Sample Report Packaged Food

WWW.EUROMONITOR.
COM
SAMPLE REPORT FOR ILLUSTRATION ONLY
LIST OF CONTENTS AND TABLES

Packaged Food in Argentina - Industry Overview .......................................................................... 1
Executive Summary ........................................................................................................................ 1
Rising Demand Drives Growth.................................................................................................... 1
Fresh Meat Consumption Declines, Impacting the Argentinian Diet .......................................... 1
Inflation Threatens Levels of Consumption of Packaged Food.................................................. 1
Strong Pressure To Discount Driven by Supermarkets/hypermarkets ...................................... 1
Slower Growth Projected for 2012 .............................................................................................. 1
Key Trends and Developments ...................................................................................................... 2
Economic Expansion Driven by Strong Consumer Spending .................................................... 2
Argentinian Diet Changes As Fresh Meat Consumption Declines ............................................. 2
Dynamic Packaged Food Industry Grows Despite Inflation ....................................................... 3
Healthier and More Nutritious Products Prosper Across Packaged Food ................................. 4
Foodservice Key Trends and Developments .............................................................................. 5
Headlines..................................................................................................................................... 5
Trends ......................................................................................................................................... 6
Competitive Landscape............................................................................................................... 6
Prospects..................................................................................................................................... 7
Category Data ............................................................................................................................. 7
Table 1
Table 2
Table 3
Table 4
Foodservice Sales of Packaged Food by Category: Volume 20062011 ............................................................................................................... 7

Foodservice Sales of Packaged Food by Category: % Volume Growth
2006-2011 ...................................................................................................... 8
Forecast Foodservice Sales of Packaged Food by Category: Volume
2011-2016 ...................................................................................................... 9
Forecast Foodservice Sales of Packaged Food by Category: %
Volume Growth 2011-2016 ............................................................................ 9
Impulse and Indulgence Products Key Trends and Developments .......................................... 10

Headlines................................................................................................................................... 10
Trends ....................................................................................................................................... 10
Competitive Landscape............................................................................................................. 11
Prospects................................................................................................................................... 12
Category Data ........................................................................................................................... 12
Table 5
Table 6
Table 7
Table 8
Table 9
Table 10
Table 11
Table 12
Sales of Impulse and Indulgence Products by Category: Volume

2006-2011 .................................................................................................... 12
Sales of Impulse and Indulgence Products by Category: Value 20062011 ............................................................................................................. 13
Sales of Impulse and Indulgence Products by Category: % Volume
Growth 2006-2011 ....................................................................................... 13
Sales of Impulse and Indulgence Products by Category: % Value
Growth 2006-2011 ....................................................................................... 13
Company Shares of Impulse and Indulgence Products 2006-2010............ 14
Brand Shares of Impulse and Indulgence Products 2007-2010 ................. 14
Forecast Sales of Impulse and Indulgence Products by Category:
Volume 2011-2016 ....................................................................................... 15
Forecast Sales of Impulse and Indulgence Products by Category:
Value 2011-2016 .......................................................................................... 16
Euromonitor International
WWW.EUROMONITOR.COM
Table 13
Table 14
Forecast Sales of Impulse and Indulgence Products by Category: %

Volume Growth 2011-2016 .......................................................................... 16
Forecast Sales of Impulse and Indulgence Products by Category: %
Value Growth 2011-2016 ............................................................................. 16
Nutrition/staples Key Trends and Developments ...................................................................... 17

Headlines................................................................................................................................... 17
Trends ....................................................................................................................................... 17
Prospects................................................................................................................................... 18
Category Data ........................................................................................................................... 19
Table 15
Table 16
Table 17
Table 18
Table 19
Table 20
Table 21
Table 22
Table 23
Table 24
Sales of Nutrition/Staples by Category: Volume 2006-2011 ....................... 19

Sales of Nutrition/Staples by Category: Value 2006-2011 .......................... 19
Sales of Nutrition/Staples by Category: % Volume Growth 2006-2011 ...... 20
Sales of Nutrition/Staples by Category: % Value Growth 2006-2011 ......... 20
Company Shares of Nutrition/Staples 2006-2010 ....................................... 21
Brand Shares of Nutrition/Staples 2007-2010 ............................................. 21
Forecast Sales of Nutrition/Staples by Category: Volume 2011-2016 ........ 22
Forecast Sales of Nutrition/Staples by Category: Value 2011-2016 ........... 23
Forecast Sales of Nutrition/Staples by Category: % Volume Growth
2011-2016 .................................................................................................... 23
Forecast Sales of Nutrition/Staples by Category: % Value Growth
2011-2016 .................................................................................................... 23
Meal Solutions Key Trends and Developments ........................................................................ 24

Headlines................................................................................................................................... 24
Trends ....................................................................................................................................... 24
Prospects................................................................................................................................... 26
Category Data ........................................................................................................................... 26
Table 25
Table 26
Table 27
Table 28
Table 29
Table 30
Table 31
Table 32
Table 33
Table 34
Sales of Meal Solutions by Category: Volume 2006-2011 .......................... 26

