Boston, MA -- (SBWire) -- 08/12/2013 --We have long expected real private consumption to deteriorate in Venezuela during 2013, and there are early signs of this already occurring. Indeed, rising inflationary pressure, driven by the recent currency devaluation, have seen a significant slowdown in real credit growth and taken a toll on real wages. Both dynamics point towards a slowdown in real household spending. Real private consumption growth in Venezuela is forecast to slow from 7.0% in 2012 to 2.0% in 2013.
Headline Industry Data (US$)
- Per capita food consumption forecast to 2017 = -7.5%.
- Alcoholic drink sales forecast to 2017 = -7.2%.
- Soft drink sales forecast to 2017 = -3.6%.
- Mass grocery retail sales forecast to 2017 = -3.8%.
Key Industry Trends And Developments
Empresas Polar Targeted By New President: In May 2013, the new Venezuelan president Nicolas Maduro accused the country's largest food manufacturer Empresas Polar of controlling output to exacerbate food shortages in the country. However, the company's chief executive, Lorenzo Mendoza, has rejected accusations that the company has reduced production and is hoarding products to create scarcity. He said Empresas Polar had increased production of cornmeal by 10% in the previous four months, and offered to buy or rent government-owned corn processing plants to boost output even further.
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Mercal Set To Expand: In spring 2013, an investment of VEB300mn was announced by Maduro in order to expand the state network of food distribution, which includes Mercal, PDVAL and Bicentennial. It was also revealed that in the 10 years of its operation, Mercal has distributed more than 12mn tonnes of food to the Venezuelan population, supplying 10,000 tonnes on monthly basis in the capital Caracas to more than 200,000 people.
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New Market Research Report: Venezuela Food & Drink Report Q3 2013
New Food market report from Business Monitor International: "Venezuela Food & Drink Report Q3 2013"