China Food and Drink Report Q3 2012

The prospect of an investment-led hard landing in China remains our overriding concern, and consumer
activity would clearly not be able to escape unscathed from a sharp correction in exports and investment
given the correlated nature of the Chinese economy. Any retrenchment in the export processing and
construction industries, which are major employers of Chinese labour, would inevitably lead to an
erosion of consumer confidence and dampen out-of-home consumption. Nonetheless, looking beyond the
near-term demand uncertainties, China remains a very attractive market for consumer-facing players as
reflected in its pole position in our risk/reward ratings. The immaturity of the Chinese market translates
into a higher-margin environment for consumer goods investors, although the rapid emergence of
competition is increasingly eroding the operating margins of domestic companies.

Headline Industry Data

• 2012 food consumption = +12.0%; compound annual growth rate (CAGR) forecast to 2016 =
• +10.6%
• 2012 alcoholic drinks value sales = +9.5%; CAGR forecast to 2016 = +8.7%
• 2012 soft drinks value sales = +11.4%; CAGR forecast to 2016 = +8.7%
• 2012 mass grocery retail sales = +8.8%; CAGR forecast to 2016 = +7.4%

Key Company Trends
An Increasingly Competitive Retail Landscape – Lawson plans to get more aggressive in its expansions
across China, with a penchant for acquisitional growth. Lawson currently has about 355 stores in China
and aims to set up around 10,000 stores by 2020. This is an ambitious goal, in our view, which probably
explains why Lawson is opting for inorganic growth in the Chinese market. Lawson is reportedly in
discussions with at least three MGR operators in China. By pursuing M&As in China, Lawson could reap
instant distribution scale and greatly expedite its expansions across the market. AEON plans to inaugurate
stores in China’s fast growing inland regions, such as Jiangsu and Zhejiang provinces. The retailer
expects to register a rise in its sales by 30 times to JPY3.6trn (US$43.79bn) in China by 2020.

Meanwhile, China-based supermarket chain Suguo Supermarket is set to more than double its
workforce in 2012 as part of its attempt to carry out a huge expansion of its store network.
Witnessing Strong Sales Growth But A Weaker Profit Showing – Chinese dairy producer China Mengniu
Dairy reported strong revenue growth of 23.5% for the year ending December 2011, in line with BMI’s
view that the company’s sturdy fundamentals would leave it strongly placed to rebuild its reputation and
outperform the broader industry. While the majority of food producers in China are struggling to contend
with the impact of inflationary pressure on their bottom lines, Mengniu has coped admirably.

The  company maintained its gross profit margin at 25.7% and improved its net profit margin from 4.1% in
FY2010 to 4.3% currently. Want Want, meanwhile, reported a 31.3% increase in its overall revenues for
the year ending December 2011. However, amid an inflationary environment in 2011, Want Want’s
profitability has come under greater pressure. Although Want Want has reported a 17% increase in its
2011 profit, which was largely supported by its strong revenue growth, we observed that its gross profit
margin fell by 2.8% to 34.8% in FY2011 as it faced higher costs of key raw materials such as sugar,
wheat, palm oil and milk powder.

Risks To Outlook
We continue to expect lacklustre growth in the Chinese economy in 2012. There is no sign that the global
economy will pick up anytime soon, with the eurozone trapped in a prolonged slump and the US
muddling through at best. Returning to the hard landing checklist that we put together at the start of the
year, we see a mixed but generally weak picture. On the negative side, a contraction in the manufacturing
sector has clearly occurred. Problems in the banking sector also continue to be papered over by stealth
bailouts, preventing greater instability but undoubtedly coming at the expense of future growth. These
will inevitably weigh on consumer sentiment. Of greater concern to us is the ongoing property price
correction in the country, which would not only hurt consumer confidence but also dampen consumer
purchasing power. Double-digit house price declines are underway, with a slew of private sector data
suggesting that there is no end to the decline in activity in the property market.

