Sample Report Packaged Food Dairy PDF

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LIST OF CONTENTS AND TABLES

Dairy in Argentina - Category analysis ........................................................................................... 1
Drinking Mi k Products .................................................................................................................... 1
Headlines..................................................................................................................................... 1
Trends ......................................................................................................................................... 1
Competitive Landscape............................................................................................................... 2
Prospects..................................................................................................................................... 3
Category Data ............................................................................................................................. 3
Table 1 Sales of Drinking Milk Products by Category: Volume 2006-2011 ............... 3
Table 2 Sales of Drinking Milk Products by Category: Value 2006-2011 .................. 4
Table 3 Sales of Drinking Milk Products by Category: % Volume Growth 2006-
2011 ............................................................................................................... 5
Table 4 Sales of Drinking Milk Products by Category: % Value Growth 2006-
2011 ............................................................................................................... 5
Table 5 Chilled Vs Ambient Flavoured Milk Drinks: % Volume Analysis 2007-
2010 ............................................................................................................... 5
Table 6 Milk by Type: % Value Breakdown 2007-2010 .............................................. 6
Table 7 Drinking Milk Products Company Shares 2006-2010 ................................... 6
Table 8 Drinking Milk Products Brand Shares 2007-2010 ......................................... 7
Table 9 Sales of Drinking Milk Products by Distribution Format: % Analysis
2006-2011 ...................................................................................................... 8
Table 10 Forecast Sales of Drinking Milk Products Products by Category:
Volume 2011-2016 ......................................................................................... 8
Table 11 Forecast Sales of Drinking Milk Products Products by Category:
Value 2011-2016 ............................................................................................ 9
Table 12 Forecast Sales of Drinking Milk Products Products by Category: %
Volume Growth 2011-2016 ............................................................................ 9
Table 13 Forecast Sales of Drinking Milk Products Products by Category: %
Value Growth 2011-2016 ............................................................................. 10
Yoghurt and Sour Milk Drinks ....................................................................................................... 10
Headlines................................................................................................................................... 10
Trends ....................................................................................................................................... 11
Competitive Landscape............................................................................................................. 12
Prospects................................................................................................................................... 13
Category Data ........................................................................................................................... 13
Table 14 Sales of Yoghurt and Sour Milk Drinks by Category: Volume 2006-
2011 ............................................................................................................. 13
Table 15 Sales of Yoghurt and Sour Milk Drinks by Category: Value 2006-2011 ..... 13
Table 16 Sales of Yoghurt and Sour Milk Drinks by Category: % Volume
Growth 2006-2011 ....................................................................................... 14
Table 17 Sales of Yoghurt and Sour Milk Drinks by Category: % Value Growth
2006-2011 .................................................................................................... 14
Table 18 Soy-based vs Dairy-based Yoghurt % Breakdown 2010 ............................ 14
Table 19 Leading Flavours for Flavoured Spoonable Yoghurt 2006-2011 ................ 14
Table 20 Leading Flavours for Fruited Spoonable Yoghurt 2006-2011 ..................... 14
Table 21 Yoghurt and Sour Milk Drinks Company Shares 2006-2010 ...................... 15
Table 22 Yoghurt and Sour Milk Drinks Brand Shares 2007-2010 ............................ 15
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Table 23 Sales of Yoghurt and Sour Milk Drinks by Distr bution Format: %
Analysis 2006-2011 ..................................................................................... 16
Table 24 Forecast Sales of Yoghurt and Sour Milk Drinks by Category: Volume
2011-2016 .................................................................................................... 16
Table 25 Forecast Sales of Yoghurt and Sour Milk Drinks by Category: Value
2011-2016 .................................................................................................... 17
Table 26 Forecast Sales of Yoghurt and Sour Milk Drinks by Category: %
Volume Growth 2011-2016 .......................................................................... 17
Table 27 Forecast Sales of Yoghurt and Sour Milk Drinks by Category: %
Value Growth 2011-2016 ............................................................................. 17
Cheese .......................................................................................................................................... 18
Headlines................................................................................................................................... 18
Trends ....................................................................................................................................... 18
Prospects................................................................................................................................... 20
Category Data ........................................................................................................................... 20
Table 28 Sales of Cheese by Category: Volume 2006-2011 ..................................... 20
Table 29 Sales of Cheese by Category: Value 2006-2011 ........................................ 20
Table 30 Sales of Cheese by Category: % Volume Growth 2006-2011 .................... 21
Table 31 Sales of Cheese by Category: % Value Growth 2006-2011 ....................... 21
Table 32 Spreadable Processed Cheese by Type: % Value Breakdown 2006-
2011 ............................................................................................................. 21
Table 33 Unprocessed Cheese by Type: % Value Breakdown 2009-2010 ............... 22
Table 34 Cheese Company Shares 2006-2010 ......................................................... 22
Table 35 Cheese Brand Shares 2007-2010 ............................................................... 22
Table 36 Sales of Cheese by Distr bution Format: % Analysis 2006-2011 ................ 23
Table 37 Forecast Sales of Cheese by Category: Volume 2011-2016 ...................... 24
Table 38 Forecast Sales of Cheese by Category: Value 2011-2016 ......................... 24
Table 39 Forecast Sales of Cheese by Category: % Volume Growth 2011-2016 ..... 24
Table 40 Forecast Sales of Cheese by Category: % Value Growth 2011-2016 ........ 25
Other Dairy .................................................................................................................................... 25
Headlines................................................................................................................................... 25
Trends ....................................................................................................................................... 25
Prospects................................................................................................................................... 27
Category Data ........................................................................................................................... 27
Table 41 Sales of Other Dairy by Category: Volume 2006-2011 ............................... 27
Table 42 Sales of Other Dairy by Category: Value 2006-2011 .................................. 28
Table 43 Sales of Other Dairy by Category: % Volume Growth 2006-2011 .............. 29
Table 44 Sales of Other Dairy by Category: % Value Growth 2006-2011 ................. 29
Table 45 Cream by Type: % Value Breakdown 2006-2011 ....................................... 29
Table 46 Sales of Other Dairy by Distribution Format: % Analysis 2006-2011.......... 30
Table 47 Forecast Sales of Other Dairy by Category: Volume 2011-2016 ................ 30
Table 48 Forecast Sales of Other Dairy by Category: Value 2011-2016 ................... 31
Table 49 Forecast Sales of Other Dairy by Category: % Volume Growth 2011-
2016 ............................................................................................................. 31
Table 50 Forecast Sales of Other Dairy by Category: % Value Growth 2011-
2016 ............................................................................................................. 32
Dairy in Argentina - Company Profiles ......................................................................................... 33
Arcor Saic in Packaged Food (argentina)..................................................................................... 33

Strategic Direction ..................................................................................................................... 33
Key Facts................................................................................................................................... 33
Summary 1 Arcor SAIC: Key Facts ................................................................................. 33
Summary 2 Arcor SAIC: Operational Indicators.............................................................. 33
Company Background............................................................................................................... 33
Production ................................................................................................................................. 34
Summary 3 Arcor SAIC: Production Statistics 2009 ....................................................... 35
Competitive Positioning............................................................................................................. 35
Summary 4 Arcor SAIC: Competitive Position 2010 ....................................................... 36
Mastellone Hnos SA in Packaged Food (argentina) .................................................................... 36
Key Facts................................................................................................................................... 36
Summary 5 Mastellone Hnos SA: Key Facts .................................................................. 36
Summary 6 Mastellone Hnos SA: Operational Indicators ............................................... 37
Production ................................................................................................................................. 38
Summary 7 Mastellone Hnos SA: Production Statistics 2010 ........................................ 38
Summary 8 Mastellone Hnos SA: Competitive Position 2010 ........................................ 39
Molinos Ro De La Plata SA in Packaged Food (argentina) ........................................................ 39
Key Facts................................................................................................................................... 39
Summary 9 Molinos Ro de la Plata SA: Key Facts ........................................................ 39
Summary 10 Molinos Ro de la Plata SA: Operational Indicators .................................... 40
Production ................................................................................................................................. 41
Summary 11 Molinos Ro de la Plata SA: Production Statistics 2010 .............................. 41
Summary 12 Molinos Ro de la Plata SA: Competitive Position 2010 .............................. 42
Sancor Cooperativas Unidas Ltda in Packaged Food (argentina) ............................................... 42
Key Facts................................................................................................................................... 43
Summary 13 SanCor Cooperativas Unidas Ltda: Key Facts ............................................ 43
Summary 14 SanCor Cooperativas Unidas Ltda: Operational Indicators ........................ 43
Production ................................................................................................................................. 44
Summary 15 SanCor Cooperativas Unidas Ltda: Competitive Position 2010 .................. 45
Packaged Food in Argentina - Industry Overview ........................................................................ 46
Executive Summary ...................................................................................................................... 46
Rising Demand Drives Growth.................................................................................................. 46
Fresh Meat Consumption Declines, Impacting the Argentinian Diet ........................................ 46
Inflation Threatens Levels of Consumption of Packaged Food................................................ 46
Strong Pressure To Discount Driven by Supermarkets/hypermarkets .................................... 46