Sales of Meal Solutions by Category: Value 2006-2011 ............................. 27
Sales of Meal Solutions by Category: % Volume Growth 2006-2011 ......... 27
Sales of Meal Solutions by Category: % Value Growth 2006-2011 ............ 27
Company Shares of Meal Solutions 2006-2010 .......................................... 28
Brand Shares of Meal Solutions 2007-2010 ................................................ 28
Forecast Sales of Meal Solutions by Category: Volume 2011-2016........... 29
Forecast Sales of Meal Solutions by Category: Value 2011-2016 .............. 29
Forecast Sales of Meal Solutions by Category: % Volume Growth
2011-2016 .................................................................................................... 30
Forecast Sales of Meal Solutions by Category: % Value Growth 20112016 ............................................................................................................. 30
Market Data ................................................................................................................................... 30

Table 35
Table 36
Table 37
Table 38
Table 39
Table 40
Table 41
Table 42
Sales of Packaged Food by Category: Volume 2006-2011 ........................ 31

Sales of Packaged Food by Category: Value 2006-2011 ........................... 31
Sales of Packaged Food by Category: % Volume Growth 2006-2011 ....... 32
Sales of Packaged Food by Category: % Value Growth 2006-2011 .......... 33
GBO Shares of Packaged Food 2006-2010 ................................................ 33
NBO Shares of Packaged Food 2006-2010 ................................................ 34
NBO Brand Shares of Packaged Food 2007-2010 ..................................... 35
Penetration of Private Label by Category 2006-2011 ................................. 36
WWW.EUROMONITOR.COM
Table 43
Table 44
Table 45
Table 46
Table 47
Table 48
Sales of Packaged Food by Distribution Format: % Analysis 20062011 ............................................................................................................. 36

Sales of Packaged Food by Category and Distribution Format: %
Analysis 2011 ............................................................................................... 37
Forecast Sales of Packaged Food by Category: Volume 2011-2016 ......... 38
Forecast Sales of Packaged Food by Category: Value 2011-2016 ............ 39
Forecast Sales of Packaged Food by Category: % Volume Growth
2011-2016 .................................................................................................... 40
Forecast Sales of Packaged Food by Category: % Value Growth
2011-2016 .................................................................................................... 40
Definitions...................................................................................................................................... 41
Summary 1
Research Sources ........................................................................................ 41
Packaged Food in Argentina - Company Profiles ........................................................................ 43

Arcor Saic in Packaged Food (argentina)..................................................................................... 43
Strategic Direction ..................................................................................................................... 43
Key Facts................................................................................................................................... 43
Summary 2
Summary 3
Arcor SAIC: Key Facts ................................................................................. 43

Arcor SAIC: Operational Indicators.............................................................. 43
Company Background............................................................................................................... 43
Production ................................................................................................................................. 44
Summary 4
Arcor SAIC: Production Statistics 2009 ....................................................... 45
Competitive Positioning............................................................................................................. 45
Summary 5
Arcor SAIC: Competitive Position 2010 ....................................................... 46
Ca Argentina De Levaduras Saic in Packaged Food (argentina) ............................................... 46

Key Facts................................................................................................................................... 46
Summary 6
Summary 7
Ca Argentina de Levaduras SAIC: Key Facts ............................................ 46

Ca Argentina de Levaduras SAIC: Operational Indicators ......................... 47
Production ................................................................................................................................. 47
Summary 8
Ca Argentina de Levaduras SAIC: Production Statistics 2010 .................. 47
Havanna SA in Packaged Food (argentina) ................................................................................. 48
Key Facts................................................................................................................................... 48
Summary 9
Summary 10
Havanna SA: Key Facts ............................................................................... 48

Havanna SA: Operational Indicators ........................................................... 49
Production ................................................................................................................................. 49
Summary 11
Havanna SA: Production Statistics 2010 ..................................................... 49
Summary 12
Havanna SA: Competitive Position 2010..................................................... 50
Mastellone Hnos SA in Packaged Food (argentina) .................................................................... 50

Key Facts................................................................................................................................... 50
WWW.EUROMONITOR.COM
Summary 13
Summary 14
Mastellone Hnos SA: Key Facts .................................................................. 50

Mastellone Hnos SA: Operational Indicators ............................................... 51
Production ................................................................................................................................. 52
Summary 15
Mastellone Hnos SA: Production Statistics 2010 ........................................ 52
Summary 16
Mastellone Hnos SA: Competitive Position 2010 ........................................ 53
Mccain Argentina SA in Packaged Food (argentina) ................................................................... 53

Key Facts................................................................................................................................... 53
Summary 17
Summary 18
McCain Argentina SA: Key Facts ................................................................ 53

McCain Argentina SA: Operational Indicators ............................................. 54
Production ................................................................................................................................. 54
Summary 19
McCain Argentina SA: Production Statistics 2010 ...................................... 55
Summary 20
Mc Cain Argentina: Competitive Position 2010 ........................................... 55
Molinos Ro De La Plata SA in Packaged Food (argentina) ........................................................ 56

Key Facts................................................................................................................................... 56
Summary 21
Summary 22
Molinos Ro de la Plata SA: Key Facts ........................................................ 56

Molinos Ro de la Plata SA: Operational Indicators .................................... 56
Production ................................................................................................................................. 57
Summary 23
Molinos Ro de la Plata SA: Production Statistics 2010 .............................. 58
Summary 24
Molinos Ro de la Plata SA: Competitive Position 2010 .............................. 59
Quickfood SA in Packaged Food (argentina) ............................................................................... 59

Key Facts................................................................................................................................... 59
Summary 25
Summary 26
Quickfood SA: Key Facts ............................................................................. 59

