The food and drinks sector will post robust growth over our 2019-2023 forecast period. Rising disposable incomes and apositive demographic profile will support food and drinks demand. We note that disposable incomes remain low by regionalstandards, which will constrain spending beyond staples and present limited opportunities for premiumisation. Furthermore,drought conditions and rising global oil prices pose a risk to our outlook and could dampen consumer demand over the comingquarters.
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