Slower Growth Projected for 2012 ............................................................................................ 46
Key Trends and Developments .................................................................................................... 47
Economic Expansion Driven by Strong Consumer Spending .................................................. 47
Argentinian Diet Changes As Fresh Meat Consumption Declines ........................................... 47
Dynamic Packaged Food Industry Grows Despite Inflation ..................................................... 48
Healthier and More Nutritious Products Prosper Across Packaged Food ............................... 49
Foodservice Key Trends and Developments ............................................................................ 50
Headlines................................................................................................................................... 50
Trends ....................................................................................................................................... 51
Prospects................................................................................................................................... 52
Category Data ........................................................................................................................... 52
Table 51 Foodservice Sales of Packaged Food by Category: Volume 2006-
2011 ............................................................................................................. 52
Table 52 Foodservice Sales of Packaged Food by Category: % Volume Growth
2006-2011 .................................................................................................... 53
Table 53 Forecast Foodservice Sales of Packaged Food by Category: Volume
2011-2016 .................................................................................................... 54
Table 54 Forecast Foodservice Sales of Packaged Food by Category: %
Volume Growth 2011-2016 .......................................................................... 54
Impulse and Indulgence Products Key Trends and Developments .......................................... 55
Headlines................................................................................................................................... 55
Trends ....................................................................................................................................... 55
Prospects................................................................................................................................... 57
Category Data ........................................................................................................................... 57
Table 55 Sales of Impulse and Indulgence Products by Category: Volume
2006-2011 .................................................................................................... 57
Table 56 Sales of Impulse and Indulgence Products by Category: Value 2006-
2011 ............................................................................................................. 58
Table 57 Sales of Impulse and Indulgence Products by Category: % Volume
Growth 2006-2011 ....................................................................................... 58
Table 58 Sales of Impulse and Indulgence Products by Category: % Value
Growth 2006-2011 ....................................................................................... 58
Table 59 Company Shares of Impulse and Indulgence Products 2006-2010............ 59
Table 60 Brand Shares of Impulse and Indulgence Products 2007-2010 ................. 59
Table 61 Forecast Sales of Impulse and Indulgence Products by Category:
Volume 2011-2016 ....................................................................................... 60
Table 62 Forecast Sales of Impulse and Indulgence Products by Category:
Value 2011-2016 .......................................................................................... 61
Table 63 Forecast Sales of Impulse and Indulgence Products by Category: %
Volume Growth 2011-2016 .......................................................................... 61
Table 64 Forecast Sales of Impulse and Indulgence Products by Category: %
Value Growth 2011-2016 ............................................................................. 61
Nutrition/staples Key Trends and Developments ...................................................................... 62
Headlines................................................................................................................................... 62
Trends ....................................................................................................................................... 62
Prospects................................................................................................................................... 63
Category Data ........................................................................................................................... 64
Table 65 Sales of Nutrition/Staples by Category: Volume 2006-2011 ....................... 64
Table 66 Sales of Nutrition/Staples by Category: Value 2006-2011 .......................... 64
Table 67 Sales of Nutrition/Staples by Category: % Volume Growth 2006-2011 ...... 65
Table 68 Sales of Nutrition/Staples by Category: % Value Growth 2006-2011 ......... 65
Table 69 Company Shares of Nutrition/Staples 2006-2010 ....................................... 66
Table 70 Brand Shares of Nutrition/Staples 2007-2010 ............................................. 66
Table 71 Forecast Sales of Nutrition/Staples by Category: Volume 2011-2016 ........ 67
Table 72 Forecast Sales of Nutrition/Staples by Category: Value 2011-2016 ........... 68
Table 73 Forecast Sales of Nutrition/Staples by Category: % Volume Growth
2011-2016 .................................................................................................... 68
Table 74 Forecast Sales of Nutrition/Staples by Category: % Value Growth
2011-2016 .................................................................................................... 68
Meal Solutions Key Trends and Developments ........................................................................ 69
Headlines................................................................................................................................... 69
Trends ....................................................................................................................................... 69
Prospects................................................................................................................................... 71
Category Data ........................................................................................................................... 71
Table 75 Sales of Meal Solutions by Category: Volume 2006-2011 .......................... 71
Table 76 Sales of Meal Solutions by Category: Value 2006-2011 ............................. 72
Table 77 Sales of Meal Solutions by Category: % Volume Growth 2006-2011 ......... 72
Table 78 Sales of Meal Solutions by Category: % Value Growth 2006-2011 ............ 72
Table 79 Company Shares of Meal Solutions 2006-2010 .......................................... 73
Table 80 Brand Shares of Meal Solutions 2007-2010 ................................................ 73
Table 81 Forecast Sales of Meal Solutions by Category: Volume 2011-2016........... 74
Table 82 Forecast Sales of Meal Solutions by Category: Value 2011-2016 .............. 74
Table 83 Forecast Sales of Meal Solutions by Category: % Volume Growth
2011-2016 .................................................................................................... 75
Table 84 Forecast Sales of Meal Solutions by Category: % Value Growth 2011-
2016 ............................................................................................................. 75
Market Data ................................................................................................................................... 75
Table 85 Sales of Packaged Food by Category: Volume 2006-2011 ........................ 76
Table 86 Sales of Packaged Food by Category: Value 2006-2011 ........................... 76
Table 87 Sales of Packaged Food by Category: % Volume Growth 2006-2011 ....... 77
Table 88 Sales of Packaged Food by Category: % Value Growth 2006-2011 .......... 78
Table 89 GBO Shares of Packaged Food 2006-2010 ................................................ 78
Table 90 NBO Shares of Packaged Food 2006-2010 ................................................ 79
Table 91 NBO Brand Shares of Packaged Food 2007-2010 ..................................... 80
Table 92 Penetration of Private Label by Category 2006-2011 ................................. 81
Table 93 Sales of Packaged Food by Distribution Format: % Analysis 2006-
2011 ............................................................................................................. 81
Table 94 Sales of Packaged Food by Category and Distribution Format: %
Analysis 2011 ............................................................................................... 82
Table 95 Forecast Sales of Packaged Food by Category: Volume 2011-2016 ......... 83
Table 96 Forecast Sales of Packaged Food by Category: Value 2011-2016 ............ 84
Table 97 Forecast Sales of Packaged Food by Category: % Volume Growth
2011-2016 .................................................................................................... 85
Table 98 Forecast Sales of Packaged Food by Category: % Value Growth

2011-2016 .................................................................................................... 85
Definitions...................................................................................................................................... 86
Summary 16 Research Sources ........................................................................................ 86
DRINKING MILK PRODUCTS IN

ARGENTINA - CATEGORY ANALYSIS
HEADLINES
Drinking milk products current retail value sales increase by 23%, to reach Peso7 billion, in
2011
Trade off between flavoured milk drinks and flavoured powder milk drinks due to convenience
and pricing
Flavoured milk drinks with fruit juice records the fastest current retail value growth of 32% to
reach sales of Peso120 million in 2011
Weighted average unit price of all drinking milk products increase by 22% in current retail
value terms in 2011
Mastellone Hnos SA leads in drinking milk products in 2010 with a retail value share of 43%
Drinking milk products expected to grow by a constant retail value CAGR of 2% over the
forecast period
TRENDS
There was a strong increase in consumption of flavoured milk drinks over the first half of the
review period due to convenience. However, over the second half of the review period, there
was a switch among consumers to chocolate-based flavoured powder drinks due to more
affordable product pricing. This was due to a considerable increase in unit prices in flavoured
milk drinks and to the economic downturn over 2008 and 2009.
Drinking milk products grew by a constant retail value CAGR of 11% in 2011, which was
slightly below the constant retail value CAGR of 12% over the review period.
Flavoured milk drinks with fruit juice recorded the fastest current retail value growth, of 32%,
in drinking milk products in 2011 due to growth of 30% in current retail value terms in average
unit prices. In retail volume terms, the category grew by 2% in 2011, based on the positive
performance of Serecol from Mastellone Hnos SA.
Average unit prices in drinking milk products increased by 22% in current retail value terms in
2011 as a consequence of increases in the cost of labour and distribution. However, with
regard to milk as a raw material, pricing remained stable due to oversupply in 2011.
Milk for children accounted for a retail value share of 76% of milk in 2011 as products in milk
tend not to be heavily consumed by young adult and adult consumers due to variation in
snacking and breakfast habits, with these consumers opting for mate (South American
infusion traditionally drunk from a hollow gourd through a filtering straw) or coffee instead of
milk.
Ambient products accounted for a retail volume share of 70% of flavoured milk drinks in 2011.
Products in flavoured milk drinks are mostly presented in tetra-pack cartons. Chilled products
in flavoured milk drinks are predominantly comprised of products in flavoured milk drinks with
fruit juice. The leading brand is Junior from Mastellone Hnos SA, which is offered at
competitive pricing and presented in economy Sachet packaging.
Consumers do not perceive any difference in quality between products in fresh/pasteurised