Quickfood SA: Operational Indicators ......................................................... 59
Production ................................................................................................................................. 60
Summary 27
Quickfood SA: Production Statistics 2010 ................................................... 60
Summary 28
Quickfood SA: Competitive Position 2010 ................................................... 61
Sancor Cooperativas Unidas Ltda in Packaged Food (argentina) ............................................... 61

Key Facts................................................................................................................................... 61
Summary 29
Summary 30
SanCor Cooperativas Unidas Ltda: Key Facts ............................................ 61

SanCor Cooperativas Unidas Ltda: Operational Indicators ........................ 62
WWW.EUROMONITOR.COM
Production ................................................................................................................................. 63
Summary 31
SanCor Cooperativas Unidas Ltda: Competitive Position 2010 .................. 64
Supermercados Mayoristas Makro SA in Packaged Food (argentina) ........................................ 64

Key Facts................................................................................................................................... 64
Summary 32
Summary 33
Supermercados Mayoristas Makro SA: Key Facts ...................................... 64

Supermercados Mayoristas Makro SA: Operational Indicators .................. 64
Production ................................................................................................................................. 65
Baby Food in Argentina - Category analysis ................................................................................ 66
Headlines ...................................................................................................................................... 66
Trends ........................................................................................................................................... 66
Competitive Landscape ................................................................................................................ 67
Prospects ...................................................................................................................................... 68
Category Data ............................................................................................................................... 69
Table 49
Table 50
Table 51
Table 52
Table 53
Table 54
Table 55
Table 56
Table 57
Table 58
Table 59
Table 60
Sales of Baby Food by Category: Volume 2006-2011 ................................ 69

Sales of Baby Food by Category: Value 2006-2011 ................................... 69
Sales of Baby Food by Category: % Volume Growth 2006-2011 ............... 69
Sales of Baby Food by Category: % Value Growth 2006-2011 .................. 70
Soy-based Vs Dairy-based Special Baby Milk Formula % Breakdown
2010 ............................................................................................................. 70
Baby Food Company Shares 2006-2010 .................................................... 70
Baby Food Brand Shares 2007-2010 .......................................................... 71
Sales of Baby Food by Distribution Format: % Analysis 2006-2011........... 71
Forecast Sales of Baby Food by Category: Volume 2011-2016 ................. 72
Forecast Sales of Baby Food by Category: Value 2011-2016 .................... 72
Forecast Sales of Baby Food by Category: % Volume Growth 20112016 ............................................................................................................. 72
Forecast Sales of Baby Food by Category: % Value Growth 20112016 ............................................................................................................. 73
Baked Goods in Argentina - Category analysis............................................................................ 74

Headlines ...................................................................................................................................... 74
Trends ........................................................................................................................................... 74
Prospects ...................................................................................................................................... 76
Category Data ............................................................................................................................... 76
Table 61
Table 62
Table 63
Table 64
Table 65
Table 66
Table 67
Table 68
Table 69
Sales of Baked Goods by Category: Volume 2006-2011............................ 76

Sales of Baked Goods by Category: Value 2006-2011............................... 77
Sales of Baked Goods by Category: % Volume Growth 2006-2011 .......... 77
Sales of Baked Goods by Category: % Value Growth 2006-2011.............. 78
Packaged/Industrial Bread by Type: % Value Breakdown 2006-2011 ....... 78
Packaged/Industrial Cakes: Single Portion vs Multi-pack %
Breakdown by Type 2006-2011 ................................................................... 78
Baked Goods Company Shares 2006-2010 ................................................ 78
Baked Goods Brand Shares 2007-2010...................................................... 79
Sales of Baked Goods by Distribution Format: % Analysis 2006-2011 ...... 79
WWW.EUROMONITOR.COM
Table 70
Table 71
Table 72
Table 73
Forecast Sales of Baked Goods by Category: Volume 2011-2016 ............ 80

Forecast Sales of Baked Goods by Category: Value 2011-2016 ............... 80
Forecast Sales of Baked Goods by Category: % Volume Growth
2011-2016 .................................................................................................... 81
Forecast Sales of Baked Goods by Category: % Value Growth 20112016 ............................................................................................................. 81
Biscuits in Argentina - Category analysis ..................................................................................... 83

Headlines ...................................................................................................................................... 83
Trends ........................................................................................................................................... 83
Prospects ...................................................................................................................................... 84
Category Data ............................................................................................................................... 85
Table 74
Table 75
Table 76
Table 77
Table 78
Table 79
Table 80
Table 81
Table 82
Table 83
Table 84
Sales of Biscuits by Category: Volume 2006-2011 ..................................... 85

Sales of Biscuits by Category: Value 2006-2011 ........................................ 85
Sales of Biscuits by Category: % Volume Growth 2006-2011 .................... 86
Sales of Biscuits by Category: % Value Growth 2006-2011 ....................... 86
Biscuits Company Shares 2006-2010 ......................................................... 86
Biscuits Brand Shares 2007-2010 ............................................................... 87
Sales of Biscuits by Distribution Format: % Analysis 2006-2011................ 88
Forecast Sales of Biscuits by Category: Volume 2011-2016 ...................... 88
Forecast Sales of Biscuits by Category: Value 2011-2016 ......................... 88
Forecast Sales of Biscuits by Category: % Volume Growth 2011-2016 ..... 89
Forecast Sales of Biscuits by Category: % Value Growth 2011-2016 ........ 89
Breakfast Cereals in Argentina - Category analysis ..................................................................... 90

