selling across continents

SELLING ACROSS CONTINENTSVADEMECUM ON FOOD AND BEVERAGEMARKETS 2016 (EXTRACT)

SELLING ACROSS CONTINENTSVADEMECUM ON FOOD AND BEVERAGEMARKETS 2016 (EXTRACT)

With the collaborationand support of:

CONTENTSForewords

1. Presentation and Introduction

2. Food and Beverage Attractiveness (FBA) Index 2016 Selection of the Indicators Standardization and Weighting of Data Results and Scores for the 2016 FBA Index

3. Country Profiles Countries Analyzed Structure Data and Sources

4. Country Profiles Analysis China Spain

Appendices Appendix I: Food and Beverage Attractiveness Index 2016: Detailed and Comparative Data

Appendix III: Vademecum Data Sources

7

17

21222526

31313233

394042

45

46

48

IESE Business School - Vademecum on Food and Beverage Markets7

FOREWORDS


At this year’s 20th Food and Beverage Industry Meeting, held at IESE and organized in collaboration with Deloitte,

we addressed growth, transversality and change in the industry. This global and creative perspective will help

companies understand the large-scale scenarios for formulating and implementing their strategies. A worldwide

macroeconomic and geopolitical vision, digital transformation, innovation and internationalization, sustainability

and demographic challenges, agriculture and the nutrition of the future, and how to create value, employment

and growth.

Given this setting, internationalization continues to be the main lever for competitiveness and growth, and it is

also an unresolved issue, especially for small and medium-sized enterprises.

This is the context in which the Vademecum on Food and Beverage Markets is truly meaningful. For this

fourth edition, the directors and export managers from several companies in the industry have provided their

contributions and opinions. Together with the research teams from IESE and Deloitte, I am pleased to present

the new edition of the Vademecum, which is even more practical and full of concise and relevant information.

The Vademecum is a useful tool for identifying the most attractive markets, demographic changes taking

place in the various countries, the evolution of imports and exports in the major product categories, the main

megacities, the importance of the different distribution channels, the most important brands and distributors,

the average price of basic shopping basket items, and a qualitative reading of the situation of each country in

the study.

As the academic director of this study, I would like to thank everyone who has helped make each edition of the

Vademecum even better than the last. First of all, thanks to Júlia Gifra, lead researcher at the Department of

Industry Meetings, who heads up the project, for her professionalism and dedication to this difficult task.

To Maria Puig, Industry Meetings Director, for her valuable contributions, for her continuing support of the

research and for providing all of the means to carry it out. And thanks to everyone from IESE and Deloitte who

has worked on the study.

Thanks to the export directors from participating companies who, during several meetings at IESE in Madrid

and Barcelona, gave their time and expertise to provide opinions and recommendations to help make the

Vademecum more useful.

Special thanks to Fernando Pasamón and his team at Deloitte, as coauthors, for their cooperation and

contributions, as well as to CaixaBank for its financial support.

Jaume LlopisAcademic DirectorSenior Lecturer of Strategic Management, IESE Business School


The IESE Industry Meetings are meant to reflect on the strategic issues, trends and agendas of the main industries

in their commitment to the economic development of our society. With more than 30 years of experience, our

meetings challenge business experts, scholars and regulators to help shape the future of their industries with

their vision, knowledge and ideas.

As part of an academic institution, IESE Industry Meetings are backed by academic directors and professors

who form part of the IESE faculty. They contribute by providing valuable content for the debates and the

context of each industry and by guiding research linked to each sector. This relevant research is a unique and

fundamental characteristic of our mission.

The food and beverage industry is a leading sector of activity in many countries because of its outreach abroad

and its eagerness to be competitive internationally. In our desire to support these endeavors, we came up

with this research project, the Vademecum on Food and Beverage Markets: Selling Across Continents. Four

years ago, we formed a team led by Dr. Júlia Gifra, with the involvement of consultants from Deloitte and the

supervision of Prof. Jaume Llopis, in order to develop this practical guide, which aims to help identify export

markets for companies.

The Vademecum does not strive to cover all the information needed to move into a specific market. For that

purpose, companies should consult sources such as the bodies and institutions cited in the Vademecum’s

country profiles, without forgetting the strategic role of consultants such as Deloitte and the financing that

institutions such as CaixaBank can provide in the export process, for which reasons we have found them to be

perfect collaborators on this project.

Encouraged by the warm welcome the Vademecum has received – the previous two editions were launched in

Mexico and distributed in around 40 other countries as well – we are pleased to present this enhanced fourth

edition, to coincide with the 20th Food and Beverage Industry Meeting.

I want to give special thanks to the members of our Food and Beverage Advisory Committee for their good advice

and for their proposals on how this research project can continue to be improved.

Research projects such as the Vademecum are important for IESE’s academic objectives and for our determination

to enrich the Industry Meetings with relevant content for the business community. It is in this context that the

Vademecum achieves its full potential.

Maria PuigDirector ofIndustry MeetingsIESE Business School


The latest economic forecasts from the IMF maintain the expectations of growth for Europe. Regarding this

growth, Spain outstrips that of the other European Union countries, and this can be seen reflected in corporate

growth plans. Indeed, after years of little more than survival strategies, Spanish companies are now setting

their sights on the future with hope. This future and the opportunities it bestows are also applicable to food and

beverage companies.

This can be seen in the latest Global Powers of Consumer Products 2015 report, drawn up by Deloitte. Despite

the negative consumption indexes in recent years, consumer expectations are beginning to rally, and this keeps

food and beverage companies in the top spots in the global rankings. These figures show the robustness of the

sector along with the success of the internationalization processes carried out in recent years.

The study also spotlights Spain’s momentum, with growth in exports and business investments thanks to an

increase in competitiveness. All of this reflects the fact that Spain has the tools it needs to be a benchmark

in the food sector worldwide thanks to its leadership in the culinary arts – with Spain being the home to the

most innovative chef and best restaurant in the world – along with the strength of Spain’s tourism industry

and its mastery of quality and safety in meat products, among other factors. All of these are elements of the

Mediterranean diet, which UNESCO has declared Intangible Cultural Heritage of Humanity.

However, companies willing to venture beyond our borders have to make major efforts not only to adapt their

brands to the new markets they have chosen but also to deal with significant challenges and opportunities such

as the drop in oil prices and the strength of the dollar compared with other currencies.

For all of these reasons, even though we are part of an increasingly globalized and interconnected world, the

reality of each country requires different strategies. Companies must strive to identify market niches that have yet

to be exploited in an effort to adapt their strategies to the characteristics of the clients – identifying their needs

and getting to know the competitive environment. And it is an environment that is increasingly dynamic, with new

actors creating value through increasingly sophisticated and productive cooperation and competition models.

This Vademecum was created with the goal of helping companies take these first few steps. It is a continuation

of the efforts begun four years ago by IESE, offering this third publication as well as the corresponding industry

meeting. The meeting itself has convened for the past 20 years and is now a benchmark in Spain. The Vademecum

on Food and Beverage Markets 2016: Selling Across Continents is the result of an exhaustive study of the global

food and beverage market by IESE and Deloitte, and it has become a reference guide for companies with

internationalization plans in the medium term.

Contributors to this edition of the Vademecum include export managers from the leading Spanish food companies.

This has led to a more specific, concise Vademecum containing more relevant information that can help

companies engage in a preliminary reflection on their international expansion.

The goal is not to offer magical formulas for success but rather the keys that help companies discover and grasp

the processes that must be carried out in order to begin to deal with the most important market challenges over

the next 10 years, such as innovation, the digital transformation, demographic changes and shopping habits.

In short, it is about knowing what, which, how and where people are going to buy with the goal of identifying

the main risks and opportunities in each market – allowing companies to get ahead of the game and make

decisions that increase their chances of success. This is ultimately the goal of all of us who work on this guide.

Fernando PasamónPartner at Deloitte in charge of the retail and distribution industry in Spain and Strategy Partner at Monitor Deloitte


The good state of health shown by the Spanish food and agriculture industry is due undoubtedly to its export

strength, which is what is enabling it to successfully overcome the deep economic crisis of our time.

This Vademecum, prepared by IESE and Deloitte, is an extraordinary aid for companies in the food and beverage

industry. In its pages, you can find valuable pointers about the most suitable locations for every company’s

products. For these companies, exporting and opening in new markets is no longer an option but a requirement.

Among the most attractive territories are Asian ones such as China, Hong Kong, Japan, India and South Korea.

We should also not lose sight of the opportunities in the Americas, in countries such as the United States, Peru,

Colombia and Brazil. In Europe, the United Kingdom and Germany appear to be offering good opportunities.

Innovating to Export More

The food industry’s exports in 2015 experienced growth of 14.7%, with sales totaling C37 billion. The objectives

that the industry has set are ambitious but not impossible: increasing sales by 4% annually and having exports

comprise 40% of production by around 2020.

To achieve that objective, innovation is key. All companies must commit to implementing innovation in all possible

processes, with the objective of giving the final consumer a differentiated product and high added value. The

growth of exports and therefore the competitiveness of companies necessarily involves R&D&I.

CaixaBank and International Advising

CaixaBank has taken on the mission of supporting its customers in all areas of their activity, providing them with

high-quality advising and featuring a wide range of products and services designed with exporting in mind.

CaixaBank has a team of specialist advisers – with in-depth knowledge of international markets – who can

support companies both from Spain and from the bank’s extensive international network of branches.