Food and Drink Market Report of China Q3 2012

Published: June 2012                          No. of Pages: 115                                Price: US $ 1175



Table of Contents

BMI Industry View 6
SWOT Analysis 8
China Food Industry SWOT ... 8
China Drink Industry SWOT .. 9
China Mass Grocery Retail Industry SWOT 10
Business Environment .. 11
BMI’s Core Global Industry Views ... 11
Table: BMI’s Core Views . 21
Asia Pacific Risk/Reward Ratings . 22
Table: Asia Pacific Food & Drink Risk/Reward Ratings, Q312... 26
China Food & Drink Risk/Reward Rating 27
Macroeconomic Outlook ... 28
Table: China Economic Activity, 2011-2016 ... 31
Industry Forecast Scenario .. 32
Consumer Outlook 32
Food .. 35
Food Consumption ... 35
Table: China Food Consumption Indicators, 2009-2016 . 36
Canned Food ... 36
Table: Canned Food And Instant Noodles, 2009-2016 37
Confectionery ... 37
Table: Confectionery, 2009-2016 39
Trade . 40
Table: Food & Drink Trade Balance, 2009-2016 41
Drink . 41
Hot Drinks ... 41
Table: Tea And Coffee, 2009-2016 .. 42
Alcoholic Drinks .. 42
Table: Alcoholic Drinks, 2009-2016 45
Table: Beer, 2009-2016 ... 45
Table: Wine, 2009-2016 ... 46
Soft Drinks ... 47
Table: Soft Drinks, 2009-2016 . 50
Mass Grocery Retail . 51
Table: MGR Sales, 2009-2016 . 53
Food 54
Key Industry Trends And Developments ... 54
China Remains An Acquisition Magnet 55
Foreign Consumer Firms Facing Expansion Headwinds . 56
Market Overview ... 57
Food Production .. 57
Instant Noodles 57
Confectionery ... 58
Trade 58
Agriculture ... 58
Dairy Industry .. 59
Organics .. 61
Drink 63
Key Industry Trends And Developments ... 63
Wine Counterfeiting: The Battle Is On . 64
Starbucks Shifting Focus To Smaller Cities . 65
Market Overview ... 66
Soft Drinks ... 66
Hot Drinks ... 68
Alcoholic Drinks .. 69
Beer . 69
Wine . 71
Spirits ... 73
Mass Grocery Retail .. 75
Key Industry Trends And Developments ... 75
An Increasingly Competitive Retail Landscape 75
Sun Art Facing Demand Headwinds, Walmart Struggling With Rising Competition ... 76
Market Overview ... 77
Leading Players ... 79
Table: Structure Of China’s Mass Grocery Retail Market By Estimated Number Of Outlets, 2004-2011 ... 80
Table: Structure Of China’s Mass Grocery Retail Market – Sales By Format, 2004-2011 (US$bn) 81
Table: Structure Of China’s Mass Grocery Retail Market – Sales By Format, 2004-2011 (CNYbn) ... 81
Table: Annual Average Store Sales By Format, 2011 .. 81
Table: Grocery Retail Sales By Type, 2012 And 2021 . 82
Competitive Landscape 83
Key Players ... 83
Table: Key Players In China’s Food & Drink Sector 2012 .. 83
Table: Key Players In China’s Mass Grocery Retail Sector 2012 ... 84
Company Profiles .. 86
Food . 86
Hsu Fu Chi ... 86
Tingyi (Cayman Islands) Holding 88
China Foods Ltd (Formerly China National Cereals Oils And Foodstuffs) . 90
Nestlé China. 93
China Mengniu Dairy Company .. 96
Drink 99
Tsingtao ... 99
Wahaha .. 101
Kweichow Moutai Co . 103
Mass Grocery Retail .. 105
Carrefour ... 105
Sun Art Retail Group . 107
Risk/Reward Ratings Methodology ... 109
Table: Rewards .. 109
Table: Risks ... 110
Weighting 110
Table: Weighting 110
BMI Food & Drink Industry Glossary 111
Food & Drink 111
Mass Grocery Retail .. 111
BMI Food & Drink Forecasting And Sources . 113
How We Generate Our Industry Forecasts 113
Sources .. 114Table: BMI''s Core Views . 21
Table: Asia Pacific Food & Drink Risk/Reward Ratings, Q312. 26
Table: China Economic Activity, 2011-2016 . 31
Table: China Food Consumption Indicators, 2009-2016 . 36
Table: Canned Food And Instant Noodles, 2009-2016 . 37
Table: Confectionery, 2009-2016 . 39
Table: Food & Drink Trade Balance, 2009-2016 . 41
Table: Tea And Coffee, 2009-2016 . 42
Table: Alcoholic Drinks, 2009-2016 . 45
Table: Beer, 2009-2016 . 45
Table: Wine, 2009-2016 . 46
Table: Soft Drinks, 2009-2016 . 50
Table: MGR Sales, 2009-2016 . 53
Table: Structure Of China''s Mass Grocery Retail Market By Estimated Number Of Outlets, 2004-2011 . 80
Table: Structure Of China''s Mass Grocery Retail Market – Sales By Format, 2004-2011 (US$bn). 81
Table: Structure Of China''s Mass Grocery Retail Market – Sales By Format, 2004-2011 (CNYbn) . 81
Table: Annual Average Store Sales By Format, 2011 . 81
Table: Grocery Retail Sales By Type, 2012 And 2021 . 82
Table: Key Players In China''s Food & Drink Sector 2012 . 83
Table: Key Players In China''s Mass Grocery Retail Sector 2012 . 84
Table: Rewards . 109
Table: Risks . 110
Table: Weighting. 11