Headlines ...................................................................................................................................... 90
Trends ........................................................................................................................................... 90
Prospects ...................................................................................................................................... 91
Category Data ............................................................................................................................... 92
Table 85
Table 86
Table 87
Table 88
Table 89
Table 90
Table 91
Table 92
Table 93
Table 94
Table 95
Sales of Breakfast Cereals by Category: Volume 2006-2011 ..................... 92

Sales of Breakfast Cereals by Category: Value 2006-2011 ........................ 92
Sales of Breakfast Cereals by Category: % Volume Growth 20062011 ............................................................................................................. 93
Sales of Breakfast Cereals by Category: % Value Growth 2006-2011 ....... 93
Breakfast Cereals Company Shares 2006-2010 ......................................... 93
Breakfast Cereals Brand Shares 2007-2010 ............................................... 94
Sales of Breakfast Cereals by Distribution Format: % Analysis 20062011 ............................................................................................................. 94
Forecast Sales of Breakfast Cereals by Category: Volume 2011-2016 ..... 95
Forecast Sales of Breakfast Cereals by Category: Value 2011-2016 ........ 95
Forecast Sales of Breakfast Cereals by Category: % Volume Growth
2011-2016 .................................................................................................... 96
Forecast Sales of Breakfast Cereals by Category: % Value Growth
2011-2016 .................................................................................................... 96
Canned/preserved Food in Argentina - Category analysis .......................................................... 97

Headlines ...................................................................................................................................... 97
Trends ........................................................................................................................................... 97
Prospects ...................................................................................................................................... 98
WWW.EUROMONITOR.COM
Category Data ............................................................................................................................... 99

Table 96
Table 97
Table 98
Table 99
Table 100
Table 101
Table 102
Table 103
Table 104
Table 105
Table 106
Summary 34
Sales of Canned/Preserved Food by Category: Volume 2006-2011 .......... 99

Sales of Canned/Preserved Food by Category: Value 2006-2011 ............. 99
Sales of Canned/Preserved Food by Category: % Volume Growth
2006-2011 .................................................................................................. 100
Sales of Canned/Preserved Food by Category: % Value Growth
2006-2011 .................................................................................................. 100
Canned/Preserved Food Company Shares 2006-2010 ............................ 100
Canned/Preserved Food Brand Shares 2007-2010 .................................. 101
Sales of Canned/Preserved Food by Distribution Format: % Analysis
2006-2011 .................................................................................................. 101
Forecast Sales of Canned/Preserved Food by Category: Volume
2011-2016 .................................................................................................. 102
Forecast Sales of Canned/Preserved Food by Category: Value 20112016 ........................................................................................................... 102
Forecast Sales of Canned/Preserved Food by Category: % Volume
Growth 2011-2016 ..................................................................................... 103
Forecast Sales of Canned/Preserved Food by Category: % Value
Growth 2011-2016 ..................................................................................... 103
Other Canned/Preserved Food: Product Types ........................................ 103
Chilled Processed Food in Argentina - Category analysis ......................................................... 105

Headlines .................................................................................................................................... 105
Trends ......................................................................................................................................... 105
Competitive Landscape .............................................................................................................. 106
Prospects .................................................................................................................................... 106
Category Data ............................................................................................................................. 106
Table 107
Table 108
Table 109
Table 110
Table 111
Table 112
Table 113
Table 114
Table 115
Table 116
Table 117
Table 118
Table 119
Sales of Chilled Processed Food by Category: Volume 2006-2011 ......... 106

Sales of Chilled Processed Food by Category: Value 2006-2011 ............ 107
Sales of Chilled Processed Food by Category: % Volume Growth
2006-2011 .................................................................................................. 107
Sales of Chilled Processed Food by Category: % Value Growth 20062011 ........................................................................................................... 108
Chilled Processed Meat by Type: % Value Breakdown 2006-2011.......... 108
Chilled Processed Meat: % Share of Chilled Meat Substitute 20062011 ........................................................................................................... 108
Chilled Processed Food Company Shares 2006-2010 ............................. 109
Chilled Processed Food Brand Shares 2007-2010 ................................... 109
Sales of Chilled Processed Food by Distribution Format: % Analysis
2006-2011 .................................................................................................. 110
Forecast Sales of Chilled Processed Food by Category: Volume
2011-2016 .................................................................................................. 110
Forecast Sales of Chilled Processed Food by Category: Value 20112016 ........................................................................................................... 111
Forecast Sales of Chilled Processed Food by Category: % Volume
Growth 2011-2016 ..................................................................................... 111
Forecast Sales of Chilled Processed Food by Category: % Value
Growth 2011-2016 ..................................................................................... 111
Chocolate Confectionery in Argentina - Category analysis ........................................................ 113

Headlines .................................................................................................................................... 113
WWW.EUROMONITOR.COM
Trends ......................................................................................................................................... 113

Prospects .................................................................................................................................... 115
Category Data ............................................................................................................................. 115
Table 120
Table 121
Table 122
Table 123
Table 124
Table 125
Table 126
Table 127
Table 128
Table 129
Table 130
Table 131
Summary 35
Sales of Chocolate Confectionery by Category: Volume 2006-2011 ........ 115