CaixaBank branch locations include London (United Kingdom), Paris (France), Milan (Italy), Stuttgart and

Frankfurt (Germany), Warsaw (Poland), Istanbul (Turkey), Beijing and Shanghai (China), Dubai (United Arab

Emirates), New Delhi (India), Cairo (Egypt), Tangier and Casablanca (Morocco), Johannesburg (South Africa),

Santiago de Chile (Chile), Bogotá (Colombia) and Singapore. Additionally, CaixaBank has agreements with more

than 2,900 correspondent banks to facilitate foreign trade operations in any country in the world.

Carles GramuntCaixaBank Corporate Director


1.

PRESENTATION AND INTRODUCTION

For the fourth consecutive year, I am pleased to present a new edition of the Vademecum, Vademecum on Food

and Beverage Markets 2016: Selling Across Continents, the outcome of the close partnership between IESE

Business School and Deloitte, the coauthors of this study.

Under the academic supervision of IESE professor Jaume Llopis and with dedication from the team of professionals

at Deloitte led by Fernando Pasamón, head of Deloitte’s consumer business and retail area in Spain, the Vademecum

was coordinated and drawn up by the Industry Meetings Department at IESE and by Jorge Gilabert and Blanca

Morenés, respectively a Deloitte manager and experienced senior consultant for the same area. Special thanks

to the teams of people from both institutions who have made this new edition possible.

The internationalization of the food and beverage industry is still one of its most important driving forces for

growth worldwide and companies are still clearly focusing on internationalization. The Vademecum is a useful,

practical tool within this strategy since it contributes and provides important information on attractive markets.

In preparing this fourth edition, we wanted to make it even more practical, and so we met export and

internationalization managers from the sector to validate its approach and content. This consultation process

has served to consolidate the initial aims of our research and confirm that these aims are its main strength.

That is, the Vademecum must keep its original spirit: helping to identify markets that have a potential business

capacity for the food and beverage sector and, in addition, serving as a practical guide for analyzing and

accessing particular countries or regional areas. In this regard, the Vademecum is not a detailed analysis

covering all possible countries and markets or all the products and subsectors that make up the food and

beverage industry. Likewise, the Vademecum is not intended as a guide to exporting from one particular country

to another but rather it keeps its global focus – serving any country and any company in the sector regardless of

its origin and product category.

IESE Business School - Vademecum on Food and Beverage Markets 18

The approach and content of the Vademecum have kept their basic structure but the 2016 edition incorporates

some significant changes, which we highlight below:

• It features an update for 2016 of the Food and Beverage Attractiveness (FBA) Index with data corresponding

to 2015.

• It includes a sample of 31 countries or territories, for which extended and recent information (2014, 2015

and 2016) are set out. The summaries of each country have been shortened and optimized but keep the

information and the data relevant and concise. Moreover, for the first time, there is included a qualitative

interpretation and reading by country, with references to the macroeconomic, political and regional

environment and the market opportunity and structure environment.

To provide a correct understanding of the scope and interpretation of the Vademecum, we would like to remind

readers of some key points. The Vademecum responds to a desire to systematize information following a pre-

established framework and order, which allows for the country data to be interpreted in a coherent, comparative

fashion. Likewise, it seeks to update and revise the data year after year. This desire for updating explains why the

Vademecum not only incorporates information from the last year, 2015, but why in some categories information

from previous years is also updated.

This makes sense because, in fact, the very nature of the data is subject to periodic revision: national statistics

on demographics and population censuses, world trade databases that gather together categories and

subcategories of food and beverages in the import and export accounting of each country, with their closures

and adjustments each year, and data on prices affected by the impact of inflation on consumption or currency

exchange are subject to more or less frequent updates. So the figures on middle-class households and disposable

income, on imports, and on population are liable to be revised or adjusted in the reference sources themselves.1

This means that after each edition of the Vademecum is published, there may be variations in the data and

2015 might be compared with 2014 using the most recent data obtained for 2014, instead of the data that was

published in the previous year’s Vademecum.

In this sense, it is important to understand that the Vademecum acts as a photograph that includes the maximum

available information and that is updated each time a new edition is prepared. From this perspective, in each

edition of the Vademecum we must decide whether to give priority to updating the data retrospectively, even

though this limits comparison between different editions and even in the attractiveness index. Or else whether

priority should be given to comparing the X-ray of one year with another even though there may be new and

more recent data that would allow for a more accurate comparison. In any case, understanding that both

methodological decisions make sense and are consistent with the nature of the project and of the data that serve

its purpose, we have chosen in this 2016 edition to compare the attractiveness index from one year to another,

keeping the data published last year, as well as the data on imports, prices and middle classes that featured in

the 2015 edition.

1 See Appendix III for all the reference sources.


In short, this year’s edition retains the initial spirit of the project and consolidates the approach and aims of our

research. At the same time, it confirms the natural tendency of the Vademecum in the coming years involving

the presentation of data that is strengthened and accompanied by reading and qualitative interpretation, which

we have already incorporated this year and which should help identify trends, insights and opportunities in the

different markets and regions.

Before presenting the results of the attractiveness index for 2016, we should make special mention of the

commitment received from Deloitte and their team, as well as the support and implication from our Academic

Material Research Division at IESE. Special thanks also to La Caixa for its trust in us and in this project.

Júlia Gifra, IESE Industry Meetings, Lead Researcher


2.

FOOD AND BEVERAGE ATTRACTIVENESS (FBA) INDEX 2016

The decision to export depends on numerous factors: economic, geographic and cultural,

country of origin, product type, the company, its capacity and corporate culture, the legal

framework, and the export destination, among many others. An analysis of the export markets

is perhaps one of the most complex aspects when it comes to defining an internationalization

strategy because there is not always enough information available to determine which country

may or may not be attractive. A priori and in general, certain parameters are necessary to arrive

at the conclusion that a country has sufficient capacity and potential as an export destination.

A preliminary market analysis may include a wide variety of variables, all of them related to

the business environment, which enable a country’s prospects for growth and opportunities to

be determined.

The purpose of the attractiveness index is to serve as a useful instrument in this initial task of

prioritizing which countries should be considered in the preliminary stages in order to undertake

a later in-depth analysis of their possible strengths and weaknesses.

In creating the index, we used the following methodology: selection of the indicators, comparison

and standardization of data, weighting and end result.


Selection of the Indicators

The attractiveness index is based on six indicators or variables, selected in keeping with the criteria established

by the members of the Vademecum Advisory Committee, who focused on analyzing which factors tend to

determine a country’s assessment as potentially attractive from a food and beverage standpoint.

Of the multiple variables that can be used to measure the attractiveness of a market, we have prioritized those

that are structural and that indicate, first and in general, the size of a market (GDP per capita, population

and middle class) and the legal framework and degree of legal security for that market. Second and from an

industry perspective, we are interested in knowing how much the country imports and how much its population

spends on food and beverage consumption (consumer expenditure).

The selected indicators are systematized as follows:

All of the indicators gather data from 2015, derived from a variety of sources. GDP per capita and population

come from the IMF. The middle class is defined according to the annual disposable household income in the

bracket between $15,000 (PPP) and $100,000 (PPP). This indicator, along with the analysis of how much they

spend (consumer expenditure) and how much they import, was developed based on figures from Euromonitor

International.

Information on the legal framework and legal security is from the index developed by the World Bank and the

International Finance Center2 measuring several factors including opening and starting a company in a country,

the procedures, the securing of loans and investor protection and the taxes involved. This is unquestionably an

important indicator, since a lack of confidence or insufficient knowledge about the security and legal framework

in a country may determine the success or failure of internationalization processes in foreign markets.

The result of each indicator provides a ranking of the countries that have the highest per capita GDP, the highest

population, the highest number of middle-class households, the highest consumer expenditure, the highest

volume of food and beverage imports and the best legal conditions.

Consumer ExpenditureGDP per Capita Legal Framework Population

Middle Class Households Imports

ECONOMIC AND LEGAL POPULATION STRUCTURE FOOD AND BEVERAGE

2 Ease of Doing Business, World Bank and International Finance Corporation.


ECONOMIC AND LEGAL

POPULATION STRUCTURE

Countries Var. 2014-20152014 GDP

per Capita US$* 2015 GDP

per Capita US$*

2015 GDP

Luxembourg

Switzerland

Qatar

Norway

United States

Singapore

Australia

Denmark

Iceland

Sweden

-12%

-3%

-17%

-23%

2%

-5%

-18%

-17%

2%

-15%

116,752

84,344

94,744

99,295

54,678

56,113

62,822

61,885

50,006

57,557

103,187

82,178

78,829

76,266

55,904

53,224

51,642

51,424

51,068

48,966

1

2

3

4

5

6

7

8

9

10

▼

▼

▼

▼

▲

▼

▼

▼

▲

▼

*Current prices.Source: World Economic Outlook Database, International Monetary Fund.

Countries Var. 2014-20152014 LF Ranking

2015 LF Ranking

Singapore

New Zealand

Denmark

South Korea

Hong Kong

United Kingdom

United States

Sweden

Norway

Finland

1

2

4

5

3

9

7

12

6

8

1

2

3

4

5

6

7

8

9

10

0

0

1

1

-2

3

0

4

-3

-2

►

►

▲

▲

▼

▲

►

▲

▼

▼

2015 LEGAL FRAMEWORK

Source: Ease of Doing Business, The World Bank and The International Finance Corporation.