milk and long-life/UHT mi k in Argentina. As Argentina produces and exports mi k,
fresh/pasteurised milk is consumed more because of its more affordable pricing compared to
long-life/UHT milk. Micro-filtered milk is perceived as very fresh although it accounted for a
negligible retail value share of milk in 2011, as there was only one brand of micro-filtered milk,
Sancor Max, available.
In Argentina, products in soy beverages are consumed because they are considered as
healthy products. However, soy beverages comprises entirely of soy drinks as soy mi k is not
present in Argentina. Ades, the leading brand in soy beverages, is promoted as being natural
and nutritious.
COMPETITIVE LANDSCAPE
Mastellone Hnos SA was the leading player in drinking milk products in 2010 with a retail
value share of 43% due mainly to the strong reputation and high level of consumer loyalty of
its brand La Serensima. In addition, the company has a wide reaching distr bution network
with presence through various channels of retail distribution.
Content removed from sample
PROSPECTS
Drinking milk products is expected to grow by a constant retail value CAGR of 2% over the
forecast period, driven by innovation in terms of functional and fortified products. Mastellone
Hnos SA is expected to lead this trend although SanCor Cooperativas Unidas Ltda is also
expected to make further efforts to challenge the companys leading position. However, the
CAGR of 2% is expected to be significantly lower than the constant retail value CAGR of 12%
over the review period due to the dominance of milk, which is very mature. Nevertheless, mi k
is perceived as a necessity product among consumers thus there is expected to be continued
demand with a shift towards basic products and the use of more affordable product
packaging.
CATEGORY DATA
Table 1 Sales of Drinking Milk Products by Category: Volume 2006-2011
2006 2007 2008 2009 2010 2011
Flavoured Milk Drinks Data removed from sample
(million litres)
- Dairy Only Flavoured
Mi k Drinks (million
litres)
- Flavoured Milk Drinks Data removed from sample
with Fruit Juice
(million litres)
Flavoured Powder Milk
Drinks ('000 tonnes)
- Chocolate-based
Flavoured Powder Drinks
('000 tonnes)
- Malt-based Hot Drinks
('000 tonnes)
- Non-Chocolate-based
('000 tonnes)
Milk (million litres)
- Fresh/Pasteurised
Mi k (million litres)
- Goat Milk (million
litres)
- Long-Life/UHT Milk
(million litres)
Powder Milk ('000 tonnes)
Soy Beverages (million
litres)
- Soy Milk (million
litres)
- Soy Drinks (million
litres)
Drinking Mi k Products
(Not calculable)
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Sales of Drinking Milk Products by Category: Value 2006-2011
Peso million
2006 2007 2008 2009 2010 2011
Flavoured Milk Drinks

Mi k Drinks Data removed from sample
- Flavoured Milk Drinks
with Fruit Juice
Drinks
- Chocolate-based
Milk
- Fresh/Pasteurised Mi k
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
Data removed from sample
- Soy Drinks
Drinking Mi k Products 2,679.1 3,181. ,031.1 ,718.7 5,797.3 7,111.1
Table 3 Sales of Drinking Milk Products by Category: % Volume Growth 2006-2011
% volume growth
2010/11 2006-11 CAGR 2006/11 Total

- Dairy Only Flavoured Milk Drinks
- Flavoured Milk Drinks with Fruit Juice Data removed from sample
Flavoured Powder Milk Drinks
- Chocolate-based Flavoured Powder
Drinks
- Non-Chocolate-based Flavoured Powder
Drinks
Milk
- Fresh/Pasteurised Milk
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
Table 4 Sales of Drinking Milk Products by Category: % Value Growth 2006-2011
% current value growth

2010/11 2006-11 CAGR 2006/11 Total

Drinks
Drinks
Milk
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
Table 5 Chilled Vs Ambient Flavoured Milk Drinks: % Volume Analysis 2007-2010
% retail volume
2007 2008 2009 2010
Ambient Data removed from sample

Chilled
Total 100.0 100.0 100.0 100.0
Source: Official statistics, trade associations, trade press, company research, store checks, trade interviews,
Euromonitor International estimates
Table 6 Milk by Type: % Value Breakdown 2007-2010
% retail value rsp

2007 2008 2009 2010
Adult Data removed from sample

Children 76.0 75.8 75.7 75.5
Total 100.0 100.0 100.0 100.0
Table 7 Drinking Milk Products Company Shares 2006-2010
% retail value rsp

Company 2006 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0 100.0

Table 8 Drinking Milk Products Brand Shares 2007-2010
% retail value rsp

Brand Company 2007 2008 2009 2010
Others 17.8 18.1 16.2 1 .6

Total 100.0 100.0 100.0 100.0
Table 9 Sales of Drinking Milk Products by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006 2007 2008 2009 2010 2011
Store-Based Retailing
- Grocery Retailers
- - Supermarkets/ Data removed from sample
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
- - - Convenience Stores
- - - Independent Small
Grocers
- - - Forecourt Retailers
- - Other Grocery
Retailers
- Non-Grocery Retailers
- - Health and Beauty
Retailers
- - Other Non-Grocery
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 10 Forecast Sales of Drinking Milk Products Products by Category: Volume

2011-2016
2011 2012 2013 2014 2015 2016

(million litres) Data removed from sample
Mi k Drinks (million
litres)
with Fruit Juice
(million litres)

Drinks ('000 tonnes)
- Chocolate-based
('000 tonnes)
('000 tonnes)
('000 tonnes)
Milk (million litres)
- Fresh/Pasteurised
Mi k (million litres)
- Goat Milk (million
litres)
(million litres)
Powder Milk ('000 tonnes)
Soy Beverages (million
litres)
- Soy Milk (million
litres)
- Soy Drinks (million
litres)
(Not calculable)
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 11 Forecast Sales of Drinking Milk Products Products by Category: Value 2011-
2016
Peso million
2011 2012 2013 2014 2015 2016

Mi k Drinks Data removed from sample
with Fruit Juice
Drinks
- Chocolate-based
Milk
- Fresh/Pasteurised Mi k
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
trade sources
Table 12 Forecast Sales of Drinking Milk Products Products by Category: % Volume

Growth 2011-2016
% volume growth
2015/16 2011-16 CAGR 2011/16 Total

Drinks
Drinks
Milk
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
trade sources
Table 13 Forecast Sales of Drinking Milk Products Products by Category: % Value

Growth 2011-2016
% constant value growth

2011-16 CAGR 2011/16 TOTAL

- Chocolate-based Flavoured Powder Drinks
- Non-Chocolate-based Flavoured Powder Drinks
Milk
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
trade sources
YOGHURT AND SOUR MILK DRINKS

IN ARGENTINA - CATEGORY
ANALYSIS
HEADLINES
Yoghurt and sour milk drinks retail value sales grow by 26% to reach Peso4 billion in 2011
Trends of health and wellness and product diversification drive growth of yoghurt and sour
milk drinks
Other functional drinking yoghurt records fastest current retail value growth of 34%, to reach
Peso11 million, in 2011
Average unit prices in drinking yoghurt and in spoonable yoghurt grow by 26% and 24%
respectively in current retail value terms in 2011
Danone Argentina SA leads in yoghurt and sour milk drinks in 2010, with a retail value share
of 79%
Yoghurt and sour milk drinks expected to grow by a constant retail value CAGR of 2% over
the forecast period
TRENDS
The increasingly important connection between yoghurt consumption and a healthy diet as
well as the growing variety of products have helped to drive demand for yoghurt in Argentina.
The variety in terms of products in yoghurt encompasses flavoured, fruited and vitamin as well
as probiotic-enriched products. However, yoghurt consumption is affected to some extent by
seasonality and yoghurt is not considered as a dessert in Argentina. Nevertheless, the
possibility to modify this trend means there is potential for growth in yoghurt in the medium to
long turn.
Yoghurt sales increased by 14% in constant value terms in 2011, above the 10% review
period CAGR. However the comparabilty of the figures is jeopardized by the huge gap
between the official inflation rate used to calculate constant currency growth rates and the
observed inflation for the period 2007-2011. The official inflation rate is considered to be an
underestimation by all private actors (companies, consultancy firms, universities) operating in
the country.
Using observed inflation rates according to private estimates, yoghurt constant retail value
sales increased by 6% constant value growth in 2011 compared with a 4% average for the
2006-2011 period. The present growth is based on a price increase higher than the
economys average, as in retail volume terms the growth rate is of around 1%.
Other functional drinking yoghurt recorded the fastest current retail value growth, of 34%, in
yoghurt and sour milk drinks in 2011 due to the fact that it is a new category, having first
registered sales in 2010 with the launch of Vidacol by Danone Argentina SA.
Drinking yoghurt and spoonable yoghurt registered similar growth in both current retail value
terms and retail volume terms in 2011 as the process of economic recovery and increases in
unit prices had a similar impact on both categories.
Average unit prices in drinking yoghurt and in spoonable yoghurt grew by 26% and 24%
respectively in current retail value terms in 2011 as a consequence of increases in the cost of
labour and increased distribution costs. However, with regard to milk as a raw material, costs
remained stable in 2011 due to oversupply of milk in Argentina.
Dairy-based yoghurt continued to dominate in yoghurt in 2011 as there are no soy-based
products in yoghurt in Argentina. Although Argentina is one of the leading soy producing
countries in the world, the high price of soy-based products and the general lack of demand
among Argentine consumers mean that exportation of soy and soy-based products is high.
The leading flavour in flavoured spoonable yoghurt in 2011 was strawberry, followed by
vanilla and peach while in fruited spoonable yoghurt it was strawberry, followed by peach,
pineapple and mixed berries. There are also products in unusual flavour variants, for example
Ser de tarta de frutas (fruit-pie-flavoured yoghurt) in flavoured spoonable yoghurt and Ser de
moras and grosellas (currant and berry yoghurt) in fruited spoonable yoghurt. However,
unusual flavour variants have niche status and they tend to be used by leading manufacturers
to demonstrate innovation.
Danone Argentina SA was the leading player in yoghurt and sour milk drinks in 2010 with a
retail value share of 79% due mainly to the high level of popularity of its Yogurisimo, Actimel
and Ser brands, which have been present in the country for a long time and which benefit
from a high level of consumer loyalty. In addition, as a result of the companys wide
distribution network its products have widespread presence through various channels of retail
distribution.
PROSPECTS
Danone Argentina SA and SanCor Cooperativas Unidas Ltda are expected to continue to
launch new products and new variants of existing products over the forecast period. However,
competition among the leading players is not only expected to be based on innovation but
also on improvement and enlargement of their distribution networks. In line with this, SanCor
Cooperativas Unidas Ltdas distribution centre in Don Torcuato, in Buenos Aires, obtained
international ISO 9001:2008 certification in August 2011.
CATEGORY DATA
Table 1 Sales of Yoghurt and Sour Mi k Drinks by Category: Volume 2006-2011
2006 2007 2008 2009 2010 2011
Sour Milk Drinks