Sales of Chocolate Confectionery by Category: Value 2006-2011 ........... 116
Sales of Chocolate Confectionery by Category: % Volume Growth
2006-2011 .................................................................................................. 116
Sales of Chocolate Confectionery by Category: % Value Growth
2006-2011 .................................................................................................. 117
Chocolate Tablets by Type: % Value Breakdown 2006-2011 ................... 117
Chocolate Confectionery Company Shares 2006-2010 ............................ 117
Chocolate Confectionery Brand Shares 2007-2010 .................................. 118
Sales of Chocolate Confectionery by Distribution Format: % Analysis
2006-2011 .................................................................................................. 118
Forecast Sales of Chocolate Confectionery by Category: Volume
2011-2016 .................................................................................................. 119
Forecast Sales of Chocolate Confectionery by Category: Value 20112016 ........................................................................................................... 119
Forecast Sales of Chocolate Confectionery by Category: % Volume
Growth 2011-2016 ..................................................................................... 120
Forecast Sales of Chocolate Confectionery by Category: % Value
Growth 2011-2016 ..................................................................................... 120
Other Chocolate Confectionery: Product Types ........................................ 121
Gum in Argentina - Category analysis ........................................................................................ 122

Headlines .................................................................................................................................... 122
Trends ......................................................................................................................................... 122
Prospects .................................................................................................................................... 123
Category Data ............................................................................................................................. 124
Table 132
Table 133
Table 134
Table 135
Table 136
Table 137
Table 138
Table 139
Table 140
Table 141
Table 142
Table 143
Sales of Gum by Category: Volume 2006-2011 ........................................ 124

Sales of Gum by Category: Value 2006-2011 ........................................... 124
Sales of Gum by Category: % Volume Growth 2006-2011 ....................... 125
Sales of Gum by Category: % Value Growth 2006-2011 .......................... 125
Leading Flavours for Gum 2006-2011 ....................................................... 125
Gum Company Shares 2006-2010 ............................................................ 125
Gum Brand Shares 2007-2010 .................................................................. 126
Sales of Gum by Distribution Format: % Analysis 2006-2011 .................. 126
Forecast Sales of Gum by Category: Volume 2011-2016......................... 127
Forecast Sales of Gum by Category: Value 2011-2016 ............................ 127
Forecast Sales of Gum by Category: % Volume Growth 2011-2016 ....... 127
Forecast Sales of Gum by Category: % Value Growth 2011-2016........... 127
Sugar Confectionery in Argentina - Category analysis .............................................................. 129

Headlines .................................................................................................................................... 129
Trends ......................................................................................................................................... 129
Prospects .................................................................................................................................... 131
Category Data ............................................................................................................................. 131
Table 144
Sales of Sugar Confectionery by Category: Volume 2006-2011 .............. 131
WWW.EUROMONITOR.COM
Table 145
Table 146
Table 147
Table 148
Table 149
Table 150
Table 151
Table 152
Table 153
Table 154
Table 155
Table 156
Summary 36
Sales of Sugar Confectionery by Category: Value 2006-2011 ................. 132

Sales of Sugar Confectionery by Category: % Volume Growth 20062011 ........................................................................................................... 132
Sales of Sugar Confectionery by Category: % Value Growth 20062011 ........................................................................................................... 132
Sugarised Vs Sugar-free Sugar Confectionery % Breakdown by Type
2011 ........................................................................................................... 133
Pastilles, Gums, Jellies and Chews by Type: % Value Breakdown
2006-2011 .................................................................................................. 133
Sugar Confectionery Company Shares 2006-2010................................... 133
Sugar Confectionery Brand Shares 2007-2010 ........................................ 134
Sales of Sugar Confectionery by Distribution Format: % Analysis
2006-2011 .................................................................................................. 134
Forecast Sales of Sugar Confectionery by Category: Volume 20112016 ........................................................................................................... 135
Forecast Sales of Sugar Confectionery by Category: Value 20112016 ........................................................................................................... 135
Forecast Sales of Sugar Confectionery by Category: % Volume
Growth 2011-2016 ..................................................................................... 136
Forecast Sales of Sugar Confectionery by Category: % Value Growth
2011-2016 .................................................................................................. 136
Other Sugar Confectionery: Product Types............................................... 137
Cheese in Argentina - Category analysis ................................................................................... 138

Headlines .................................................................................................................................... 138
Trends ......................................................................................................................................... 138
Prospects .................................................................................................................................... 140
Category Data ............................................................................................................................. 140
Table 157
Table 158
Table 159
Table 160
Table 161
Table 162
Table 163
Table 164
Table 165
Table 166
Table 167
Table 168
Table 169
Sales of Cheese by Category: Volume 2006-2011 ................................... 140

Sales of Cheese by Category: Value 2006-2011 ...................................... 141
Sales of Cheese by Category: % Volume Growth 2006-2011 .................. 141
Sales of Cheese by Category: % Value Growth 2006-2011 ..................... 141
Spreadable Processed Cheese by Type: % Value Breakdown 20062011 ........................................................................................................... 141
Unprocessed Cheese by Type: % Value Breakdown 2009-2010 ............. 142
Cheese Company Shares 2006-2010 ....................................................... 142
Cheese Brand Shares 2007-2010 ............................................................. 143
Sales of Cheese by Distr bution Format: % Analysis 2006-2011 .............. 143
Forecast Sales of Cheese by Category: Volume 2011-2016 .................... 144
Forecast Sales of Cheese by Category: Value 2011-2016 ....................... 144
Forecast Sales of Cheese by Category: % Volume Growth 2011-2016 ... 145
Forecast Sales of Cheese by Category: % Value Growth 2011-2016 ...... 145
Drinking Mi k Products in Argentina - Category analysis ........................................................... 146