Countries Var. 2014-20152014 POP

(millions)2015 POP

(millions)

China

India

United States

Indonesia

Brazil

Pakistan

Nigeria

Bangladesh

Russia

Japan

0.5%

1%

1%

1%

0.1%

2%

3%

1%

-2%

-0.3%

1,367.52

1,259.70

318.52

251.49

202.77

186.29

173.94

158.22

143.70

127.06

1,374.31

1,276.27

322.20

255.08

202.96

190.01

178.72

159.12

140.47

126.73

1

2

3

4

5

6

7

8

9

10

▲

▲

▲

▲

▲

▲

▲

▲

▼

▼

2015 TOTAL POPULATION

Source: World Economic Outlook Database, International Monetary Fund.

Countries Var. 2014-2015

China

India

United States

Russia

Japan

Indonesia

Brazil

Germany

Italy

Mexico

11%

16%

-1%

0.4%

0.4%

11%

4%

0.4%

7%

10%

232,358

148,566

66,073

42,583

42,500

36,228

37,670

33,998

22,194

21,664

257,189

172,267

65,645

42,766

42,651

40,374

39,029

34,142

23,788

23,744

1

2

3

4

5

6

7

8

9

10

▲

▲

▼

▲

▲

▲

▲

▲

▲

▲

2015 MIDDLE CLASS2015 MC

Number of Households (thousands)*

2014 MCNumber of Households

(thousands)**

Households with an annual disposable income of over US$15,000 (PPP) and up to US$100,000 (PPP).Source: Compiled from Euromonitor International Data.


FOOD AND BEVERAGE

For each of these countries, the sample of data varies – i.e., the availability of figures for each indicator is different.

The variables on per capita GDP, the legal framework, population and imports are available for more than 100

countries, whereas the data on the middle class and consumer expenditure is available for only 86 countries

given the greater difficulty in obtaining these figures.

The index is based on a sample of 82 countries – those for which almost all the data are available for each

indicator. Some countries are not analyzed in the index because the lack of data makes it impossible to assess

them objectively. However, the fact that we cannot measure these countries’ attractiveness does not rule out

their potential appeal. To that end, the appendices to the Vademecum contain all of the data available for each

indicator, allowing companies or readers to make their own interpretations.


Switzerland

Hong Kong

Norway

New Zealand

Finland

Australia

Sweden

United Arab Emirates

Denmark

France

12%

26%

-11%

2%

1%

2%

-1%

13%

1%

2%

3,670

3,206

4,146

3,307

3,164

3,020

2,928

2,531

2,792

2,749

4,093

4,033

3,701

3,357

3,181

3,073

2,889

2,855

2,831

2,805

1

2

3

4

5

6

7

8

9

10

▲

▲

▼

▲

▲

▲

▼

▲

▲

▲

2015 FBCER per Capita*

2014 FBCER per Capita*

2015 CONSUMER EXPENDITURE

*Current prices at fixed exchange rate.Source: Compiled from Euromonitor International data.


USA

China

Germany

United Kingdom

Japan

Netherlands

France

Italy

Canada

Belgium

-3.82%

-13.23%

-13.55%

-8.25%

-20.83%

-16.72%

-15.31%

-13.13%

-8.71%

-16.00%

120,556

91,985

77,211

60,300

52,460

51,751

51,256

41,731

33,601

33,388

125,345

106,013

89,315

65,723

66,263

62,141

60,522

48,038

36,807

39,747

1

2

3

4

5

6

7

8

9

10

▼

▼

▼

▼

▼

▼

▼

▼

▼

▼

2015 FBIUS$ (millions)

2014 FBIUS$ (millions)*

2015 FOOD AND BEVERAGE IMPORTS

* 2014 data revisited in march 2015 according to national statistics. Source: Compiled from Euromonitor International data.


The data for each indicator come in different units and scales and, as mentioned above, are organized according

to the highest value, which reflects the most favorable environment (for example, the highest imports).

All of the indicators have been standardized according to the following formula:

x = (x − Min(x)) / (Max(x) − Min(x)) * 100,

where Min(x) and Max(x) represent the lowest and highest values, respectively, for each country.

The processing for each indicator results in a scale from 0 to 100, in which the country with the highest score

earns 100 and the one with the lowest score earns 0. The result for each indicator is a standardized score that

allows the countries to be classified and compared with each other.

The overall score for each country in the index is the outcome of the weighting and aggregation of all the indicators,

depending on the weight attributed to each one:

Weighted score = x1 * 5% + x2 * 10% + x3 * 25% + x4 * 10% + x5 * 10% + x6 * 40%

The weighted score has not been determined solely by the authors. It has also been checked and endorsed by

industry leaders and businesspeople who are members of the IESE Advisory Council for the Food and Beverage

Industry Meeting, as well as the Vademecum Advisory Council.

Imports are predominantly weighted, followed by population, the legal framework, number of middle-class households,

consumer spending and per capita GDP of the country. The food and beverage category accounts for 50% of

the overall weight, followed by population (35%) and finally the economic and legal framework (15%).

The end result of the index is the organization and comparison of countries based on objective, measurable

data that reflect not only their preponderance or weight in a specific variable but also the balance among all

the indicators. It thereby sketches a country climate that is attractive or promising for setting up a business or

exporting there. The index results in a ranking of 82 countries.

Standardization and Weighting of Data

INDICATORS, WEIGHTS AND AGGREGATION

15% 35% 50%

5% 10% 10% 40%25% 10%

Economic and Legal Population Structure Food and Beverage

GDP per Capita TotalTotal Population ConsumerExpenditureLegal Framework Middle Class Total Imports

FBA INDEX 2016

Score/100


Results and Scoresfor the 2016 FBA IndexBelow is the 2016 ranking with its scores and the comparison with the 2015 ranking, as well as the most

important conclusions and considerations.

China

United States

Germany

United Kingdom

India

Japan

France

Netherlands

Italy

Canada

Hong Kong

Belgium

Spain

Switzerland

Norway

Sweden

South Korea

Australia

Mexico

Russia

Denmark


New Zealand

Finland

Austria

Ireland

Singapore

Portugal

Poland

Saudi Arabia

Malaysia

Israel

Lithuania

Indonesia

Turkey

Estonia

Czech Republic

Croatia

Greece

Taiwan

Latvia

Thailand

73.20

66.94

45.15

39.78

39.36

37.78

36.34

34.05

31.10

29.42

29.41

27.55

26.71

25.50

24.85

24.28

24.27

24.01

23.64

23.54

23.48

23.03

21.35

21.08

20.91

20.38

19.37

18.89

18.78

18.40

17.41

17.27

16.54

16.28

16.23

15.91

15.74

14.98

14.97

14.94

14.89

14.79

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

2

1

3

5

6

4

7

8

9

10

14

12

13

16

15

17

20

18

22

11

19

21

24

23

25

26

27

28

30

29

32

31

33

40

38

35

36

45

34

44

41

42

1

-1

0

1

1

-2

0

0

0

0

3

0

0

2

0

1

3

0

3

-9

-2

▲

▼

►

▲

▲

▼

►

►

►

►

▲

►

►

▲

►

▲

▲

►

▲

▼

▼

-1

1

-1

0

0

0

0

1

-1

1

-1

0

6

3

-1

-1

7

-5

4

0

0

▼

▲

▼

►

►

►

►

▲

▼

▲

▼

►

▲

▲

▼

▼

▲

▼

▲

►

►

Ranking2016

Ranking2015

Var.Ranking

2015-2016 Country TotalRanking

2016Ranking

2015

Var.Ranking

2015-2016 Country Total


Kazakhstan

Slovenia

Qatar

Slovakia

Romania

Brazil

Chile

Peru

Vietnam

Hungary

Macedonia

Belarus

Colombia

Egypt

Philippines

Bahrain

Costa Rica

Bulgaria

Georgia

South Africa

Kuwait

Uruguay

Azerbaijan

Argentina

Serbia

Guatemala

Morocco

Jordan

Ukraine

Nigeria

Dominican Republic

Bosnia-Herzegovina

Tunisia

Algeria

Kenya

Ecuador

Iran

Bolivia

Venezuela

Cameroon

14.64

14.59

14.57

14.55

14.47

14.44

13.54

13.37

13.02

12.97

12.45

12.18

11.88

11.84

11.83

11.78

11.57

11.45

11.35

11.22

11.13

10.92

10.44

10.20

10.15

10.14

10.07

9.79

9.32

9.28

9.18

9.02

8.72

7.35

7.03

6.99

5.84

3.70

3.53

2.86

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

51

48

39

43

46

37

49

47

62

53

58

55

50

56

64

54

69

60

57

52

59

63

67

72

75

66

65

73

71

61

68

78

70

77

80

79

74

82

76

81

8

4

-6

-3

-1

-11

0

-3

11

1

5

1

-5

0

7

-4

10

0

-4

-10

-4

▲

▲

▼

▼

▼

▼

►

▼

▲

▲

▲

▲

▼

►

▲

▼

▲

►

▼

▼

▼

-1

2

6

8

-2

-4

3

0

-11

-5

4

-5

1

3

1

-5

2

-5

-1

▼

▲

▲

▲

▼

▼

▲

►

▼

▼

▲

▼

▲

▲

▲

▼

▲

▼

▼

Ranking2016

Ranking2015

Var.Ranking

2015-2016 Country TotalRanking

2016Ranking

2015

Var.Ranking

2015-2016 Country Total


IndexRanking Europe Asia

1-10

11-20

21-30

31-40

41-50

51-60

America OceaniaAfrica andMiddle East

Australia

New Zealand

61-70

71-82

GermanyUnited KingdomFranceNetherlandsItaly

BelgiumSpainSwitzerlandNorwaySwedenRussia

DenmarkFinlandAustriaIrelandPortugalPoland

LithuaniaTurkeyEstoniaCzech Republic CroatiaGreece

LatviaSloveniaSlovakiaRomania

HungaryMacedoniaBelarusBulgaria

UkraineBosnia-Herzegovina

GeorgiaSerbia

USACanada

Mexico

BrazilChilePeru

ColombiaCosta Rica

UruguayArgentinaGuatemala

Dominican RepublicEcuadorBoliviaVenezuela

United ArabEmiratesSaudi Arabia

Israel

Qatar

EgyptBahrain

South AfricaKuwaitMoroccoJordan

NigeriaTunisiaAlgeriaKenyaCameroon

ChinaIndiaJapan

Hong KongSouth Korea

Singapore

Malaysia IndonesiaTaiwan

Thailand Kazakhstan

VietnamPhilippines

Azerbaijan

Iran

GEOGRAPHIC DISTRIBUTION OF THE COUNTRIES IN THE 2016 FBA INDEX

The table and world map below are graphic illustrations of the ranking and results of the index. On the one hand,

this allows for the data to be read not only by country but also by region, which is interesting from the standpoint of

internationalization strategies, which can be devised with a regional focus.