Yoghurt (Not calculable)
- Drinking Yoghurt
(million litres)
- Spoonable Yoghurt
('000 tonnes)
Yoghurt and Sour Milk - - - - - -

Drinks (Not calculable)
Table 2 Sales of Yoghurt and Sour Mi k Drinks by Category: Value 2006-2011
Peso million
2006 2007 2008 2009 2010 2011
Sour Milk Drinks

Yoghurt Data removed from sample
- Drinking Yoghurt
- Spoonable Yoghurt
Yoghurt and Sour Milk , , , , , ,
Drinks
Table 3 Sales of Yoghurt and Sour Milk Drinks by Category: % Volume Growth 2006-
2011
% volume growth
2010/11 2006-11 CAGR 2006/11 Total
Sour Milk Drinks

- Drinking Yoghurt
- Spoonable Yoghurt
Yoghurt and Sour Milk Drinks
Table 4 Sales of Yoghurt and Sour Milk Drinks by Category: % Value Growth 2006-
2011

2010/11 2006-11 CAGR 2006/11 Total
Sour Milk Drinks

- Drinking Yoghurt
- Spoonable Yoghurt
Table 5 Soy-based vs Dairy-based Yoghurt % Breakdown 2010
% value analysis
Soy-based Dairy-based Total
Yoghurt
Table 6 Leading Flavours for Flavoured Spoonable Yoghurt 2006-2011
ranking
2006 2007 2008 2009 2010 2011
Strawberry Data removed from sample

Vanilla
Peach
Table 7 Leading Flavours for Fruited Spoonable Yoghurt 2006-2011
ranking
2006 2007 2008 2009 2010 2011
Strawberry
Peach
Pineapple
Mixed berries
Table 8 Yoghurt and Sour Mi k Drinks Company Shares 2006-2010
% retail value rsp

Company 2006 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0 100.0

Table 9 Yoghurt and Sour Mi k Drinks Brand Shares 2007-2010
% retail value rsp

Brand Company 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0

Table 10 Sales of Yoghurt and Sour Mi k Drinks by Distribution Format: % Analysis

2006-2011
% retail value rsp

2006 2007 2008 2009 2010 2011
- Grocery Retailers Data removed from sample
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers Data removed from sample
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 11 Forecast Sales of Yoghurt and Sour Milk Drinks by Category: Volume 2011-
2016
2011 2012 2013 2014 2015 2016
Sour Milk Drinks

Yoghurt (Not calculable)
- Drinking Yoghurt
(million litres)
- Spoonable Yoghurt
('000 tonnes)
Yoghurt and Sour Milk
Drinks (Not calculable)
trade sources
Table 12 Forecast Sales of Yoghurt and Sour Milk Drinks by Category: Value 2011-
2016
Peso million
2011 2012 2013 2014 2015 2016
Sour Milk Drinks

- Drinking Yoghurt
- Spoonable Yoghurt
Yoghurt and Sour Milk
Drinks
trade sources
Table 13 Forecast Sales of Yoghurt and Sour Milk Drinks by Category: % Volume
Growth 2011-2016
% volume growth
2015/16 2011-16 CAGR 2011/16 Total
Sour Milk Drinks

- Drinking Yoghurt
- Spoonable Yoghurt
trade sources
Table 14 Forecast Sales of Yoghurt and Sour Milk Drinks by Category: % Value Growth
2011-2016

2011-16 CAGR 2011/16 TOTAL
Sour Milk Drinks

- Drinking Yoghurt
- Spoonable Yoghurt
trade sources
CHEESE IN ARGENTINA - CATEGORY

ANALYSIS
HEADLINES
Cheese grows by 24% in current retail value terms to reach Peso13.6 billion in 2011
Denomination of origin becomes of increased importance among products in cheese in
Argentina
Packaged hard cheese records the fastest current retail value growth of 35% in cheese, to
reach Peso789 million, in 2011
Average unit prices in cheese increase by 19% in current retail value terms in 2011
SanCor Cooperativas Unidas Ltda leads in cheese in 2010 with a retail value share of 22%
Cheese expected to grow by a constant retail value CAGR of 3% over the forecast period
TRENDS
According to trade sources, Argentina is the seventh largest producer of cheese worldwide
and 50% of domestic production of milk is assigned to cheese production. In order to enlarge
its presence worldwide in terms of cheese production, the denomination of origin of products
has become of increased importance. One of the first types of cheese to be promoted by
origin was Goya cheese, a hard cheese from the city of Goya, in the Corrientes province,
which is produced by five companies one of which is SanCor Cooperativas Unidas Ltda.
Mastellone Hnos SA specifies the origin of the variants of cheese under its La Serensima
brand on its webpage. These variants include variants of Argentinean origin such as
Pategras, Holanda and Chubut, which is native to Tandil in the Buenos Aires province.
Cheese grew by12% in constant retail value terms in 2011, which was well above the review
period CAGR of 6% due to the highly varied range of products available and the many ways
in which products in cheese can be consumed and used in food preparation.
Packaged hard cheese recorded the fastest current retail value growth of 35% in cheese in
2011, to be worth Peso789 million, due to intensive advertisement and promotion of La
Serensima and Sancor, which focused on ways in which to consume packaged hard cheese,
for example grated or sliced.
Average unit prices in cheese increased by 19% in current retail value terms in 2011 as a
consequence of increases in the cost of labour and of distribution. However, the price of milk
as a raw material remained stable due to oversupply.
Cream cheese, which has a long-standing presence and strong tradition of consumption in
Argentina, continued to account for a dominant retail value share, of 65%, of spreadable
processed cheese in 2011. However, reconstituted cheese, such as Tholem from SanCor
Cooperativas Unidas Ltda, Finlandia from Mastellone Hnos SA and Adler from Cabaa y
Estancia Santa Rosa SA, continued to gain retail value share of spreadable processed
cheese in 2011. Products in reconstituted cheese tend to be flavoured thus many Argentinean
consumers regard them as tastier than products in cream cheese.
The most popular type of cheese in Argentina in 2011 was soft cheese with per capita retail
volume consumption of 6 kg. This high per capita retail volume consumption is due to the fact
that consumers feel that products in soft cheese satisfy their demand for healthier food
products. Soft cheese is consumed as a snack, with other types of food and as a dessert (for
example with quince jelly).
SanCor Cooperativas Unidas Ltda was the leading player in cheese in 2010 with a retail value
share of 22%, followed closely by Mastellone Hnos SA with a share of 19%. SanCor
Cooperativas Unidas Ltda benefits from its position as a specialist cheese manufacturer. With
the exception of soft cheese, the company accounts for the leading retail value share of all
categories of cheese in which it is present.
PROSPECTS
Denomination of origin of products in cheese is expected to increase in importance over the

forecast period as manufacturers continue to seek ways in which to differentiate their products
and to compete. Also, as cheese in Argentina is relatively mature, manufacturers are
expected to turn to Europe, where the denomination of origin of products is important for
products to be able to compete.
CATEGORY DATA
Table 1 Sales of Cheese by Category: Volume 2006-2011
'000 tonnes
2006 2007 2008 2009 2010 2011
Processed Cheese
- Spreadable Processed Data removed from sample
Cheese
- Unspreadable
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
- Spreadable
Unprocessed Cheese
Cheese
Table 2 Sales of Cheese by Category: Value 2006-2011
Peso million
2006 2007 2008 2009 2010 2011
Processed Cheese
Cheese
- Unspreadable
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
- Spreadable
Unprocessed Cheese
Cheese
Table 3 Sales of Cheese by Category: % Volume Growth 2006-2011
% volume growth
2010/11 2006-11 CAGR 2006/11 Total
Processed Cheese
- Spreadable Processed Cheese Data removed from sample
- Unspreadable Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
- Spreadable Unprocessed Cheese
Cheese
Table 4 Sales of Cheese by Category: % Value Growth 2006-2011

