovina, where itis already a market leader with a 12% share. On the other hand, other MGR operators appear to have faithin the Croatian market, with Spar expanding its local footprint through Spar Croatia. The company alsosecured a loan from the EBRD, with the money to be used to increase its presence in non-urban areas ofthe country. Additionally, the recent merger with Italy-based retailer Coop Consumatori Nordest (CCN)will see an additional four hypermarkets converted to the Spar banner. Spar is likely to increase its privatelabel and discount offerings for the duration of the economic difficulties, as premium products continue tobe sidelined in favour of staple goods.
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