On the other hand, it organizes the geographical distribution of the countries in the index into brackets of 10,

respecting their original order within the ranking for each region. This shows the weight of each continent and

illustrates the importance of the different geographical areas as well as each country within each specific region

and bracket.


MOST RELEVANT CONSIDERATIONS AND CONCLUSIONS FROM THE 2016 FBA INDEX

• The top 10 of the index consists of the same countries as last year but with some significant fluctuations in

their numerical position.

- This year, China occupies the top ranking position for the first time: almost all its indicators show a positive

trend and especially an improvement in the middle classes; it also shows greater security and ease of

doing business and its economy continues to grow.

- The United States has ended up occupying the number 2 ranking position (2/82) this year and it remains

the top major global importer of food and beverages (1/146). It is in the top 10 for all the other indicators,

except consumer expenditure (14/86).

• If we look at the index by region:

- Europe as a whole is the most attractive region since, as the ranking’s geographical sample illustrates, five

of the top 10 countries are European, as are 11 of the top 20.

· From 1 to 10: Germany (3/82), the United Kingdom (4/82), France (7/82), the Netherlands (8/82)

and Italy (9/82)

· From 11 to 20: Belgium (12/82), Spain (13/82), Switzerland (14/82), Norway (15/82), Sweden

(16/82) and Russia (20/82)


- For North America, the markets of the United States (2/82) and Canada (10/82) continue to occupy high

and important positions for almost all the indicators. Mexico (19/82) has improved by three positions in the

ranking this year, mainly because of its increase in imports, its improvement in legal certainty and ease of

doing business and the increase in its middle classes.

- However, in the area of Latin America, Brazil has maintained the same downward trend already seen last

year. It has dropped 11 positions, with a GDP of −3.0% and a decrease in its imports. Chile (49/82), Peru

(40/82) and Colombia (55/82) follow in the Latin American ranking.

- Asia is, after Europe and alongside North America, the next most attractive region. This year China occupies

the top position (1/82), followed by India (5/82), up one position, and Japan (6/82), with a slight decline.

Hong Kong (11/82) and South Korea (17/20) close a regional market with enormous potential not only

from the demographic point of view but also that of economic growth and a surging middle class.

- In the case of Africa and the Middle East, the United Arab Emirates (22/82) and Saudi Arabia (30/82) are

the top countries in the regional ranking. Despite the decline in the price of oil, the Middle East economies

continue to show great potential for the food and beverage industry because of their import capacity and

their high disposable incomes.

If we analyze only sub-Saharan Africa, the most attractive countries end up being South Africa (62/82) and

Nigeria (72/82). The middle classes continue to grow in the latter, which shows enormous demographic

potential even though its imports declined last year.

• As in previous editions, the interpretation of the FBA index should be completed with the observation of other

data and disaggregated available information for each country, since markets that, in their weighted analysis,

might not appear in prominent positions in the index can be interesting from the perspective of an isolated

variable. Hence, Appendix I presents the available rankings for each of the indicators.

- So, for example, Singapore again stands out in the number 1 position in the Ease of Doing Business

ranking and, even though it is a small country from the demographic point of view (about seven million

people), it has a middle class and interesting disposable incomes, notwithstanding that in its weighted

analysis it does not appear until position 27/82 in our index. Thus, the top-ranked countries for each

indicator may be potential markets for some companies to consider, depending on their interests and

needs. Likewise, countries that appear high in the ranking after overall analysis and that may seem at first

to offer attractive conditions may actually require certain precautions to be taken from the standpoint of

export insurance, investor protection, intellectual property, etc.

- We should also recall that the index is based on a sample of 82 countries, which are those for which almost

all of the data are available for each indicator. The fact that some countries are not analyzed in the index

is due to a lack of data, which prevents us from evaluating them objectively. However, the impossibility of

measuring their attractiveness does not mean they would not appear as attractive if updated figures were

available. Thus, Appendix I of the Vademecum provides all of the available data for each indicator for

countries that also are not considered in our index. For example, if the import data are observed, out of a

ranking of 146 countries, some that stand out are markets such as Vietnam (21/146), Indonesia (23/146)

and Ghana (63/146), among many others.


3.

COUNTRY PROFILE

Countries Analyzed

Unlike in previous editions, the selection of the countries analyzed in more detail in this edition does not correspond

only to their good position in the ranking. An attempt has also been made to achieve greater geographical

representation and diversity, considering their economic importance and regional significance.

The countries for which there are summaries are:

Germany

United Kingdom

France

Netherlands

Italy

Russia

Belgium

Spain

Norway

Switzerland

Europe

Brazil

Colombia

Chile

Peru

Latin America

Australia

China (mainland)

Hong Kong

India

Japan

Singapore

South Korea

Asia-Pacific

Israel

Qatar

Morocco

Nigeria

Saudi Arabia

South Africa


Africa and the Middle East

United States

Canada

Mexico

North America


Structure

The market information that has been analyzed provides a view of the macroeconomic and social climate in each

country, as well as an up-close picture of the food and beverage sector and the current opportunities for growth.

The figures on the 31 countries analyzed are organized as follows:

COUNTRY PROFILES - DATA:

• Food and Beverage Attractiveness Index outlook

• Insight

• Economy

• Competitiveness and business environment

• Market opportunity

• Demographics

• Potential consumer market

• Number and type of households by annualdisposable income

• Imports and Exports

• Trade partners

• Products

• Historic trends CAGR (from 2010)

• Prices

• Shopping basket and final consumer prices

• Market Structure

• Top three retailers, top three brands, channelmix and private label proportion

Overview Data Food and Beverage Data


Data and Sources

The selection of sources used to conduct this research reflects the criteria of ensuring the figures are as up-to-date as

possible and maintaining as much uniformity among the countries as possible. The list of bibliographic references for

all of the information published in the country profiles can be found in Appendix III. Nevertheless, we should provide

a few clarifications to help readers understand the scope of the information provided for each country.

Each country profile begins with an index outlook, which reflects the country’s overall score in the index as well

as its position for each indicator, compared with the countries that rank above and below it. This information

regarding the Food and Beverage Attractiveness Index is followed by a country insight section that covers

macroeconomic, political and regional perspectives as well as details on trends and opportunities.

For example, the analysis of Mexico’s overall score and its ranking for each indicator is as follows:

Ranking/86 Ranking/146C per Capita US$ millions

Overall Food and Beverage Consumer Expenditure Food and Beverage Imports

43

44

45

11

12

13

Australia

Mexico

Russia

Kuwait

Mexico

Qatar

Spain

Mexico

Russia

24.01

23.64

23.54

1,386

1,378

1,367

32,662

26,205

25,300

Ranking/82 Score

18

19

20

Ranking/85 Ranking/185Number of Households

(thousands)US$ Ranking/189Ranking/186 Millions

Total Population Middle Class GDP per Capita Legal Framework

9

10

11

62

63

64

38

39

40

Japan

Mexico

Philippines

Italy

Mexico

France

Malaysia

Mexico

Turkey

Bulgaria

Mexico

Croatia

126.73

120.60

101.42

23,788

23,744

22,904

10,073

9,592

9,290

10

11

12


The economy data then provide a comprehensive outlook of the economic conditions in the country (GDP

per capita, labor force, unemployment rate and inflation rate) and the data on competitiveness and business

environment refer to global indexes developed by different international organizations. The rankings in the

aforementioned Ease of Doing Business Index, the Enabling Trade Index and the Logistics Performance Index

illustrate factors that are extremely important in the context of food and beverage exports, since they reflect a

country’s position with respect to import procedures and tariffs, the state of infrastructure, regulations and the

relative ease of importing, opening subsidiaries or franchises or selling new products in that country.

The market opportunity data selection provides a demographic picture of the country (population, age structure,

urban population, major cities, migration and the potential consumer market according to population pyramids).

One important feature is the illustration of the demographic pyramids forecast for 10 years from now, which helps

to identify potential markets and growth trends. The data and schematics on lower, middle and upper-class

households are maintained.