2010/11 2006-11 CAGR 2006/11 Total
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
Cheese
Table 5 Spreadable Processed Cheese by Type: % Value Breakdown 2006-2011
% retail value rsp

2006 2007 2008 2009 2010 2011
Cream Cheese Data removed from sample

Reconstituted Cheese
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 6 Unprocessed Cheese by Type: % Value Breakdown 2009-2010
% retail value rsp

2009 2010
Cremoso Data removed from sample

Cuartirolo
Dambo
Mozzarella
Port Salut
Reggianito
Others
Total 100.0 100.0
Table 7 Cheese Company Shares 2006-2010
% retail value rsp

Company 2006 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0 100.0

Table 8 Cheese Brand Shares 2007-2010
% retail value rsp

Brand Company 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0

Table 9 Sales of Cheese by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006 2007 2008 2009 2010 2011
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery Data removed from sample
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 10 Forecast Sales of Cheese by Category: Volume 2011-2016
'000 tonnes
2011 2012 2013 2014 2015 2016
Processed Cheese
Cheese
- Unspreadable
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
- Spreadable
Unprocessed Cheese
Cheese
trade sources
Table 11 Forecast Sales of Cheese by Category: Value 2011-2016
Peso million
2011 2012 2013 2014 2015 2016
Processed Cheese
Cheese
- Unspreadable
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
- Spreadable
Unprocessed Cheese
Cheese
trade sources
Table 12 Forecast Sales of Cheese by Category: % Volume Growth 2011-2016
% volume growth
2015/16 2011-16 CAGR 2011/16 Total
Processed Cheese
- Spreadable Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
Cheese
trade sources
Table 13 Forecast Sales of Cheese by Category: % Value Growth 2011-2016

2011-16 CAGR 2011/16 TOTAL
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
Cheese
trade sources
OTHER DAIRY IN ARGENTINA -

CATEGORY ANALYSIS
HEADLINES
Other dairy grows by 24% in current retail value terms, to be worth Peso2.2 billion, in 2011
Consumption of dairy-based desserts, an increasingly popular alternative to consumption of
milk and yoghurt
Cream records the fastest current retail value growth, of 29%, in other dairy in 2011, to be
worth Peso654 million
Average unit prices in other dairy increase by 22% in current retail value terms in 2011
Danone Argentina SA leads in other dairy in 2010 with a retail value share of 53%
Other dairy expected to grow by a constant retail value CAGR of 3% over the forecast period
TRENDS
Owing to their taste and convenience, products in dairy-based desserts have become an
increasingly appealing alternative to consumers who do not wish to consume products in milk
and yoghurt among other dairy products. In addition, the wide variety of products available in
dairy-based desserts means there are products suitable for consumption among a wide range
of consumers, from babies to adults as well as diabetic and celiac patients.
Other dairy achieved growth of 12% in constant retail value terms in 2011 as improved
economic conditions prompted trading up among consumers from milk and yoghurt to dairy-
based desserts and flavoured fromage frais and quark.
Cream recorded the fastest current retail value growth of 29% in other dairy in 2011 to be
worth Peso654 million due to increased demand, as indicated by strong retail volume growth
of 3%. The level of substitution of products in cream with products in cream cheese is not very
strong as consumers find products in cream more affordable and tastier than cream cheese.
Average unit prices in other dairy increased by 22% in current retail value terms in 2011, as a
consequence of an increase in the cost of labour and increased distribution costs.
Nevertheless, due to oversupply, the cost of milk as a raw material remained stable in 2011.
Double cream has long accounted for a dominant retail value share of cream, partly because
it was the first type of cream to be introduced and partly because its texture and flavour are
widely preferred over single cream. In 2003, Mastellone Hnos SA introduced whipped cream
under its La Serensima brand and this consistently gained in retail value share, to account for
a share of 12% in 2011. SanCor Cooperativas Unidas Ltda also introduced whipped cream as
in 2007 it introduced SanCor 0%, with 0% cholesterol and 0% fat. This product continued to
attract the interest of health-conscious consumers at the end of the review period.
In 2011 chilled and shelf stable desserts continued to comprise of only chilled dairy-based
desserts, mostly due to the tradition of consumption of these products and also because the
leading companies have not invested in the development of shelf stable desserts.
Danone Argentina SA was the leading player in other dairy, with a retail value share of 53%,
in 2010. The companys leading position is due to the high equity of its brands, constant
innovation and its strong network of refrigerated distribution, which it shares with Mastellone
Hnos SA. This network has enabled the company to achieve presence in retail outlets across
the country, which thus gives it an additional clear competitive edge over other players.
PROSPECTS
The trend of consumption of dairy-based deserts as an alternative to consumption of milk and

of yoghurt will continue to increase over the forecast period for as long as the economic
conditions in Argentina remain positive, as due to their relative high pricing, consumption of
products in dairy-based desserts will decrease should consumers suffer a decrease in their
level of disposable income.
CATEGORY DATA
Table 1 Sales of Other Dairy by Category: Volume 2006-2011
2006 2007 2008 2009 2010 2011
Chilled and Shelf

Stable Desserts ( tonnes)
- Dairy-based Desserts Data removed from sample
( tonnes)
- Soy-based Desserts (
tonnes)
Chilled Snacks ( tonnes)
Coffee Whiteners (
tonnes)
Condensed/Evaporated
Milk ('000 litres)
- Flavoured, Functional
Condensed Milk ('000
litres)
- Plain Condensed/
Evaporated Milk ('000
litres)
Cream ( tonnes)
Fromage Frais and Quark
( tonnes)
- Flavoured Fromage
Frais and Quark ( tonnes)

- Plain Fromage Frais Data removed from sample
and Quark ( tonnes)
- Savoury Fromage Frais
and Quark ( tonnes)
Other Dairy (Not
calculable)
Table 2 Sales of Other Dairy by Category: Value 2006-2011
Peso million
2006 2007 2008 2009 2010 2011
Chilled and Shelf

Stable Desserts
- Soy-based Desserts
Chilled Snacks
Coffee Whiteners
Condensed/Evaporated Mi k
Condensed Milk
- Plain Condensed/
Evaporated Milk
Cream
- Flavoured Fromage
Frais and Quark
- Plain Fromage Frais
and Quark
and Quark
Other Dairy 925.3 1,167.0 1,3 0.3 1,5 0.7 1,827. 2,266.0
Table 3 Sales of Other Dairy by Category: % Volume Growth 2006-2011
% volume growth
2010/11 2006-11 CAGR 2006/11 Total
Chilled and Shelf Stable Desserts

Chilled Snacks
Coffee Whiteners
- Flavoured, Functional Condensed Milk
- Plain Condensed/Evaporated Milk
Cream
- Flavoured Fromage Frais and Quark
- Plain Fromage Frais and Quark
- Savoury Fromage Frais and Quark
Other Dairy
Table 4 Sales of Other Dairy by Category: % Value Growth 2006-2011

2010/11 2006-11 CAGR 2006/11 Total

Chilled Snacks
Coffee Whiteners
Cream
Other Dairy
Table 5 Cream by Type: % Value Breakdown 2006-2011
% retail value rsp

2006 2007 2008 2009 2010 2011
Double Data removed from sample

Whipped cream
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 6 Sales of Other Dairy by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006 2007 2008 2009 2010 2011
- Grocery Retailers
- - Supermarkets/ Data removed from sample
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
- - Other Non-Grocery Data removed from sample
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 7 Forecast Sales of Other Dairy by Category: Volume 2011-2016
2011 2012 2013 2014 2015 2016
Chilled and Shelf

Stable Desserts ( tonnes)
( tonnes)
- Soy-based Desserts (
tonnes)
Chilled Snacks ( tonnes)
Coffee Whiteners (
tonnes)
Condensed/Evaporated
Milk ('000 litres)
Condensed Milk ('000
litres)
- Plain Condensed/
Evaporated Milk ('000
litres)
Cream ( tonnes)
( tonnes)
- Flavoured Fromage
Frais and Quark ( tonnes)
and Quark ( tonnes)
and Quark ( tonnes)
Other Dairy (Not
calculable)
trade sources
Table 8 Forecast Sales of Other Dairy by Category: Value 2011-2016
Peso million
2011 2012 2013 2014 2015 2016
Chilled and Shelf

Stable Desserts
- Dairy-based Desserts
Chilled Snacks
Coffee Whiteners
- Flavoured, Functional Data removed from sample
Condensed Milk
- Plain Condensed/
Evaporated Milk
Cream
- Flavoured Fromage
Frais and Quark
and Quark
and Quark
Other Dairy
trade sources
Table 9 Forecast Sales of Other Dairy by Category: % Volume Growth 2011-2016
% volume growth
2015/16 2011-16 CAGR 2011/16 Total

Chilled Snacks
Coffee Whiteners
Cream
Other Dairy
trade sources
Table 10 Forecast Sales of Other Dairy by Category: % Value Growth 2011-2016

2011-16 CAGR 2011/16 TOTAL

Chilled Snacks
Coffee Whiteners
Condensed/Evaporated Milk
Cream
- Savoury Fromage Frais and Quark Data removed from sample

