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Pakistan Food and Drink Report Q2 2010
Market |
Food and Drink |
Report Type |
Market Research |
Country |
Pakistan |
Published |
5 March 2010 |
Number of Pages |
61 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
Slowed down by the global financial crisis with 2009 GDP growth estimated at 2% following an average growth rate of 6.64% between 2004 and 2008, Pakistan is expected to a register modest GDP growth of 2.4% in 2010. A potentially lucrative long-term play for fast-moving consumer goods companies, Pakistan’s hot drinks industry is firmly established while its hard drinks industry continues to progress gradually off a low base as discussed in our recently published Pakistan Food & Drink Report for Q210.
At about one kilogram per capita annually, Pakistan is one of the world’s highest tea consumers with Unilever established as the industry’s main multinational player. We do not expect the tea industry to slow down anytime soon. Between 2009 and 2014, tea value sales are expected to increase 29.80% and reach PKR67.69bn. Unilever plays second fiddle to the market leader, Tapal Tea – a Pakistani firm with an annual turnover estimated at about US$100mn. While our outlook for tea will encourage processors, the coffee segment will remain peripheral. Despite promising forecast value sales growth of 20.94% to PKR410mn to 2014, by that time the size of the tea segment is expected to be about 165 times greater than that of the coffee segment.
Not to be completely outshone, Pakistan’s alcoholic drinks industry continued to register growth off a low base in Q110. Murree Brewery, the country’s only licensed brewer, announced promising financial results for the three months ending September, the first quarter of its 2010 fiscal year. The company has seen sales after duties and tax climb by 16% to PKR539.4mn (US$6.5mn), while net profit after tax increased by 26% to PKR63.9mn (US$0.76mn).
The challenges facing Murree are considerable. With Muslims barred from consuming alcohol but accounting for about 97% of the country's huge population, Murree's potential market for its products is severely limited. It must count on non-Muslims and tourists for sales and yet consumption among these groups is not plentiful.
To 2014, we expect headline alcoholic drinks value sales in Pakistan to increase 34.57% to PKR5.15bn (US$60.73mn) with the low base (particularly in lieu of Pakistan’s near 165mn population) underlining the low-key nature of the industry. While Murree will continue to pursue growth domestically, it is likely to step up interest into the UK – a market with a considerable Pakistani population.
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