This section provides a great deal of information that can be interpreted in many ways depending on the reader’s

particular interest. For example, we can see a country’s potential by looking at the different age brackets (babies,

children, young adults, seniors, etc.) or the importance of the immigrant population and their home countries

(market niches), or the proportion of the urban population and the major cities and urban agglomerations

(where trade partners can be sought out), or the number of upper-class households (market niche for gourmet

products), among other possible interpretations.

The sources consulted for this section are varied, but notable specific examples include the IMF, the World Bank

and the United Nations Population Division. The figures are from 2014 or from 2015 if they have been updated.

The trade partner data illustrate the main origins of imports and destinations for exports according to the

geographical distribution of the trade balances for the countries that are analyzed. The category “Other countries”

groups together microstates, small islands and associated or overseas states.

The information on imports and exports is from 2014 and comes from the United Nations International

Merchandise Trade Statistics.3 The data are in U.S. dollars and the figures are rounded.4 The calculations were

developed by the authors based on systematizing, defining and grouping the different and highly varied product

subcategories. In this edition, we have added several subcategories for which new figures are available.5

3The definitive data for 2015 have not been completed or closed as of the date of preparing and completing this research. So there is always a time lag of one year in the import and export data and they correspond to 2014. 4As a result, the sum of certain sections that account for 100% may show slight variations.5This explains why differences may be seen in comparisons with other sources or studies, depending on how the systematization is conducted and which categories and products are involved.


In order to make the information easier to understand, the definition and composition of the products in each

category are as follows:

Bakery and Cereals

Meat Products

Fish Products

Fats and Oils

Dairy Products and Eggs

Fruit and Vegetables

Sugar, Confitery Products

Cereals, flour, pastry, bread, biscuits

More detailed subcategories: barley, waffles and wafers, buckwheat,

couscous, crispbread, durum wheat, gingerbread, grain sorghum,

maize, malt, millet, oats, pasta, rice, rye, stuffed pasta, tapioca

Meat, edible meat and food preparations

More detailed subcategories: bellies, bovine meat, duck, fowl, goat

meat, horse, lamb, pig, poultry, rabbit, sheep, swine, turkeys

Fish, crustaceans, mollusks, aquatic invertebrates and food preparations

More detailed subcategories: anchovies, aquatic invertebrates,

carp, caviar, coalfish, cod, crab, crustaceans, cuttlefish, dogfish,

eels, flatfish, haddock, hake, halibut, herring, lobster, mackerel,

mollusks, mussels, octopus, oysters, plaice, salmon, sardines,

scallops, shrimps, snails, sole, trout, tuna

Animal and vegetable fats and oils, cleavage products

More detailed subcategories: animal fats, beeswax, coconut,

glycerol, lard, linseed, margarine, oleic acid, olive oil, palm kernel,

palm oil, stearic acid

Milk, yogurt, cheese, butter, eggs

Edible fruit, nuts, peel of citrus fruit, melons, edible vegetables and

certain roots and tubers and food preparation

More detailed subcategories: almonds, apples, apricots, arrowroot,

asparagus, avocados, bananas, beans, beetroot, Brussels sprouts,

cabbage lettuce, carrots and turnips, cashew nuts, cauliflowers

and headed broccoli, celery, cherries, chestnuts, chickpeas,

chicory, citrus fruit, corn, cranberries, cucumbers and pickles,

eggplant, figs, fruit mixtures, garlic, globe artichokes, gooseberries,

grapefruit, guavas, hazelnuts, homogenized jams, leeks, legumes,

lemons and limes, lentils, lettuce, mandarins, marmalade, melons,

mushrooms, nuts, olives, onions, orange palm, papayas, peaches,

peas, peppers, pineapples, pistachios, prunes, raspberries, spinach,

strawberries, tomatoes, truffles, walnuts, witloof/chicory

Sugar and sugar confectionery

More detailed subcategories: cane molasses, fructose, glucose,

molasses, raw sugar, refined sugar

Food and Beverage Categories Products


Water, Juices andNon-Alcoholic Drinks

High Alcohol Drinks

Wine

Beer

Non-alcoholic beverages, ice, minerals, potable and aerated waters not sweetened or flavored, and sweetened or flavored beverage waters

Fermented beverages, whiskies, rum, gin and jenever, alcoholic

liqueurs, vermouth

Grape wines, sparkling wine, fortified wine and vinegar

Beer made from malt

The 2014 figures are complemented with historical figures dating back to 2010, which have also been updated,

to help provide perspective and reveal trends. The percentage composition of the different food and beverage

categories is compiled year by year; this enables variations over the past four years to be spotted and the

importance of each category in each country to be observed. The Vademecum appendices contain country

rankings organized according to the most imported and exported food and beverage categories.

Finally, we have kept the figures on final consumer prices for an illustrative shopping basket: fresh chicken, butter,

milk, rice, beer and soft drinks. The prices are from 2016 and were compiled between January and April 2016

in local currency, applying the corresponding euro exchange rate in each case. We should note explicitly that

the compilation of this information is the result of efforts by Deloitte and its networks in different countries aimed

at collecting price information for these six products.

The prices refer to three different brands or qualities. The products have been chosen because they cover a

wide price range, from private-label brands to non-private-label brands that cover medium-price and premium

products. So, price 1 refers to a private-label brand price. Price 2 refers to medium price and price 3 is the most

expensive. This enables an average price per product per country to be calculated. These prices were checked

in hypermarkets, supermarkets and mini-markets. This is extremely valuable and important information in the

Vademecum, both because it is difficult to collect and because it does not exist in other sources – at least not

with the same comparability among countries and with data from as recently as 2016 – and also because of the

qualitative analysis that it provides for the Vademecum’s readers.

Food and Beverage Categories Products

Hot Drinks and Spices Cocoa and cocoa preparations, coffee, tea, mate and spices

More detailed subcategories: capsicum or pimenta, caraway seeds,

cardamoms, chocolate, cinnamon, cloves, cocoa, coffee, cumin

seeds, fennel seeds, ginger, mace, mate, mixtures of spices,

nutmeg, pepper, saffron, spices, tea, turmeric, vanilla beans


From this same perspective of qualitative analysis, we have kept the information on the market structure for

the leading commercial brands in each country, the main distributors (both brands and retailers), the mix of the

different channels (retailers, food service and grocery stores), the private-label proportion in the composition of

brands in each country and the most important exhibitions and trade associations by country. Deloitte Research

is the main source used to fill this information.

The format and data structure outlined above are reproduced equally for all 31 countries. This is one of the

main strengths of the Vademecum, since the coherence of all the information presented by country enables it

to be evaluated comparatively. It also allows for in-depth analyses of each country with a focus on the multiple

subsectors that may be of interest to a specific company or reader. In this sense, what may be a country strength

for one company or reader could be a shortcoming for another, depending on their interests and needs.


4.

COUNTRY PROFILE ANALYSISFor illustrative purposes, of the 31 countriesanalyzed in the unabridged Vademecum,2 are presented here.

40

CHINA

HOUSEHOLDS 20154

Number and Type of Households by Annual Disposable Income

40.1%

Lower Class Households with an annual disposable income of over US$500 (PPP) and up to US$15,000 (PPP) /‘000: 180,942

57.0%

Middle Class Households with an annual disposable income of over US$15,000 (PPP) and up to US$100,000 (PPP) /‘000: 257,189

3.0%

Upper Class Households with an annual disposable income of over US$100,000 (PPP) /‘000: 13,321

MARKET OPPORTUNITY

DEMOGRAPHICS5

Total Population: 1,374.31 millionWorld ranking: 1/186

Population Growth Rate 2014-2015: 0.5%World ranking: 130/186

Age Structure:0-14 years: 18.2%15-65 years: 72.4%Over 65 years: 9.5%

Urban Population: 744.1 million % Urban Population: 54.41%Major Cities:

Shanghai: 23.0 million Beijing: 19.5 million Chongqing: 12.9 million Guangzhou, Guangdong: 11.8 million Tianjin: 10.9 million

Migration: 0.8 million Migration % Over Population: 0.1%Countries of Origin:

South Korea: 26%Philippines: 14%Brazil: 14%

FBA INDEX OUTLOOK 20151



70

71

72

1

2

3

China

United States

Germany

South Africa

China

Morocco

United States

China

Germany

73.20

66.94

45.15

743

702

668

120,556

91,985

77,211

Ranking/82 Score

1

2

3




1

2

3

73

74

75

83

84

85

China

India

United States

China

India

United States

St. Lucia

China

Dominica

Ukraine

China

Brunei Darussalam

1,374.31

1,276.27

322.20

257,186

172,267

65,645

8,410

8,280

7,602

1

2

3

ECONOMY2

GDP: $11.4 trillion / World ranking: 2/187GDP - per Capita: $8,280 / World ranking: 75/186GDP - Real Growth Rate 2014-2015: 6.8% Labor Force: 806,498,521 / World ranking: 1/185Unemployment Rate: 4.1% / World ranking: 17/104Inflation Rate (consumer prices): 1.5%

COMPETITIVENESSAND BUSINESS ENVIRONMENT3

Logistics Performance Index: 28/158Enabling Trade Index: 54/138Global Competitiveness Index: 28/144Ease of Doing Business: 84/189Corruption Perception Index: 83/168

INSIGHTAsia is a diverse region with vast differences among its leading countries. China ranks 1/82 in the FBA Index this year, moving up to the first position. It stands out for having the largest population in the world and the largest middle class. It is also notable for being among the top three importers of food and beverages. Demographic growth indicators, the urbanization process, advances in ICT and the increase in the middle classes are just some of the key trends that help explain the Chinese market.