Czech Republic Food and Drink Report Q3

The Czech consumer outlook continues to remain extremely challenging. In light of a still weak economic outlook for the German economy, we hold to our forecast for the Czech Republic to experience lacklustre growth this year. We forecast a mere 0.1% real GDP growth this year, down from 1.7% in 2011. Weakened external demand and persistently depressed consumer sentiment, part ongoing fiscal austerity measures, will continue to impede activity.

Headline Industry Data (local currency)  2012 per capita food consumption = -0.1%; forecast to 2016 = +6.7%  2012 beer volume sales = -0.4%; forecast to 2016 = +0.16% 2012 confectionery volume sales = +2.3%; forecast to 2016 = +12.8%  2012 mass grocery retail (MGR) sales = -3.1%; forecast to 2016 = +5.1% Key Company Trends Molson Coors Acquires StarBev: In early 2012, US-Canadian brewer Molson Coors announced the acquisition of StarBev from private equity group CVC in a deal worth EUR2.65bn. StarBev operates nine breweries in Central and Eastern Europe (CEE) and generated sales of approximately EUR0.7bn in 2011. The acquisition will help Molson Coors as it looks to extend sales beyond its core markets of the US, Canada and the UK as StarBev’s core markets are in CEE. The brewer plans to use StarBev, whose flagship beer is the Czech brand Staropramen, as a platform for growth and to sell its existing brands such as Carling.

Iceland Launches In Czech Republic: British frozen food retailer Iceland Foods has opened a pilot outlet in Plzen. The company, which was looking for growth opportunities in Hungary, the Czech Republic and Poland for about 18 months, aims to expand its business footprint in Eastern Europe. It opened the 2,500- square-foot store in conjunction with local franchise partner Czechfrost and it will act as a test for the market. Expansion, if it goes ahead, will not be part of a franchise arrangement as in other overseas territories.

Key Risks To Outlook Continued Slowdown In Eurozone: A more pronounced slowdown in the eurozone’s economic growth, particularly in Germany, would have a negative effect on the Czech Republic’s economic growth trajectory. Due to the high degree of trade integration with Germany, the Czech Republic’s economic recovery remains highly dependent on external demand staying elevated.