Other Dairy
trade sources
company has a 51% stake in Bagley SA, Latin Americas leading biscuit manufacturer, with
Danone Argentina SA holding the remaining 49%.
The company is present in almost all packaged food categories and has some brand
extensions in other categories, including fruit/vegetable juice. It is the largest boiled sweets
manufacturer in the world and, through Bagley SA, the largest biscuit manufacturer in Latin
America. It is highly integrated, producing its own milk, sugar cane and packaging.
The company operates many different product lines with different price positioning, with the
bulk of its products being mid-priced offerings. The company has been expanding its named
brands into different categories, for example from chocolate confectionery to ice cream. Arcor
is also quick to react to competitors new launches or marketing campaigns by launching
similar products, campaigns and packaging in an aggressive manner.
The company is known for having a very wide distribution network, reaching even the smallest
stores in the smallest towns in the country. It is also a large exporter, reaching more than 120
countries with its products.
In June 2010, Arcor established a strategic, long-term alliance with Coca-Cola Argentina,
through which it will develop new products to be made available across Latin America. In the
wake of this alliance Arcor launched a new water ice cream called Fanta, as well as
Menthoplus Powerade, Menthoplus Sprite and T-Pops Sprite within sugar confectionery.
Arcor is seeking to strengthen and deepen the globalisation of its brands and commercial
strategies, through the development of products that have high added value; it is aiming to
leverage the strong brand equity of its own and Coca-Cola products to generate increased
consumer interest.
Within chocolate confectionery, Arcor launched in September 2010, Bon o Bon Caf, a new
presentation of its classic chocolate confectionery, with the same characteristics but with a
soft coffee flavour. In gum, Arcor launched Top Line 7 in 2010. This new sugar free gum
comes in 7-unit packs of larger size and which last longer than standard Top Line gum. It
features new flavours: Xplosive Mint, Dynamite Lemon and Blowing Tangerine. In biscuits
Arcor launched in May 2010, Cereal Mix cookies with oats and almonds. Cereal Mix is also
the leading brand in snack bars, and with this new product the brand is set to target the same
kind of consumers.
Production
Arcors wide product portfolio includes chocolate and sugar confectionery, biscuits,
canned/preserved food, dried processed food, spreads, gum and snack bars, among other
categories, as well as its own cardboard-, paper- and PVC-based packaging products, sugar
cane-based products and food flavourings. It manufactures these products locally in 29
facilities.
The company has a total of 40 manufacturing facilities: 29 in Argentina, five in Brazil, four in
Chile, one in Peru and one in Mexico, associated with Grupo Bimbo.
Arcor invested around US$300 million dollars in its Latin America operations in 2011, partially
funded with debt financing worth US$200 million dollars. 50% of this investment will be
destined for ventures in Argentina, while the rest will be distr buted among the plants the
company owns in Brazil, Chile, Mexico and Peru. In Argentina, the investment will be directed
towards technological upgrades and the enlargement of production capacity, whereas in
Brazil, Chile and Mexico the investment will be focused on its confectionery operations.
Arcor SAIC is to invest US$103 million dollars in its biscuits plants located in the city of Salto,
in Buenos Aires province. This project, started in 2010 and expected to continue until 2015, is
Production
Competitive Positioning
PACKAGED FOOD IN ARGENTINA -

INDUSTRY OVERVIEW
EXECUTIVE SUMMARY
Rising Demand Drives Growth

Consumption continues to be a key driver of Argentinas economic growth. The economy is
seeing strong development in 2011, on the back of a solid performance in production,
consumption and exports. The strong rebound in output has boosted the packaged food
industry; in general consumers are also exhibiting an enthusiastic appetite for consumption.
Fresh Meat Consumption Declines, Impacting the Argentinian Diet

In 2011, fresh red meat has seen heavy price increases, exceeding the rate of inflation.
According to Cmara de la Industria y Comercio de Carnes y Derivados de la Repblica,
Argentinians consumption of fresh meat plunged by 26%, from annual per capita consumption
of 70.3kg in 2009 to 52.3kg in 2011. According to the Instituto de Promocin de Carne Vacuna
Argentina (Organisation for the Promotion of Red Meat), poultry prices also increased by up to
60% in 2011.Both trends left a gap to be filled by alternative packaged food products such as
pasta and frozen processed food.
Inflation Threatens Levels of Consumption of Packaged Food

Double-digit inflation has become a key weakness for the Argentinian economy, eroding
company profitability in 2011. Official data shows consumer prices rose 11% in the 12 months
through to September 2011, however unofficial forecasts indicate that real inflation is at least
twice that rate. Operating costs have become a major issue due to the rise in labour and fixed
costs, which are putting a serious strain on the profitability of small and medium-sized food
producers. At the same time inflation has started to erode the purchasing power of lower-income
groups, limiting their expenditure on packaged food.
Strong Pressure To Discount Driven by Supermarkets/hypermarkets

Sales through supermarkets/hypermarkets continue to drive revenues in the overall packaged
food industry in Argentina. However, rising prices force consumers to be more selective and
smarter in their purchases. Banks, brand operators and retailers have started to work together
to offer various promotions to stimulate demand and build consumer loyalty. Major banks started
this trend after the local financial crisis in 2001-2002. Carrefour (Carrefour SA), Wal-Mart (Wal-
Mart de Argentina SA), Jumbo (Cencosud SA) and Coto (Coto CICSA), the leading
supermarkets/hypermarkets operators, reinforced their strategies after the slowdown in 2009
and because of increasing inflationary pressures.
Slower Growth Projected for 2012

A difficult macroeconomic climate, alongside the deterioration in international financial
conditions, has started to affect consumer expectations; lowering consumption growth during Q3
in 2011.The consumer mood has also been dampened by rising inflation. If the unofficial
inflation estimates are correct, expectations of high inflation will erode consumer purchasing
power, undermining spending potential and reducing potential profits for businesses. Therefore
packaged food consumption is projected to see a slowdown in its growth in constant value terms
in 2012.
KEY TRENDS AND DEVELOPMENTS
Economic Expansion Driven by Strong Consumer Spending

Current impact
Outlook
Future impact
Argentinian Diet Changes As Fresh Meat Consumption Declines

Current Impact
Outlook
Future Impact
Dynamic Packaged Food Industry Grows Despite Inflation
Current impact
Outlook
Future impact
Healthier and More Nutritious Products Prosper Across Packaged Food
Current Impact
Outlook
Future Impact
FOODSERVICE KEY TRENDS AND DEVELOPMENTS
Headlines
Trends
Competitive Landscape
Prospects
Category Data
Table 51 Foodservice Sales of Packaged Food by Category: Volume 2006-2011
2006 2007 2008 2009 2010 2011
Baby Food (Not

calculable) Data removed from sample
Bakery ( tonnes)
Canned/Preserved Food (
tonnes)
Chilled Processed Food
( tonnes)
Confectionery ( tonnes)
Dairy (Not calculable)
Dried Processed Food (
tonnes)
Frozen Processed Food (

tonnes)
Ice Cream ('000 litres)
Meal Replacement (
tonnes)
Noodles ( tonnes)
Oils and Fats ( tonnes)
Pasta ( tonnes)
Ready Meals ( tonnes)
Sauces, Dressings and
Condiments ( tonnes)
Snack Bars ( tonnes)
Soup ( tonnes)
Spreads ( tonnes)
Sweet and Savoury
Snacks ( tonnes)
Impulse and Indulgence
Products (Not calculable)
Nutrition/Staples (Not
calculable)
Meal Solutions ( tonnes)
Packaged Food (Not
calculable)
Table 52 Foodservice Sales of Packaged Food by Category: % Volume Growth 2006-

2011
2010/11 2006-11 CAGR 2006/11 Total
Baby Food (Not calculable)

Bakery (% volume growth)
Canned/Preserved Food (% volume growth)
Chilled Processed Food (% volume growth) Data removed from sample
Confectionery (% volume growth)
Dried Processed Food (% volume growth)
Frozen Processed Food (% volume growth)
Ice Cream (% volume growth)
Meal Replacement (% volume growth)
Noodles (% volume growth)
Oils and Fats (% volume growth)
Pasta (% volume growth)
Ready Meals (% volume growth)
Sauces, Dressings and Condiments (%
volume growth)
Snack Bars (% volume growth)
Soup (% volume growth)
Spreads (% volume growth)
Sweet and Savoury Snacks (% volume
growth)
Impulse and Indulgence Products (Not
calculable)
Nutrition/Staples (Not calculable)
Meal Solutions (% volume growth)
Packaged Food (Not calculable)
Table 53 Forecast Foodservice Sales of Packaged Food by Category: Volume 2011-

2016
2011 2012 2013 2014 2015 2016
Baby Food (Not

calculable)
Bakery ( tonnes)
Canned/Preserved Food ( Data removed from sample
tonnes)
( tonnes)
Confectionery ( tonnes)
Dried Processed Food (
tonnes)
Frozen Processed Food (
tonnes)
Ice Cream ('000 litres)
Meal Replacement (
tonnes)
Noodles ( tonnes)
Oils and Fats ( tonnes)
Pasta ( tonnes)
Ready Meals ( tonnes)
Condiments ( tonnes)
Snack Bars ( tonnes)
Soup ( tonnes)
Spreads ( tonnes)
Sweet and Savoury
Snacks ( tonnes)
calculable)
Meal Solutions ( tonnes)
Packaged Food (Not
calculable)
trade sources
Table 54 Forecast Foodservice Sales of Packaged Food by Category: % Volume