Its economy grew 6.81% in 2015, showing some signs of a slowdown compared with the double-digit growth in preceding years. This points to a transition from its growth model based on investment in infrastructure toward a more consumer-oriented economy. China is unquestionably a huge consumer market, not only because it is the most populous country in the world, with 1.37 billion inhabitants, but also because it is the country which will see the largest growth in its now-surging middle classes.

Roughly 54% of the population is urban, and in the coming years this percentage is expected to grow evenmore following the urbanization process already occurring in the country and which is slated to continue in the next few years. The main megacities in China are potential markets in themselves with huge opportunities: Shanghai (23 million), Beijing (19.5 million), Chongqing (12.9 million), Guangzhou (11.8 million) and Tianjin (10.9 million). Despite this potential, around 40% of households still live in poverty, and the inequality in wealth distribution is a major challenge (2015 Gini coefficient = 46.70).

POTENTIAL CONSUMER MARKET 2015

Male Female

80+75-7970-7465-6960-6455-5950-5445-4940-4435-3930-3425-2920-2415-1910-145-90-4

Age Group

60M 60M40M 40M20M 20M0M 0M

Male Female

80+75-7970-7465-6960-6455-5950-5445-4940-4435-3930-3425-2920-2415-1910-145-90-4

Age Group

60M 60M40M 40M20M 20M0M 0M


IESE Business School - Vademecum on Food and Beverage Markets - China

1/82FBAIndex

41

CHINA

www.sialchina.comwww.fhcchina.com

www.cnaic.org

www.customs.gov.cn

INSTITUTIONAL CONTACTS14

Exhibitions and FairsSIAL-The Asian Food Marketplace..............................................................................................................................................................................................Food and Hospitality Sector Fair.................................................................................................................................................................................................

Trade and Industry AssociationsChinese National Association of Industry and Commerce................................................................................................................................................................

Information on Customs, Duties and TaxesGeneral Administration of customs..........................................................................................................................................................................................

IESE Business School - Vademecum on Food and Beverage Markets - China

Europe Asia Pacific North America Africa and the Middle East Latin America Australasia Other Countries

6% 16%

17%32%

14%

5%

9%

6% 2%

20%43%

10%

2%

18%

Documents to import: 5 Median time (days) to import: 3 Documents to export: 8 Median time (days) to export: 2

TRADE PARTNERS6

IMPORTS / Main Partners and Origins 2015 EXPORTS / Main Partners and Destinations 2015

TOTAL FOOD: 48,665 US$ mn / TOTAL BEVERAGE: 4,440 US$ mn

Category Value trade US$ mn CAGR 2010-2014

IMPORTS

Fats and Oils

Bakery and Cereals


Fish Products

Dairy Products and Eggs

Total

10,438

8,993

8,241

6,870

6,491

41,033

3.1%

34.8%

20.2%

11.4%

34.2%

16.4%

1

2

3

4

5


EXPORTS

Fish Products


Meat Products

Hot Drinks and Spices

Bakery and Cereals

Total

20,868

19,404

3,251

2,928

2,019

48,470

12.1%

7.2%

7.4%

11.9%

4.4%

9.3%

1

2

3

4

5


2014 Top 5 Import categories

IMPORT DATA7

2014 Top 5 Export categories

EXPORT DATA8

Top5

Top5

Final Consumer Prices

PRODUCT Price Brand 1(Private Label)

Price Brand 2(Medium Brand)

Price Brand 3(Premium Brand) Average Price D

Fresh Chicken per kg

Butter per 250 g

Milk per litre

Rice per kg

Beer per 33 cl

Soft Drinks per 33 cl

SHOPPING BASKET 20169

MARKET STRUCTURE 2015

Main Retailers10

Channel Mix12

Main Brands11

Retailer

China Resources Enterprise Master Kong

60.3%

Food Service Grocery Store

Yili

18.4%

Wal-Mart Mengniu

21.3% 1%

Auchan

Private LabelProportion13

C4.80

C4.61

C2.76

C2.25

C2.80

C0.79

C3.30

C2.51

C1.53

C1.10

C1.90

C0.23

C3.96

C3.81

C1.79

C1.85

C2.20

C0.34

C4.02

C3.64

C2.03

C1.73

C2.30

C0.45

42

SPAIN

HOUSEHOLDS 20154

Number and Type of Households by Annual Disposable Income

11.3%

Lower Class Households with an annual disposable income of over US$500 (PPP) and up to US$15,000 (PPP) /‘000: 2,117

78.4%

Middle Class Households with an annual disposable income of over US$15,000 (PPP) and up to US$100,000 (PPP) /‘000: 14,718

10.3%

Upper Class Households with an annual disposable income of over US$100,000 (PPP) /‘000: 1,940

MARKET OPPORTUNITY

DEMOGRAPHICS5

Total Population: 45.9 millionWorld ranking: 28/186

Population Growth Rate 2014-2015: -0.4%World ranking: 179/186

Age Structure:0-14 years: 15.5%15-65 years: 66.2%Over 65 years: 18.3%

Urban Population: 36.5 million % Urban Population: 79.4%Major Cities:

Madrid: 3.3 million Barcelona: 1.6 million Valencia: 0.8 million Sevilla: 0.7 million Zaragoza: 0.7 million

Migration: 6.5 million Migration % Over Population: 14.1%Countries of Origin:

Romania: 12%Morocco: 12%Ecuador: 7%

FBA INDEX OUTLOOK 20151



26

27

28

10

11

12

Belgium

Spain

Switzerland

Greece

Spain

Kazakhstan

Belgium

Spain

Canada

27.55

26.71

25.50

2,023

2,014

1,961

33,388

32,662

26,205

Ranking/82 Score

12

13

14




18

19

20

28

29

30

32

33

34

Colombia

Spain

Kenya

Nigeria

Spain

Thailand

South Korea

Spain

Bahamas

Mauritius

Spain

Japan

48.28

45.89

45.85

15,590

14,718

13,185

27,513

26,327

24,394

27

28

29

ECONOMY2

GDP: $1.2 trillion / World ranking: 14/187GDP - per Capita: $26,327 / World ranking: 141/187GDP - Real Growth Rate 2014-2015: 3.1% Labor Force: 23,306,716 / World ranking: 28/185Unemployment Rate: 21.8% / World ranking: 100/104Inflation Rate (consumer prices): -0.3%

COMPETITIVENESSAND BUSINESS ENVIRONMENT3

Logistics Performance Index: 25/158Enabling Trade Index: 27/138Global Competitiveness Index: 35/144Ease of Doing Business: 33/189Corruption Perception Index: 36/168

INSIGHTSpain ranks the same as last year in the FBA Index, 13/82, and it is an attractive market in the overall index(among the top 20), with a stable framework in terms of the indicators and no significant changes compared with the previous year. Other countries in a similar position in the index are Belgium and Switzerland.

Its macroeconomic figures reflect a tendency toward growth and recovery, although its unemployment rate is still among the highest in Europe (21.84%). The demographic outlook shows a negative birth rate and a clear aging of the population. The current mean age is 42 and there are 14 million middle-class households (2.5 people/household).

Like other European countries, distribution chains (67.4%) and private-label brands (41%) play a fundamental role in Spain’s channel mix. Mercadona, Carrefour and Dia are the most important retailers.


Male Female

80+75-7970-7465-6960-6455-5950-5445-4940-4435-3930-3425-2920-2415-1910-145-90-4

Age Group

1000K 1000K1500K 1500K2000K 2000K500K 500K0K 0K

Male Female

80+75-7970-7465-6960-6455-5950-5445-4940-4435-3930-3425-2920-2415-1910-145-90-4

Age Group

1000K 1000K1500K 1500K2000K 2000K500K 500K0K 0K


IESE Business School - Vademecum on Food and Beverage Markets - Spain

13/82FBAIndex

43

SPAIN

IESE Business School - Vademecum on Food and Beverage Markets - Spain

www.alimentaria-bcn.com/en/

www.fiab.es/es

www.agenciatributaria.gob.es

INSTITUTIONAL CONTACTS13

Exhibitions and FairsAlimentaria: International Foods and Drinks Exhibition...........................................................................................................................................

Trade and Industry AssociationsFederación Española de la Alimentación y Bebidas.........................................................................................................................................................................

Information on Customs, Duties and TaxesCustoms and Excise Taxes Department.....................................................................................................................................................................

