Turkey Food and Drink Report Q2 2016
BMI View: Current economic headwinds, rising terrorism risks and falling tourism revenues will put Turkey's food and drink industry under pressure over our five-year forecast period to 2020. The drop in tourist arrivals will crucially weigh on the growth of alcoholic drinks, particularly premium drinks. The 30% hike in the minimum wage, effective in January 2016, will boost consumer spending in the lowerincome consumer group, which will feed positively into the country's discount store segment.
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We believe Turkey's current economic headwinds will have a negative impact on food spending, which will see food sales slow towards the end of our forecast period to 2020.
Rising terrorism risks in Turkey will decrease the level of tourist arrivals, which will dampen growth for alcohol sales.
The 30% hike in the minimum wage will impact Turkey's food retail sector in two different ways. We believe an increase in household spending will boost food retail sales, while higher labour costs will put margins under pressure.
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