The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJan 2013
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Europe’s economy continues to face considerable uncertainty from Greece’s sovereign debt crisis. With Spain and Italy also facing deepening economic gloom, regional consumer wealth and confidence could deteriorate rapidly. That said, retail packaged food prospects for Western Europe remain fairly resilient even if Greece defaults. Volumes should remain strong as consumers shift away from foodservice, while added value propositions focusing on health and convenience can still drive value sales.
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Retail volume sales of packaged food actually managed to rise by 1% across the whole of Western Europe in 2009, despite a strong general dent to consumer confidence resulting from the global economic crisis.
Looking at the retail volume performance of packaged food categories in Western Europe during 2009, the best performers included both staples like noodles, sauces and dairy as well as snacks and ice cream.
While still somewhat lacklustre, short-term retail value prospects are improving slightly for Western Europe’s retail food market despite the region’s continued economic uncertainty. However, most growth prospects remain volume led.
The twin added value propositions of health and convenience – at relatively affordable prices – will remain key growth drivers across Western Europe.
Continued private label encroachment will drive retail volume gains over value sales. However, considerable opportunities remain for branded producers.
Alongside market maturity and private label encroachment, demographic factors including increasing obesity and falling birth rates will hinder prospects. At the same time, these realities also represent ways to add value to food.
A Greek default could improve retail volume prospects for several food segments, as consumers trade down from fresh food and foodservice.
Chilled and frozen processed food, as well as sauces, could leverage recession-driven changes in consumer behaviour to their benefit. Snack food could also benefit as those in employment work longer hours.
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