Europe Asia Pacific North America Africa and the Middle East Latin America Australasia Other Countries

6% 0.3%

64%12%

14%

0.2%

3%

6% 4%

70%6%

10%

0.6%

4%

Documents to import: 4 Median time (days) to import: 2 Documents to export: 4 Median time (days) to export: 3

TRADE PARTNERS6

IMPORTS / Main Partners and Origins 2015 EXPORTS / Main Partners and Destinations 2015

2014 Top 5 Import categories


IMPORT DATA7


IMPORTS

Fish Products


Bakery and Cereals

Fats and Oils

Hot Drinks and Spices

Total

6,822

4,886

4,548

2,605

2,516

21,377

1.5%

5.7%

5.1%

8.7%

5.9%

4.5%

1

2

3

4

5


EXPORTS


Meat Products

Fats and Oils

Fish Products

Wine

Total

18,203

6,211

4,964

3,894

3,437

36,708

6.0%

9.8%

10.8%

4.7%

8.0%

7.3%

1

2

3

4

5

2014 Top 5 Export categories


EXPORT DATA8

Top5

Top5

PRODUCT Price Brand 1(Private Label)

Price Brand 2(Medium Brand)

Price Brand 3(Premium Brand) Average Price D

Fresh Chicken per kg

Butter per 250 g

Milk per litre

Rice per kg

Beer per 33 cl

Soft Drinks per 33 cl

Final Consumer Prices

C4.30

C3.11

C0.92

C1.52

C0.74

C0.57

C1.76

C1.15

C0.55

C0.68

C0.22

C0.24

C2.66

C1.90

C0.74

C0.99

C0.50

C0.43

C2.91

C2.05

C0.74

C1.06

C0.49

C0.41

SHOPPING BASKET 20169

Channel Mix11

Mercadona Coca-Cola El PozoDia Campofrio

41%

Carrefour

Retailer

67.4%

Food Service

30.8%

GroceryStore

1.8%

MARKET STRUCTURE 2015

Main Retailers10 Main Brands11

Private LabelProportion13


APPENDICES


APPENDIX I:Food and Beverage Attractiveness Index 2016: Detailed and Comparative DataThis appendix gathers all of the data used in the elaboration of the Food and Beverage Attractiveness Index

2016 and its comparison with data from previous year.


15% 35% 50%

5% 10% 10% 40%25% 10%


2

1

3

5

6

4

7

8

9

10

14

12

13

16

15

17

20

18

22

11

19

21

24

23

25

26

27

28

30

29

32

31

33

40

38

35

36

45

34

44

41

42

Ranking2016

Ranking2015

Var. Ranking2015-2016 Country GDP per Capita TotalTotal Population Consumer

ExpenditureLegal Framework Middle Class Total Imports

China

United States

Germany

United Kingdom

India

Japan

France

Netherlands

Italy

Canada

Hong Kong

Belgium

Spain

Switzerland

Norway

Sweden

South Korea

Australia

Mexico

Russia

Denmark


New Zealand

Finland

Austria

Ireland

Singapore

Portugal

Poland

Saudi Arabia

Malaysia

Israel

Lithuania

Indonesia

Turkey

Estonia

Czech Republic

Croatia

Greece

Taiwan

Latvia

Thailand

0.39

2.70

1.99

2.13

0.07

1.56

1.82

2.14

1.44

2.12

2.03

1.95

1.26

3.98

3.69

2.36

1.32

2.49

0.45

0.40

2.48

1.70

1.78

2.03

2.10

2.36

2.57

0.91

0.60

0.96

0.47

1.72

0.68

0.15

0.44

0.83

0.83

0.55

0.84

1.06

0.65

0.25

5.59

9.68

9.26

9.73

3.14

8.24

8.62

8.56

7.66

9.31

9.79

7.77

8.30

8.67

9.57

9.63

9.84

9.36

8.03

7.34

9.89

8.40

9.95

9.52

8.94

9.15

10.00

8.83

8.72

5.69

9.10

7.23

8.99

4.26

7.13

9.20

8.14

7.93

6.86

9.47

8.88

7.45

25.00

5.86

1.48

1.18

23.22

2.31

1.17

0.31

1.12

0.65

0.13

0.20

0.83

0.15

0.09

0.18

0.92

0.43

2.19

2.56

0.10

0.17

0.08

0.10

0.16

0.08

0.10

0.19

0.70

0.56

0.56

0.15

0.05

4.64

1.42

0.02

0.19

0.08

0.20

0.43

0.04

1.25

10.00

2.55

1.33

0.88

6.70

1.66

0.89

0.25

0.92

0.43

0.04

0.15

0.57

0.10

0.07

0.13

0.64

0.21

0.92

1.66

0.08

0.01

0.04

0.09

0.11

0.05

0.03

0.13

0.45

0.13

0.20

0.06

0.03

1.57

0.68

0.02

0.16

0.04

0.13

0.21

0.02

0.51

1.72

6.15

5.48

5.86

0.70

6.62

6.85

5.63

6.14

5.78

9.85

6.42

4.92

10.00

9.04

7.06

3.91

7.51

3.37

3.21

6.92

6.98

8.20

7.77

5.87

5.44

3.22

5.69

3.15

4.22

2.47

6.62

5.62

1.39

3.22

5.38

3.68

5.55

4.94

3.78

4.67

2.05

30.52

40.00

25.61

20.00

5.55

17.40

17.00

17.16

13.83

11.14

7.56

11.06

10.82

2.60

2.38

4.93

7.64

4.01

8.68

8.38

4.00

5.76

1.30

1.56

3.74

3.30

3.44

3.14

5.15

6.84

4.61

1.49

1.16

4.28

3.35

0.46

2.74

0.84

1.99

-

0.62

3.29

73.20

66.94

45.15

39.78

39.36

37.78

36.34

34.05

31.10

29.42

29.41

27.55

26.71

25.50

24.85

24.28

24.27

24.01

23.64

23.54

23.48

23.03

21.35

21.08

20.91

20.38

19.37

18.89

18.78

18.40

17.41

17.27

16.54

16.28

16.23

15.91

15.74

14.98

14.97

14.94

14.89

14.79

FBA INDEX 2016

Score/100

1

-1

0

1

1

-2

0

0

0

0

3

0

0

2

0

1

3

0

3

-9

-2

-1

1

-1

0

0

0

0

1

-1

1

-1

0

6

3

-1

-1

7

-5

4

0

0

▲

▼

►

▲

▲

▼

►

►

►

►

▲

►

►

▲

►

▲

▲

►

▲

▼

▼

▼

▲

▼

►

►

►

►

▲

▼

▲

▼

►

▲

▲

▼

▼

▲

▼

▲

►

▲

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42



15% 35% 50%

5% 10% 10% 40%25% 10%


43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

51

48

39

43

46

37

49

47

62

53

58

55

50

56

64

54

69

60

57

52

59

63

67

72

75

66

65

73

71

61

68

78

70

77

80

79

74

82

76

81

Ranking2016

Ranking2015

Var. Ranking2015-2016 Country GDP per Capita TotalTotal Population Consumer

ExpenditureLegal Framework Middle Class Total Imports

Kazakhstan

Slovenia

Qatar

Slovakia

Romania

Brazil

Chile

Peru

Vietnam

Hungary

Macedonia

Belarus

Colombia

Egypt

Philippines

Bahrain

Costa Rica

Bulgaria

Georgia

South Africa

Kuwait

Uruguay

Azerbaijan

Argentina

Serbia

Guatemala

Morocco

Jordan

Ukraine

Nigeria

Dominican Republic

Bosnia-Herzegovina

Tunisia

Algeria

Kenya

Ecuador

Iran

Bolivia

Venezuela

Cameroon

0.52

0.99

3.82

0.76

0.41

0.41

0.63

0.26

0.09

0.57

0.22

0.30

0.26

-

0.13

1.15

0.50

0.30

0.17

0.27

1.44

0.77

0.31

0.64

0.23

0.17

0.13

0.26

0.09

0.12

0.31

0.18

0.18

0.20

0.05

0.28

0.23

0.13

0.19

0.04

7.87

8.51

6.44

8.51

8.09

3.88

7.50

7.39

5.27

7.82

9.41

7.71

7.18

3.09

4.57

6.60

6.97

8.03

8.78

6.17

4.68

5.16

6.70

3.62

6.91

5.74

6.06

4.04

5.64

1.06

5.11

5.85

6.12

1.38

4.31

3.83

3.78

1.70

0.16

0.90

0.33

0.04

0.04

-

0.39

3.69

0.32

0.58

1.67

0.18

-

0.17

0.88

1.59

1.84

0.02

0.09

0.13

0.08

0.96

0.07

0.06

0.17

0.77

0.13

0.30

0.61

0.12

0.83

3.25

0.20

-

0.20

0.71

0.83

0.28

-

0.21

0.56

0.42

0.17

0.03

0.01

0.08

0.23

1.52

0.19

0.20

0.32

0.13

0.01

0.11

0.30

0.78

0.49

-

0.03

0.08

0.02

0.24

0.01

0.03

0.07

0.42

0.07

0.07

0.17

0.04

0.27

0.60

0.08

0.03

0.08

0.24

0.06

0.09

0.64

0.04

0.23

0.04

4.79

4.35

3.34

3.77

3.63

2.00

3.10

3.63

1.03

2.76

2.58

2.77

1.58

2.38

1.96

3.81

3.45

2.10

1.98

1.81

3.39

4.57

2.81

4.29

2.41

3.08

1.63

4.19

1.30

2.54

2.75

2.50

1.47

1.60

1.24

1.97

1.19

1.40

1.87

0.97

0.96

0.68

0.93

1.44

1.73

2.93

1.80

1.31

4.65

1.50

0.22

1.12

1.68

4.00

2.84

0.20

0.53

0.80

0.32

1.76

1.54

0.33

0.37

0.47

0.39

0.78

1.46

1.13

1.20

1.70

0.74

0.46

0.67

3.22

0.53

0.54

-

0.22

0.50

0.49

14.64

14.59

14.57

14.55

14.47

14.44

13.54

13.37

13.02

12.97

12.45

12.18

11.88

11.84

11.83

11.78

11.57

11.45

11.35

11.22

11.13

10.92

10.44

10.20

10.15

10.14

10.07

9.79

9.32

9.28

9.18

9.02

8.72

7.35

7.03

6.99

5.84

3.70

3.53

2.86

FBA INDEX 2016

Score/100

8

4

-6

-3

-1

-11

0

-3

11

1

5

1

-5

0

7

-4

10

0

-4

-10

-4

-1

2

6

8

-2

-4

3

0

-11

-5

4

-5

1

3

1

-5

2

-5

-1

▲

▲

▼

▼

▼

▼

►

▼

▲

▲

▲

▲

▼

►

▲

▼

▲

►

▼

▼

▼

▼

▲

▲

▲

▼

▼

▲

►

▼

▼

▲

▼

▲

▲

▲

▼

▲

▼

▼


APPENDIX III:Vademecum Data SourcesThis appendix gathers the sources and references used in the elaboration and analysis of the 2016 Vademecum

on Food and Beverage Markets. It provides the sources used to prepare the Food and Beverage Attractiveness

Index and the references and sources used in the elaboration of the country profiles.