Growth 2011-2016
2015/16 2011-16 CAGR 2011/16 Total

Bakery (% volume growth) Data removed from sample
Chilled Processed Food (% volume growth)

Noodles (% volume growth) Data removed from sample
volume growth)
growth)
calculable)
trade sources
IMPULSE AND INDULGENCE PRODUCTS KEY TRENDS AND

DEVELOPMENTS
Headlines
Trends
Prospects
Category Data
Table 55 Sales of Impulse and Indulgence Products by Category: Volume 2006-2011
2006 2007 2008 2009 2010 2011
Confectionery ('000
tonnes) Data removed from sample
Pastries ('000 tonnes)
Cakes ('000 tonnes)
Biscuits ('000 tonnes)
Ice Cream (million
litres)
Sweet and Savoury
Snacks ('000 tonnes)
Snack Bars ('000 tonnes) Data removed from sample

Table 56 Sales of Impulse and Indulgence Products by Category: Value 2006-2011
Peso million
2006 2007 2008 2009 2010 2011
Confectionery
Pastries Data removed from sample
Cakes
Biscuits
Ice Cream
Sweet and Savoury Snacks
Snack Bars
Products
Table 57 Sales of Impulse and Indulgence Products by Category: % Volume Growth

2006-2011
% volume growth
2010/11 2006-11 CAGR 2006/11 Total
Confectionery
Cakes
Biscuits
Ice Cream
Snack Bars
Impulse and Indulgence Products
Table 58 Sales of Impulse and Indulgence Products by Category: % Value Growth

2006-2011

2010/11 2006-11 CAGR 2006/11 Total
Confectionery
Cakes
Biscuits
Ice Cream
Snack Bars
Table 59 Company Shares of Impulse and Indulgence Products 2006-2010
% retail value rsp

Company 2006 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0 100.0

Table 60 Brand Shares of Impulse and Indulgence Products 2007-2010
% retail value rsp

Brand Company 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0

Table 61 Forecast Sales of Impulse and Indulgence Products by Category: Volume

2011-2016
2011 2012 2013 2014 2015 2016
Confectionery ('000
Pastries ('000 tonnes)
Cakes ('000 tonnes)
Biscuits ('000 tonnes)
Ice Cream (million
litres)
Sweet and Savoury
Snack Bars ('000 tonnes)
trade sources
Table 62 Forecast Sales of Impulse and Indulgence Products by Category: Value 2011-
2016
Peso million
2011 2012 2013 2014 2015 2016
Confectionery
Cakes
Biscuits
Ice Cream
Snack Bars
Products
trade sources
Table 63 Forecast Sales of Impulse and Indulgence Products by Category: % Volume

Growth 2011-2016
% volume growth
2015/16 2011-16 CAGR 2011/16 Total
Confectionery
Cakes
Biscuits
Ice Cream
Snack Bars
trade sources
Table 64 Forecast Sales of Impulse and Indulgence Products by Category: % Value

Growth 2011-2016

2011-16 CAGR 2011/16 TOTAL
Confectionery
Cakes
Biscuits
Ice Cream
Snack Bars
trade sources
NUTRITION/STAPLES KEY TRENDS AND DEVELOPMENTS
Headlines
Trends
Prospects
Category Data
Table 65 Sales of Nutrition/Staples by Category: Volume 2006-2011
2006 2007 2008 2009 2010 2011
Bread ('000 tonnes)

Breakfast Cereals ('000
tonnes)
Meal Replacement
Products ('000 tonnes)
Oils and Fats ('000
tonnes)
Baby Food (Not
calculable)
Spreads ('000 tonnes)
Pasta ('000 tonnes)
Noodles ('000 tonnes)
Rice ('000 tonnes)
calculable)
Table 66 Sales of Nutrition/Staples by Category: Value 2006-2011
Peso million
2006 2007 2008 2009 2010 2011
Bread
Breakfast Cereals Data removed from sample
Dairy
Meal Replacement Products
Oils and Fats
Baby Food
Spreads
Pasta
Noodles
Rice
Nutrition/Staples
Table 67 Sales of Nutrition/Staples by Category: % Volume Growth 2006-2011
2010/11 2006-11 CAGR 2006/11 Total
Bread (% volume growth)

Breakfast Cereals (% volume growth) Data removed from sample
Meal Replacement Products (% volume
growth)
Rice (% volume growth)
Table 68 Sales of Nutrition/Staples by Category: % Value Growth 2006-2011

2010/11 2006-11 CAGR 2006/11 Total
Bread
Dairy
Oils and Fats
Baby Food
Spreads
Pasta
Noodles
Rice
Nutrition/Staples
Table 69 Company Shares of Nutrition/Staples 2006-2010
% retail value rsp

Company 2006 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0 100.0

Table 70 Brand Shares of Nutrition/Staples 2007-2010
% retail value rsp

Brand Company 2007 2008 2009 2010

Unidas Ltda
Total 100.0 100.0 100.0 100.0

Table 71 Forecast Sales of Nutrition/Staples by Category: Volume 2011-2016
2011 2012 2013 2014 2015 2016
Bread ('000 tonnes)

Breakfast Cereals ('000
Meal Replacement
Products ('000 tonnes)
Oils and Fats ('000
tonnes)
Baby Food (Not
calculable)
Pasta ('000 tonnes)
Rice ('000 tonnes)
calculable)
trade sources
Table 72 Forecast Sales of Nutrition/Staples by Category: Value 2011-2016
Peso million
2011 2012 2013 2014 2015 2016
Bread
Dairy
Oils and Fats
Baby Food
Spreads
Pasta
Noodles
Rice
Nutrition/Staples
trade sources
Table 73 Forecast Sales of Nutrition/Staples by Category: % Volume Growth 2011-

2016
2015/16 2011-16 CAGR 2011/16 Total
Bread (% volume growth)

Breakfast Cereals (% volume growth) Data removed from sample
Meal Replacement Products (% volume
growth)
Rice (% volume growth)
trade sources
Table 74 Forecast Sales of Nutrition/Staples by Category: % Value Growth 2011-2016

2011-16 CAGR 2011/16 TOTAL
Bread
Dairy
Oils and Fats
Baby Food
Spreads
Pasta
Noodles
Rice Data removed from sample

Nutrition/Staples
trade sources
MEAL SOLUTIONS KEY TRENDS AND DEVELOPMENTS
Headlines
Trends
Prospects
Category Data
Table 75 Sales of Meal Solutions by Category: Volume 2006-2011
'000 tonnes
2006 2007 2008 2009 2010 2011
Ready Meals
Canned/Preserved Food
Frozen Processed Food
Dessert Mixes
Dinner Mixes
Chilled Processed Food Data removed from sample
Condiments
Soup
Meal Solutions
Table 76 Sales of Meal Solutions by Category: Value 2006-2011
Peso million
2006 2007 2008 2009 2010 2011
Ready Meals
Canned/Preserved Food Data removed from sample
Dessert Mixes
Dinner Mixes
Condiments
Soup
Meal Solutions
Table 77 Sales of Meal Solutions by Category: % Volume Growth 2006-2011
% volume growth
2010/11 2006-11 CAGR 2006/11 Total
Ready Meals
Dessert Mixes
Dinner Mixes
Sauces, Dressings and Condiments
Soup
Meal Solutions
Table 78 Sales of Meal Solutions by Category: % Value Growth 2006-2011

2010/11 2006-11 CAGR 2006/11 Total
Ready Meals Data removed from sample

Dessert Mixes
Dinner Mixes

Soup
Meal Solutions
Table 79 Company Shares of Meal Solutions 2006-2010
% retail value rsp

Company 2006 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0 100.0

Table 80 Brand Shares of Meal Solutions 2007-2010
% retail value rsp

Brand Company 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0

Table 81 Forecast Sales of Meal Solutions by Category: Volume 2011-2016
'000 tonnes
2011 2012 2013 2014 2015 2016
Ready Meals
Dessert Mixes
Dinner Mixes
Condiments
Soup
Meal Solutions
trade sources
Table 82 Forecast Sales of Meal Solutions by Category: Value 2011-2016
Peso million
2011 2012 2013 2014 2015 2016
Ready Meals
Dessert Mixes
Dinner Mixes
Condiments
Soup
Meal Solutions
trade sources
Table 83 Forecast Sales of Meal Solutions by Category: % Volume Growth 2011-2016
% volume growth
2015/16 2011-16 CAGR 2011/16 Total
Ready Meals
Dessert Mixes
Dinner Mixes
Soup
Meal Solutions
trade sources
Table 84 Forecast Sales of Meal Solutions by Category: % Value Growth 2011-2016