Headlines .................................................................................................................................... 146
Trends ......................................................................................................................................... 146
Prospects .................................................................................................................................... 148
Category Data ............................................................................................................................. 148
Table 170
Sales of Drinking Milk Products by Category: Volume 2006-2011 ........... 148
WWW.EUROMONITOR.COM
Table 171
Table 172
Table 173
Table 174
Table 175
Table 176
Table 177
Table 178
Table 179
Table 180
Table 181
Table 182
Sales of Drinking Milk Products by Category: Value 2006-2011 .............. 149

Sales of Drinking Milk Products by Category: % Volume Growth 20062011 ........................................................................................................... 150
Sales of Drinking Milk Products by Category: % Value Growth 20062011 ........................................................................................................... 150
Chilled Vs Ambient Flavoured Milk Drinks: % Volume Analysis 20072010 ........................................................................................................... 151
Milk by Type: % Value Breakdown 2007-2010 .......................................... 151
Drinking Milk Products Company Shares 2006-2010 ............................... 151
Drinking Milk Products Brand Shares 2007-2010 ..................................... 152
Sales of Drinking Milk Products by Distribution Format: % Analysis
2006-2011 .................................................................................................. 153
Forecast Sales of Drinking Milk Products Products by Category:
Volume 2011-2016 ..................................................................................... 153
Forecast Sales of Drinking Milk Products Products by Category:
Value 2011-2016 ........................................................................................ 154
Forecast Sales of Drinking Milk Products Products by Category: %
Volume Growth 2011-2016 ........................................................................ 155
Forecast Sales of Drinking Milk Products Products by Category: %
Value Growth 2011-2016 ........................................................................... 155
Yoghurt and Sour Milk Drinks in Argentina - Category analysis ................................................ 156
Headlines .................................................................................................................................... 156
Trends ......................................................................................................................................... 156
Prospects .................................................................................................................................... 158
Category Data ............................................................................................................................. 158
Table 183
Table 184
Table 185
Table 186
Table 187
Table 188
Table 189
Table 190
Table 191
Table 192
Table 193
Table 194
Table 195
Table 196
Sales of Yoghurt and Sour Milk Drinks by Category: Volume 20062011 ........................................................................................................... 158
Sales of Yoghurt and Sour Milk Drinks by Category: Value 2006-2011 ... 159
Sales of Yoghurt and Sour Milk Drinks by Category: % Volume
Growth 2006-2011 ..................................................................................... 159
Sales of Yoghurt and Sour Milk Drinks by Category: % Value Growth
2006-2011 .................................................................................................. 159
Soy-based vs Dairy-based Yoghurt % Breakdown 2010 .......................... 159
Leading Flavours for Flavoured Spoonable Yoghurt 2006-2011 .............. 160
Leading Flavours for Fruited Spoonable Yoghurt 2006-2011 ................... 160
Yoghurt and Sour Milk Drinks Company Shares 2006-2010 .................... 160
Yoghurt and Sour Milk Drinks Brand Shares 2007-2010 .......................... 160
Sales of Yoghurt and Sour Milk Drinks by Distr bution Format: %
Analysis 2006-2011 ................................................................................... 161
Forecast Sales of Yoghurt and Sour Milk Drinks by Category: Volume
2011-2016 .................................................................................................. 162
Forecast Sales of Yoghurt and Sour Milk Drinks by Category: Value
2011-2016 .................................................................................................. 162
Forecast Sales of Yoghurt and Sour Milk Drinks by Category: %
Volume Growth 2011-2016 ........................................................................ 162
Forecast Sales of Yoghurt and Sour Milk Drinks by Category: %
Value Growth 2011-2016 ........................................................................... 163
Other Dairy in Argentina - Category analysis ............................................................................. 164
WWW.EUROMONITOR.COM
Headlines .................................................................................................................................... 164

Trends ......................................................................................................................................... 164
Prospects .................................................................................................................................... 165
Category Data ............................................................................................................................. 166
Table 197
Table 198
Table 199
Table 200
Table 201
Table 202
Table 203
Table 204
Table 205
Table 206
Sales of Other Dairy by Category: Volume 2006-2011 ............................. 166

Sales of Other Dairy by Category: Value 2006-2011 ................................ 167
Sales of Other Dairy by Category: % Volume Growth 2006-2011 ............ 167
Sales of Other Dairy by Category: % Value Growth 2006-2011 ............... 168
Cream by Type: % Value Breakdown 2006-2011 ..................................... 168
Sales of Other Dairy by Distribution Format: % Analysis 2006-2011........ 168
Forecast Sales of Other Dairy by Category: Volume 2011-2016 .............. 169
Forecast Sales of Other Dairy by Category: Value 2011-2016 ................. 169
Forecast Sales of Other Dairy by Category: % Volume Growth 20112016 ........................................................................................................... 170
Forecast Sales of Other Dairy by Category: % Value Growth 20112016 ........................................................................................................... 170
Dried Processed Food in Argentina - Category analysis ........................................................... 172