1. FOOD AND BEVERAGE ATTRACTIVENESS INDEX

ECONOMICAND LEGAL

POPULATION

FOODAND BEVERAGE

GDP per Capita

Legal Framework

Total Population

Middle-Class Households

Consumer Expenditureper Capita

Total Foodand Beverage Imports

World Economic Outlook Database, International Monetary Fund

World Bank and International Finance Corporation


Compiled from Euromonitor data, Euromonitor International



www.imf.org

www.doingbusiness.org

www.imf.org

www.euromonitor.com

www.euromonitor.com

www.euromonitor.com

2015

2015

2015

2015

2015

2015

Gross domestic product per Capita, Current Prices, US$, Units

Ease of Doing Business

Millions

Number of Households with an annual disposable income of over US$15,000 (PPP) and up to US$100,000 (PPP) ‘000

C per Capita / Current Prices

US$ / millions

Pillar Indicator Definition Source Year Link

2. ECONOMY

ECONOMY GDP

GDP per Capita

GDP per Capita Growth Rate 2014-2015

Labor Force

Unemployment Rate

Inflation Rate (consumer prices)



Compiled from the WorldEconomic Outlook Database,International Monetary Fund

World Bank data



www.imf.org

www.imf.org

www.imf.org

www.data.worldbank.org

www.imf.org

www.imf.org

2015

2015

2015

2014

2015

2015

Gross domestic product based on purchasing-power-parity, current prices, US$, units

Gross domestic product per Capita, Current Prices, US$, Units

Gross domestic product annual percent change

Labor force participation rate is the proportion of the population that is economically active

Percent of total labor force

Annual percent change

Category Data Definition Source Year Link


3. COMPETITIVENESS AND BUSINESS ENVIRONMENT

COMPETITIVENESS AND BUSINESS ENVIRONMENT

Logistics Performance Index

Enabling Trade Index

Global Competitiveness Index

Ease of Doing Business

Corruption PerceptionIndex

Pump Price

World Bank

World Economic Forum

World Economic Forum

World Bank and International Finance Corporation

Transparency International

World Bank data

www.lpi.worldbank.org

www.weforum.org

www.weforum.org

www.doingbusiness.org

www.transparency.org

www.data.worldbank.org/indicator/EP.PMP.DESL.CD?display=default

2014

2014

2015

2015

2015

2012

Measures the logistics friendliness of 158 countries based on the following indicators: efficiency of the clearance process (i.e., speed, simplicity and predictability of formalities) byborder control agencies, including customs; the quality of trade and transport-related infrastructure (e.g., ports, railroads, roads, information technology); the ease of arrangingcompetitively priced shipments; the competence and quality of logistics services (e.g., transport operators, customs brokers); the ability to track and trace consignments and the timeliness of shipments in reaching destinations within the scheduled or expected delivery time

Measures the extent to which individual economies have developed institutions, policies and services facilitating the free flow of goods over borders and to destinations: market access, border administration, transport and communications infrastructure and business environment impacting importers and exporters in the country

Compares factors underpinning national competitiveness such as institutions, infrastructure, macroeconomic environment, health, education, goods and market efficiency, business and innovation, among others. The infrastructure index measures the quality of roads, railroads, ports and air transport. Electricity supplies and the extensiveness of telecommunications networks are also measured

Takes into account the strength and security of legal institutions and the complexity and cost of regulatory processes in conducting business in 189 countries

The index scores 168 countries and territories on a scale from 0 (highly corrupt) to 100 (very clean). It score countries on how corrupt their public sectors are seen to be

Fuel prices refer to the pump pricesof the most widely sold grade of gasoline.US$ per liter



4. DEMOGRAPHICS

MARKET OPPORTUNITY / DEMOGRAPHICS

Total Population

Population Growth Rate

Age Structure

UrbanPopulation

% Urban Population

Major Cities

Migration %Over Population and Origins of migration

Pyramid age


Compiled from the WorldEconomic Outlook Database,International Monetary Fund

World Bank data

World Development Indicators: Urbanization, World Bank data

World Development Indicators: Urbanization, World Bank data

UN Population Division, Demographic Statistics Database

Compiled from Trends in International Migration, United Nations Department of Economic and Social Affairs

World Bank Data. Populations estimates and projections

www.imf.org

www.imf.org

www.databank.worldbank.org



www.worldpopulationreview.com

www.un.org/esa/population


2015

2014-2015

2015

2014

2015

2015

2013

2015

Amount of population in millions

Percentage of annual population variation

Urban population refers to people living in urban areas as defined by national statistical offices. It is calculated using World Bank population estimates and urban ratios from the United Nations World Urbanization Prospects

Population living in capital and biggest cities.Data refers either to cities or to urban agglomerations

Migrants % and origins

It illustrates the age and sex structure of a country’s population



5. HOUSEHOLDS

MARKET OPPORTUNITY / HOUSEHOLDSBY ANNUAL DISPOSABLEINCOME

Lower-Class Households

Middle-Class Households

Upper-Class Households




www.euromonitor.com

www.euromonitor.com

www.euromonitor.com

2015

2015

2015

Households with an annual disposableincome of over US$500 (PPP) and upto US$15,000 (PPP)

Households with an annual disposableincome of over US$15,000 (PPP) and upto US$100,000 (PPP)

Households with an annual disposableincome of over US$100,000 (PPP)


6. TRADE PARTNERS

TRADE PARTNERS Trade Partners

Number of documentsto import

Median time (days) to import

Number of documentsto export

Median time (days) to export


World Bank data

World Bank data

World Bank data

World Bank data

www.euromonitor.com




2015

2014

2014

2014

2014

% of total imports and exports by originand destination

All documents required per shipmentto import goods are recorded. Data isfrom the Ease of Doing Business project

Lead time to import is the median time (the value for 50% of shipments) from port of discharge to arrival at the consignee. Data is from the Logistics Performance Index survey

All documents required per shipmentto export goods are recorded. Data isfrom the Ease of Doing Business project

Lead time to export is the median time (the value for 50% of shipments) from shipment point to port of loading. Data is from the Logistics Performance Index survey




7. IMPORTS / 8. EXPORTS

IMPORTSAND EXPORTS

Total Foodand BeverageImports/Exports

Historic Imports and Exports, Trends

Compiled from UNComtrade

Compiled from International Merchandise Trade Statistics, United Nations

Compiled from International Merchandise Trade Statistics, United Nations

www.data.un.org

www.data.un.org

www.data.un.org mtrade.un.org

2014

2014

Total imports and exports include the following commodities: meat products, fish products, dairy products and eggs, bakery and cereals, fruit and vegetables, sugar, confitery products, coffee, tea and cocoa, fats and oils, and beverages (alcoholic and non-alcoholic drinks)

US$ / millions / total imports and exports for 2010, 2011, 2012, 2013 and 2014.

Category definitions and commodities include:

Bakery and Cereals: cereals, flour, pastries, bread, biscuits

Meat Products: meat, edible meat and food preparations

Fish Products: fish, crustaceans, mollusks, aquatic invertebrates and food preparations

Fats and Oils: animal and vegetable fats and oils, cleavage products

Dairy Products and Eggs: milk, yogurt, cheese, butter, eggs, honey

Fruit and Vegetables: edible fruit, nuts, citrus fruit peel, melons, edible vegetables and certain roots and tubers and food preparation

Sugars and Sugar Confectionery: sugars and sugar confectionery

Hot Drinks and Spices: cocoa and cocoa preparations, coffee, tea, mate and spices

Water, Juices and Non-alcoholic Drinks: non-alcoholic beverages, ice, mineral, potable and aerated waters not sweetened or flavored and beverage waters, sweetened or flavored

High-alcohol Drinks: fermented beverages, whiskies, rum, gins, alcoholic liqueurs

Wine: wine and vinegar

Beer: beer made from malt



10. RETAILERS / 11. BRANDS / 12. CHANNEL MIX / 13. PRIVATE LABEL PROPORTION

Deloitte Research. When needed it has been complemented by other sources of information such as Planet Retail, Kantar or Nielsen data.

9. SHOPPING BASKET

Deloitte Research

14. INSTITUTIONAL CONTACTS

All websites were accessed in April 2016. The names used in this section are the official ones, either in their original language or in English when it is also used by the authority in question. When the original names do not allow for identification of the area of activity and English is not used, they have been translated for better comprehension.

IESE thanks the collaboration and support of:

www.iese.edu/IndustryMeetings

IESE Business School

iesebs

IESE Business School

iese

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MunichMaria-Theresia-Straße 1581675 Munich, Germany(+49) 89 24 20 97 90

Sao PauloRua Martiniano de Carvalho, 573 Bela Vista 01321001 Sao Paulo, Brazil(+55) 11 3177 8221