Q3 Food and Drink Report of Czech Republic 

Published: May 2012         No. of Pages: 98      Price: US $ 1175        
                          


Table of Contents

BMI Industry View 7
SWOT Analysis . 8
Czech Republic Food Industry SWOT 8
Czech Republic Drinks Industry SWOT . 9
Czech Republic Mass Grocery Retail Industry SWOT . 10
Business Environment .. 11
BMI’s Core Global Industry Views ... 11
Table: BMI’s Core Views . 21
CEE Food & Drink Risk/Reward Ratings . 22
Table: Food & Drink Risk/Reward Sub-Factor Ratings, Q312 (scores out of 10) ... 23
Table: CEE Food & Drink Risk/Reward Ratings, Q312 .. 26
Czech Republic’s Food & Drink Risk/Reward Rating ... 26
Macroeconomic Outlook ... 27
Table: Czech Republic Economic Activity, 2011-2016 29
Industry Forecast Scenario ... 30
Consumer Outlook 30
Food.. 32
Food Consumption ... 32
Table: Food Consumption Indicators, 2009-2016 ... 33
Table: Meat, 2009-2016... 33
Table: Pasta, 2009-2016 .. 34
Confectionery... 36
Table: Confectionary Sales, 2009-2016 ... 37
Table: Jams And Jellies, 2009-2016 37
Canned Food ... 38
Table: Canned Food Sales, 2009-2016 39
Dairy 39
Table: Dairy, 2009-2016 . 40
Drinks ... 43
Alcoholic Drinks .. 43
Table: Alcoholic Drinks Sales, 2009-2016 ... 44
Soft Drinks ... 44
Table: Soft Drinks Sales, 2009-2016 45
Hot Drinks ... 46
Table: Hot Drinks Sales, 2009-2016 46
Mass Grocery Retail . 47
Table: MGR Sales, 2009-2016 . 48
Trade 49
Table: Trade Indicators, 2009-2016 49
Food . 50
Key Industry Trends And Developments ... 50
Some Companies Deleveraging ... 50
Consolidation Gaining Pace 50
Firms Targeting Innovation . 51
Market Overview .. 51
Food Production .. 51
Leading Players ... 51
Food Consumption ... 53
Confectionery... 53
Canned Food ... 54
Agriculture ... 55
Drink 56
Key Industry Trends And Developments ... 56
Molson Coors Acquires StarBev .. 56
A-B InBev Acquires Budweiser Rights . 57
Downturn Continuing To Hit Beer ... 57
Taxes Affecting Growth 59
Exports Largely Behind Growth In Beer .. 59
Market Overview .. 60
Alcoholic Drinks .. 60
Beer . 60
Leading Players ... 61
Non-Alcoholic Beer.. 62
Wine . 63
Spirits... 64
Soft Drinks ... 64
Hot Drinks ... 65
Mass Grocery Retail ... 67
Key Industry Trends And Developments ... 67
Iceland Launches In Czech Republic ... 67
Tesco Rolls Out First Central European Online Shopping Service .. 67
Suppliers Stop Deliveries . 68
Discount Stores Outperforming ... 68
New Players Emerging 69
Consolidation Continuing 69
Multinationals Continuing To Launch Stores And New Services . 70
Market Overview .. 70
Leading Retailers . 71
Table: Structure Of The MGR Market By Number Of Outlets, 2004-2011... 73
Table: Sales Breakdown By Retail Format Type, 2011 And 2021 (% of total) . 73
Table: Structure Of The MGR Market By Value, 2004-2011 ... 74
Table: Value Sales Per Outlet, 2011e .. 74
Competitive Landscape . 75
Table: Key Players In The Czech Food Industry.. 75
Table: Key Players In The Czech Drinks Industry ... 76
Table: Key Players In The Czech MGR Industry . 77
Company Profiles ... 78
Food.. 78
Nestlé ?esko 78
Madeta . 79
Hamé ... 80
Drink . 81
Plzensky Prazdroj 81
Budejovicky Budvar . 83
Karlovarske Mineralni Vody (KMV) 84
Kofola .. 85
Mass Grocery Retail . 86
Ahold Czech Republic .. 86
Tesco Stores ?R ... 87
Lidl & Schwarz 89
Rewe 90
Risk/Reward Ratings Methodology .. 92
Table: Rewards 92
Table: Risks . 93
Weighting .. 93
Table: Weighting . 93
BMI Food & Drink Industry Glossary .. 94
Food & Drink ... 94
Mass Grocery Retail . 94
BMI Food & Drink Forecasting & Sourcing 95
How We Generate Our Industry Forecasts ... 95
Sourcing ... 97Table: BMI's Core Views . 21
Table: Food & Drink Risk/Reward Sub-Factor Ratings, Q312 (scores out of 10) . 23
Table: CEE Food & Drink Risk/Reward Ratings, Q312 . 26
Table: Czech Republic Economic Activity, 2011-2016 . 29
Table: Food Consumption Indicators, 2009-2016 . 33
Table: Meat, 2009-2016. 33
Table: Pasta, 2009-2016 . 34
Table: Confectionary Sales, 2009-2016 . 37
Table: Jams And Jellies, 2009-2016 . 37
Table: Canned Food Sales, 2009-2016 . 39
Table: Dairy, 2009-2016 . 40
Table: Alcoholic Drinks Sales, 2009-2016 . 44
Table: Soft Drinks Sales, 2009-2016 . 45
Table: Hot Drinks Sales, 2009-2016 . 46
Table: MGR Sales, 2009-2016 . 48
Table: Trade Indicators, 2009-2016 . 49
Table: Structure Of The MGR Market By Number Of Outlets, 2004-2011. 73
Table: Sales Breakdown By Retail Format Type, 2011 And 2021 (% of total) . 73
Table: Structure Of The MGR Market By Value, 2004-2011 . 74
Table: Value Sales Per Outlet, 2011e . 74
Table: Key Players In The Czech Food Industry. 75
Table: Key Players In The Czech Drinks Industry . 76
Table: Key Players In The Czech MGR Industry . 77
Table: Rewards . 92
Table: Risks . 93
Table: Weighting . 93

Croatia Food and Drink Report Q3

Our consumer outlook for Croatia takes into account the difficult domestic and external economic situation which will be further compounded by the March 2012 increase in value added tax (VAT) to 25%. Nevertheless, we highlight that the weak state of the domestic economy will see to it that a more pronounced increase in the price level is not felt this year. Similarly, food and drink value is not expected to rise dramatically as consumers increasingly turn to cheaper private label goods and cut down on nonessential spending.