2011-16 CAGR 2011/16 TOTAL
Ready Meals
Dessert Mixes
Dinner Mixes
Soup
Meal Solutions
trade sources
MARKET DATA
Table 85 Sales of Packaged Food by Category: Volume 2006-2011
2006 2007 2008 2009 2010 2011
Baby Food (Not

calculable)
Bakery ('000 tonnes)
('000 tonnes)
('000 tonnes)
Confectionery ('000
tonnes)
Dried Processed Food
('000 tonnes)
('000 tonnes)
Ice Cream (million
litres)
Meal Replacement ('000
tonnes)
Oils and Fats ('000
tonnes)
Pasta ('000 tonnes)
Ready Meals ('000 tonnes)
Condiments ('000 tonnes)
Soup ('000 tonnes)
Sweet and Savoury
calculable)
Meal Solutions ('000
tonnes)
Packaged Food (Not
calculable)
Notes: Sum of sectors does not equal total packaged food because of double counting (eg canned soup is
included in soups and canned foods)
Volume sales cannot be consolidated due to different unit measurements (eg confectionery in tonnes
and ice cream in litres)
Table 86 Sales of Packaged Food by Category: Value 2006-2011
Peso million
2006 2007 2008 2009 2010 2011
Baby Food
Bakery Data removed from sample
Confectionery
Dairy
Frozen Processed Food Data removed from sample
Ice Cream
Meal Replacement
Noodles
Oils and Fats
Pasta
Ready Meals
Condiments
Snack Bars
Soup
Spreads
Products
Nutrition/Staples
Meal Solutions
Packaged Food
Table 87 Sales of Packaged Food by Category: % Volume Growth 2006-2011
2010/11 2006-11 CAGR 2006/11 Total

Chilled Processed Food (% volume growth)
volume growth)
growth)
calculable)
Volume sales cannot be consolidated due to different unit measurements (eg confectionery in tonnes
and ice cream in litres)
Table 88 Sales of Packaged Food by Category: % Value Growth 2006-2011

2010/11 2006-11 CAGR 2006/11 Total
Baby Food
Bakery
Confectionery
Dairy
Ice Cream
Meal Replacement
Noodles
Oils and Fats
Pasta
Ready Meals
Snack Bars
Soup
Spreads
Nutrition/Staples
Meal Solutions
Packaged Food
Table 89 GBO Shares of Packaged Food 2006-2010
% retail value rsp

Company 2006 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0 100.0

Table 90 NBO Shares of Packaged Food 2006-2010
% retail value rsp

Company 2006 2007 2008 2009 2010
Total 100.0 100.0 100.0 100.0 100.0

Table 91 NBO Brand Shares of Packaged Food 2007-2010
% retail value rsp

Brand Company 2007 2008 2009 2010

Total 100.0 100.0 100.0 100.0
Table 92 Penetration of Private Label by Category 2006-2011
% retail value rsp

2006 2007 2008 2009 2010 2011
Bakery
Chilled Processed Food Data removed from sample
Dairy
Ice Cream
Products
Meal Solutions
Nutrition/Staples
Oils and Fats
Packaged Food
Pasta
Ready Meals
Condiments
Snack Bars
Spreads
Table 93 Sales of Packaged Food by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006 2007 2008 2009 2010 2011
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending Data removed from sample
- Homeshopping
- Direct Selling
Total 100.0 100.0 100.0 100.0 100.0 100.0
Table 94 Sales of Packaged Food by Category and Distr bution Format: % Analysis
2011
% retail value rsp

BF B CPF CHP C D
Grocery Retailers
Supermarkets/Hypermarkets Data removed from sample
Discounters
Small Grocery Retailers
Convenience Stores
Independent Small Grocers
Forecourt Retailers
Confectionery specialists
Other Grocery Retailers
Non-Grocery Retailers
Health and Beauty
Retailers
Other Non-Grocery
Retailers
Non-Store Retailing
Vending
Homeshopping
Internet Retailing
Direct Selling
Total 100.0 100.0 100.0 100.0 100.0 100.0
DPF FPF IC MR NOO OF
Grocery Retailers
Discounters
Convenience Stores
Forecourt Retailers
Health and Beauty
Retailers
Other Non-Grocery
Retailers
Non-Store Retailing
Vending
Homeshopping
Internet Retailing
Direct Selling
Total 100.0 100.0 100.0 100.0 100.0 100.0
P RM SDC SB SOU SPR
Grocery Retailers
Discounters
Convenience Stores
Forecourt Retailers
Health and Beauty
Retailers
Other Non-Grocery
Retailers
Non-Store Retailing
Vending
Homeshopping
Internet Retailing
Direct Selling
Total 100.0 100.0 100.0 100.0 100.0 100.0
SSS
Grocery Retailers
Discounters
Convenience Stores
Forecourt Retailers
Health and Beauty
Retailers
Other Non-Grocery
Retailers
Non-Store Retailing
Vending
Homeshopping
Internet Retailing
Direct Selling
Total 100.0
Key: BF = baby food; B = bakery; CPF = canned/preserved food; CHP = chilled processed food; C =
confectionery; D = dairy; DPF = dried processed food; FPF = frozen processed food; IC = ice cream; MR
= meal replacement; NOO = noodles; OF = oils and fats; P = pasta; RM = ready meals; SDC = sauces,
dressings and condiments; SB = snack bars; SOU = soup; SPR = spreads; SSS = sweet and savoury
snacks
Table 95 Forecast Sales of Packaged Food by Category: Volume 2011-2016
2011 2012 2013 2014 2015 2016
Baby Food (Not

calculable)
Bakery ('000 tonnes)
('000 tonnes)
('000 tonnes)
Confectionery ('000
tonnes)
('000 tonnes)
('000 tonnes)
Ice Cream (million
litres)
Meal Replacement ('000
tonnes)
Oils and Fats ('000
tonnes)
Pasta ('000 tonnes)
Ready Meals ('000 tonnes)
Condiments ('000 tonnes)
Soup ('000 tonnes)
Sweet and Savoury
calculable)
Meal Solutions ('000
tonnes)
Packaged Food (Not
calculable)
trade sources
Table 96 Forecast Sales of Packaged Food by Category: Value 2011-2016
Peso million
2011 2012 2013 2014 2015 2016
Baby Food
Bakery Data removed from sample
Confectionery
Dairy
Ice Cream
Meal Replacement
Noodles
Oils and Fats
Pasta
Ready Meals Data removed from sample
Condiments
Snack Bars
Soup
Spreads
Products
Nutrition/Staples
Meal Solutions
Packaged Food
trade sources
Table 97 Forecast Sales of Packaged Food by Category: % Volume Growth 2011-2016
2015/16 2011-16 CAGR 2011/16 Total

Chilled Processed Food (% volume growth) Data removed from sample
volume growth)
growth)
calculable)
trade sources
Table 98 Forecast Sales of Packaged Food by Category: % Value Growth 2011-2016

2011-16 CAGR 2011/16 TOTAL
Baby Food
Bakery

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LIST OF CONTENTS AND TABLES

Arcor Saic in Packaged Food (argentina)..................................................................................... 33

Strong Pressure To Discount Driven by Supermarkets/hypermarkets .................................... 46

Table 98 Forecast Sales of Packaged Food by Category: % Value Growth

DRINKING MILK PRODUCTS IN

Consumers do not perceive any difference in quality between products in fresh/pasteurised

Content removed from sample

Content removed from sample

Content removed from sample

2006 2007 2008 2009 2010 2011

Flavoured Milk Drinks Data removed from sample

Table 2 Sales of Drinking Milk Products by Category: Value 2006-2011

Flavoured Milk Drinks

Table 3 Sales of Drinking Milk Products by Category: % Volume Growth 2006-2011

Flavoured Milk Drinks

Table 4 Sales of Drinking Milk Products by Category: % Value Growth 2006-2011

% current value growth

Flavoured Milk Drinks

Table 5 Chilled Vs Ambient Flavoured Milk Drinks: % Volume Analysis 2007-2010

Ambient Data removed from sample

Table 6 Milk by Type: % Value Breakdown 2007-2010

% retail value rsp

Adult Data removed from sample

Table 7 Drinking Milk Products Company Shares 2006-2010

% retail value rsp

Data removed from sample

Data removed from sample

Total 100.0 100.0 100.0 100.0 100.0

Table 8 Drinking Milk Products Brand Shares 2007-2010

% retail value rsp

Data removed from sample

Data removed from sample

Others 17.8 18.1 16.2 1 .6

Table 9 Sales of Drinking Milk Products by Distribution Format: % Analysis 2006-2011

% retail value rsp

Table 10 Forecast Sales of Drinking Milk Products Products by Category: Volume

2011 2012 2013 2014 2015 2016

Flavoured Milk Drinks

Flavoured Powder Milk

Flavoured Milk Drinks

Table 12 Forecast Sales of Drinking Milk Products Products by Category: % Volume

Flavoured Milk Drinks

Table 13 Forecast Sales of Drinking Milk Products Products by Category: % Value

% constant value growth

Flavoured Milk Drinks

YOGHURT AND SOUR MILK DRINKS

Content removed from sample

Content removed from sample

Content removed from sample

2006 2007 2008 2009 2010 2011

Sour Milk Drinks

Yoghurt and Sour Milk - - - - - -

Table 2 Sales of Yoghurt and Sour Mi k Drinks by Category: Value 2006-2011

Sour Milk Drinks

Sour Milk Drinks

% current value growth

Sour Milk Drinks

Table 5 Soy-based vs Dairy-based Yoghurt % Breakdown 2010

Table 6 Leading Flavours for Flavoured Spoonable Yoghurt 2006-2011

Strawberry Data removed from sample

Table 7 Leading Flavours for Fruited Spoonable Yoghurt 2006-2011