Headlines .................................................................................................................................... 172
Trends ......................................................................................................................................... 172
Prospects .................................................................................................................................... 173
Category Data ............................................................................................................................. 174
Table 207
Table 208
Table 209
Table 210
Table 211
Table 212
Table 213
Table 214
Table 215
Table 216
Table 217
Sales of Dried Processed Food by Category: Volume 2006-2011 ........... 174

Sales of Dried Processed Food by Category: Value 2006-2011 .............. 174
Sales of Dried Processed Food by Category: % Volume Growth 20062011 ........................................................................................................... 174
Sales of Dried Processed Food by Category: % Value Growth 20062011 ........................................................................................................... 175
Dried Processed Food Company Shares 2006-2010 ............................... 175
Dried Processed Food Brand Shares 2007-2010 ..................................... 176
Sales of Dried Processed Food by Distribution Format: % Analysis
2006-2011 .................................................................................................. 176
Forecast Sales of Dried Processed Food by Category: Volume 20112016 ........................................................................................................... 177
Forecast Sales of Dried Processed Food by Category: Value 20112016 ........................................................................................................... 177
Forecast Sales of Dried Processed Food by Category: % Volume
Growth 2011-2016 ..................................................................................... 178
Forecast Sales of Dried Processed Food by Category: % Value
Growth 2011-2016 ..................................................................................... 178
Frozen Processed Food in Argentina - Category analysis ......................................................... 179

Headlines .................................................................................................................................... 179
Trends ......................................................................................................................................... 179
Prospects .................................................................................................................................... 181
Category Data ............................................................................................................................. 182
Table 218
Table 219
Sales of Frozen Processed Food by Category: Volume 2006-2011 ......... 182

Sales of Frozen Processed Food by Category: Value 2006-2011 ............ 182
WWW.EUROMONITOR.COM
Table 220
Table 221
Table 222
Table 223
Table 224
Table 225
Table 226
Table 227
Table 228
Table 229
Table 230
Table 231
Table 232
Table 233
Summary 37
Sales of Frozen Processed Food by Category: % Volume Growth

2006-2011 .................................................................................................. 183
Sales of Frozen Processed Food by Category: % Value Growth 20062011 ........................................................................................................... 183
Frozen Processed Fish/Seafood by Type: % Value Breakdown 20062011 ........................................................................................................... 183
Frozen Processed Poultry by Type: % Value Breakdown 2006-2011 ...... 184
Frozen Processed Red Meat by Type: % Value Breakdown 20062011 ........................................................................................................... 184
Frozen Processed Vegetables by Type: % Value Breakdown 20062011 ........................................................................................................... 184
Other Frozen Processed Food by Type: % Value Breakdown 20062011 ........................................................................................................... 184
Frozen Processed Food Company Shares 2006-2010 ............................. 185
Frozen Processed Food Brand Shares 2007-2010 ................................... 185
Sales of Frozen Processed Food by Distribution Format: % Analysis
2006-2011 .................................................................................................. 186
Forecast Sales of Frozen Processed Food by Category: Volume
2011-2016 .................................................................................................. 186
Forecast Sales of Frozen Processed Food by Category: Value 20112016 ........................................................................................................... 187
Forecast Sales of Frozen Processed Food by Category: % Volume
Growth 2011-2016 ..................................................................................... 188
Forecast Sales of Frozen Processed Food by Category: % Value
Growth 2011-2016 ..................................................................................... 188
Other Frozen Processed Food: Product Types ......................................... 188
Ice Cream in Argentina - Category analysis ............................................................................... 190

Headlines .................................................................................................................................... 190
Trends ......................................................................................................................................... 190
Prospects .................................................................................................................................... 192
Category Data ............................................................................................................................. 193
Table 234
Table 235
Table 236
Table 237
Table 238
Table 239
Table 240
Table 241
Table 242
Table 243
Table 244
Table 245
Table 246
Table 247
Table 248
Table 249
Sales of Ice Cream by Category: Volume 2006-2011 ............................... 193

Sales of Ice Cream by Category: Value 2006-2011 .................................. 193
Sales of Ice Cream by Category: % Volume Growth 2006-2011 .............. 194
Sales of Ice Cream by Category: % Value Growth 2006-2011 ................. 194
Leading Flavours for Ice Cream 2006-2011 .............................................. 194
Ice Cream Company Shares 2006-2010 ................................................... 195
Ice Cream Brand Shares 2007-2010 ......................................................... 195
Impulse Ice Cream Company Shares 2006-2010 ..................................... 196
Impulse Ice Cream Brand Shares 2007-2010 ........................................... 196
Take-home Ice Cream Company Shares 2006-2010 ............................... 196
Take-home Ice Cream Brand Shares 2007-2010 ..................................... 197
Sales of Ice Cream by Distribution Format: % Analysis 2006-2011 ......... 197
Forecast Sales of Ice Cream by Category: Volume 2011-2016 ................ 198
Forecast Sales of Ice Cream by Category: Value 2011-2016 ................... 198
Forecast Sales of Ice Cream by Category: % Volume Growth 20112016 ........................................................................................................... 199
Forecast Sales of Ice Cream by Category: % Value Growth 20112016 ........................................................................................................... 199
WWW.EUROMONITOR.COM
Meal Replacement in Argentina - Category analysis ................................................................. 201