Headline Industry Data (local currency) 2012 per capita food consumption = +0.62%; forecast compound growth rate to 2016 = +1.17% 2012 alcoholic drinks value sales = +1.12%; forecast compound growth rate to 2016 = +2.40% 2012 soft drinks value sales = +2.74%; forecast compound growth rate to 2016 = +4.66% 2012 mass grocery retail = +3.82%; forecast compound growth rate to 2016 = +5.03% Key Company Trends Leading Local Players Investing in Research and Development (R&D) – In March 2012, leading Croatian conglomerate Podravka announced its intention to create a new R&D unit, which will be part of its wider food and beverage business.

The unit comprises the following departments: product development, technology development and investment projects, agriculture development, ecology development and quality control and business quality. The move illustrates the company’s strategy to invest in novel products, which are likely to be marketed across the Balkans region and wider, given the sluggish domestic market conditions.

Dairy Industry Interrupted by Farmer Protests – A dispute between dairy farmers and local dairy Dukat, part of French dairy product company Lactalis, intensified with the former taking part in protests over the lowering of the price of milk by the latter. In January 2012, talks between milk producers of the European Milk Board (EMB) member organisation HSUPM and Dukat Dairy and Croatia's Ministry of Agriculture began, but were halted in mid-February without results. Nevertheless, milk farmers – urged by the Croatian Association of Milk Producers (HSUPM) – who had taken to the streets, blocking roads with their tractors, agreed to end their strike in March 2012.

Consumers Remain Receptive to Private Label Goods – Private label food and drink products have gained considerable ground in Croatia over the past years, on account of difficult economic conditions and downward pressures on consumer confidence levels. According to a recent GfK survey, some 60% of local consumers buy private label goods occasionally, while a further 20% do so regularly.

Key Risks To Outlook Risks Firmly Remain to the Downside – On the home front, a significant portion of spending cuts – necessary to rein in budgetary deficit – will come from cuts in subsidies to state companies and via the public sector wage bill, all of which will further impact the already weak discretionary spending. On the external front, falling tourist arrivals and weaker export prospects on account of the struggling eurozone performance will continue to dampen the country’s chances for economic recovery.

Food and Drink Report of Croatia Q3

Published: May 2012       No. of Pages: 110       Price: US $ 1175     
                          


Table of Contents

BMI Industry View 7
SWOT Analysis 9
Croatia Food Industry SWOT 9
Croatia Drink Industry SWOT . 10
Croatia Mass Grocery Retail Industry SWOT .. 11
Business Environment .. 12
BMI’s Core Global Industry Views ... 12
Table: BMI’s Core Views . 22
CEE Food & Drink Risk/Reward Ratings . 23
Table: Food & Drink Risk/Reward Sub-Factor Ratings, Q312 (scores out of 10) ... 23
Table: CEE Food & Drink Risk/Reward Ratings, Q312 .. 26
Croatia’s Food And Drink Risk/Reward Ratings . 27
Macroeconomic Outlook ... 28
Expenditure Breakdown ... 29
Industry Forecast Scenario .. 31
Consumer Outlook 31
Food .. 34
Food Consumption ... 34
Table: Croatia Food Consumption Indicators – Historical Data & Forecasts 35
Confectionery ... 36
Table: Value/Volume Sales of Croatian Confectionery – Historical Data & Forecasts ... 37
Canned And Packaged Food 39
Table: Value/Volume Sales of Croatian Canned Food – Historical Data & Forecasts ... 39
Table: Pasta – Production, Consumption and Trade – Historical Data & Forecast ... 40
Table: Meat – Production, Consumption & Trade – Historical Data & Forecast ... 41
Table: Jellies – Production, Consumption & Trade – Historical Data & Forecast . 43
Dairy 44
Table: Dairy – Production, Consumption & Trade – Historical Data & Forecast .. 44
Trade . 47
Table: Croatia's Sectoral Trade Indicators – Export, Import and Balance Value – Historical Data and Forecasts 48
Drink . 49
Alcoholic Drinks .. 49
Table: Croatia Beverage Sectors – Value/Volume Sales – Historical Data & Forecasts . 50
Soft Drinks ... 51
Table: Croatia Soft Drink Sectors – Value/Volume Sales – Historical Data & Forecasts ... 52
Hot Drinks ... 55
Table: Croatia Coffee and Tea Sectors – Value/Volume Sales – Historical Data & Forecasts 56
Mass Grocery Retail 57
Table: Croatia Mass Grocery Retail – Value Sales by Format – Historical Data & Forecasts ... 58
Table: Sales Breakdown By Retail Format Type (% of total) ... 59
Food 60
Key Industry Trends And Developments ... 60
Consolidation Continues in Croatian Food Industry ... 60
Leading Players Ride Out The Storm ... 60
Domestic Agriculture Continues to Suffer 61
Market Overview ... 62
Food Production .. 62
Confectionery ... 64
Canned Food ... 64
Specialist Foods ... 64
Trade 65
Agriculture ... 66
Organic Farming . 66
Olive Farming .. 67
Drink 68
Key Industry Trends And Developments ... 68
Atlantic Grupa Acquisition Spree 68
Larger Brewers Invest In Expansion 68
Croatian Wine Specialists Expand Production 69
Market Overview ... 69
Alcoholic Drinks .. 69
Beer . 69
Wine . 71
Spirits ... 71
Soft Drinks ... 72
Hot Drinks ... 73
Mass Grocery Retail .. 75
Key Industry Trends And Developments ... 75
Croatia Losing Its Investment Appeal .. 75
Diversification Pursued In View Of Challenging Operating Conditions .. 75
Agrokor Fails to Finalise the Mercator Deal ... 76
Market Overview ... 76
Leading Players ... 78
Table: Structure of Croatia's Mass Retail Grocery Sector by Number of Outlets 80
Table: Structure of Croatia's Mass Retail Grocery Market by Value ... 80
Table C: Croatia – Estimated Value of Sales per Outlet 2011 (US$mn) .. 81
Competitive Landscape 82
Table: Key Players – Croatia's Food Sector 82
Table: Key Players – Croatia's Drink Sector ... 83
Table: Key Players: Croatia’s Mass Grocery Retail Sector . 84
Company Monitor .. 86
Food .. 86
Atlantic Grupa . 86
Franck.. 88
Podravka .. 89
Agrokor 91
Dukat ... 93
Kraš . 94
Drink . 95
Adriatic Distillers 95
Carlsberg Croatia 96
Badel 1862 ... 97
Mass Grocery Retail . 98
Spar Croatia 98
Lidl ... 99
Konzum .. 100
Mercator-H 102
Rewe (Billa) ... 103
BMI Methodology . 104
Table: Rewards .. 104
Table: Risks ... 105
Weighting 105
Table: Weighting 105
BMI Food & Drink Industry Glossary . 106
Food & Drink.. 106
Mass Grocery Retail ... 106
BMI Food & Drink Forecasting & Sourcing ... 108
How We Generate Our Industry Forecasts . 108
Sourcing . 109Table: BMI's Core Views . 22
Table: Value/Volume Sales of Croatian Confectionery – Historical Data & Forecasts . 37
Table: Meat – Production, Consumption & Trade – Historical Data & Forecast . 41
Table: Jellies – Production, Consumption & Trade – Historical Data & Forecast . 43
Table: Dairy – Production, Consumption & Trade – Historical Data & Forecast . 44
Table: Croatia's Sectoral Trade Indicators – Export, Import and Balance Value – Historical Data and Forecasts . 48
Table: Croatia Beverage Sectors – Value/Volume Sales – Historical Data & Forecasts . 50
Table: Croatia Soft Drink Sectors – Value/Volume Sales – Historical Data & Forecasts . 52
Table: Croatia Coffee and Tea Sectors – Value/Volume Sales – Historical Data & Forecasts. 56
Table: Croatia Mass Grocery Retail – Value Sales by Format – Historical Data & Forecasts . 58
Table: Sales Breakdown By Retail Format Type (% of total) . 59
Table: Structure of Croatia's Mass Retail Grocery Sector by Number of Outlets . 80
Table: Structure of Croatia's Mass Retail Grocery Market by Value . 80
Table C: Croatia – Estimated Value of Sales per Outlet 2011 (US$mn) . 81
Table: Key Players – Croatia's Food Sector . 82
Table: Key Players – Croatia's Drink Sector . 83
Table: Key Players: Croatia's Mass Grocery Retail Sector . 84
Table: Rewards . 104
Table: Risks . 105
Table: Weighting. 105