Headlines .................................................................................................................................... 201
Trends ......................................................................................................................................... 201
Prospects .................................................................................................................................... 202
Category Data ............................................................................................................................. 203
Table 250
Table 251
Table 252
Table 253
Table 254
Table 255
Table 256
Table 257
Table 258
Table 259
Table 260
Table 261
Sales of Meal Replacement by Category: Volume 2006-2011 ................. 203

Sales of Meal Replacement by Category: Value 2006-2011 .................... 203
Sales of Meal Replacement by Category: % Volume Growth 20062011 ........................................................................................................... 203
Sales of Meal Replacement by Category: % Value Growth 2006-2011 ... 204
Meal Replacement Slimming by Type: % Value Breakdown 20062011 ........................................................................................................... 204
Meal Replacement Company Shares 2006-2010 ..................................... 204
Meal Replacement Brand Shares 2007-2010 ........................................... 204
Sales of Meal Replacement by Distribution Format: % Analysis 20062011 ........................................................................................................... 205
Forecast Sales of Meal Replacement by Category: Volume 20112016 ........................................................................................................... 205
Forecast Sales of Meal Replacement by Category: Value 2011-2016 ..... 205
Forecast Sales of Meal Replacement by Category: % Volume Growth
2011-2016 .................................................................................................. 206
Forecast Sales of Meal Replacement by Category: % Value Growth
2011-2016 .................................................................................................. 206
Noodles in Argentina - Category analysis .................................................................................. 207

Headlines .................................................................................................................................... 207
Trends ......................................................................................................................................... 207
Prospects .................................................................................................................................... 208
Category Data ............................................................................................................................. 208
Table 262
Table 263
Table 264
Table 265
Table 266
Table 267
Table 268
Table 269
Table 270
Table 271
Table 272
Table 273
Sales of Noodles by Category: Volume 2006-2011 .................................. 208

Sales of Noodles by Category: Value 2006-2011 ..................................... 209
Sales of Noodles by Category: % Volume Growth 2006-2011 ................. 209
Sales of Noodles by Category: % Value Growth 2006-2011 .................... 209
Leading Instant Noodle Flavours 2006-2011 ............................................ 210
Noodles Company Shares 2006-2010 ...................................................... 210
Noodles Brand Shares 2007-2010 ............................................................ 210
Sales of Noodles by Distr bution Format: % Analysis 2006-2011 ............. 210
Forecast Sales of Noodles by Category: Volume 2011-2016 ................... 211
Forecast Sales of Noodles by Category: Value 2011-2016 ...................... 211
Forecast Sales of Noodles by Category: % Volume Growth 20112016 ........................................................................................................... 211
Forecast Sales of Noodles by Category: % Value Growth 2011-2016 ..... 212
Oils and Fats in Argentina - Category analysis .......................................................................... 213

Headlines .................................................................................................................................... 213
Trends ......................................................................................................................................... 213
Prospects .................................................................................................................................... 214
Category Data ............................................................................................................................. 215
WWW.EUROMONITOR.COM
Table 274
Table 275
Table 276
Table 277
Table 278
Table 279
Table 280
Table 281
Table 282
Table 283
Table 284
Table 285
Sales of Oils and Fats by Category: Volume 2006-2011 .......................... 215

Sales of Oils and Fats by Category: Value 2006-2011 ............................. 215
Sales of Oils and Fats by Category: % Volume Growth 2006-2011 ......... 215
Sales of Oils and Fats by Category: % Value Growth 2006-2011 ............ 216
Vegetable and Seed Oil by Type: % Value Breakdown 2006-2011 ......... 216
Oils and Fats Company Shares 2006-2010 .............................................. 216
Oils and Fats Brand Shares 2007-2010 .................................................... 217
Sales of Oils and Fats by Distribution Format: % Analysis 2006-2011 ..... 218
Forecast Sales of Oils and Fats by Category: Volume 2011-2016 ........... 218
Forecast Sales of Oils and Fats by Category: Value 2011-2016 .............. 219
Forecast Sales of Oils and Fats by Category: % Volume Growth
2011-2016 .................................................................................................. 219
Forecast Sales of Oils and Fats by Category: % Value Growth 20112016 ........................................................................................................... 219
Pasta in Argentina - Category analysis ...................................................................................... 220

Headlines .................................................................................................................................... 220
Trends ......................................................................................................................................... 220
Prospects .................................................................................................................................... 221
Category Data ............................................................................................................................. 222
Table 286
Table 287
Table 288
Table 289
Table 290
Table 291
Table 292
Table 293
Table 294
Table 295
Table 296
Sales of Pasta by Category: Volume 2006-2011 ...................................... 222

Sales of Pasta by Category: Value 2006-2011 ......................................... 222
Sales of Pasta by Category: % Volume Growth 2006-2011 ..................... 223
Sales of Pasta by Category: % Value Growth 2006-2011 ........................ 223
Pasta Company Shares 2006-2010........................................................... 223
Pasta Brand Shares 2007-2010 ................................................................ 223
Sales of Pasta by Distribution Format: % Analysis 2006-2011 ................. 224
Forecast Sales of Pasta by Category: Volume 2011-2016 ....................... 225
Forecast Sales of Pasta by Category: Value 2011-2016 .......................... 225
Forecast Sales of Pasta by Category: % Volume Growth 2011-2016 ...... 225
Forecast Sales of Pasta by Category: % Value Growth 2011-2016 ......... 225
Ready Meals in Argentina - Category analysis .......................................................................... 226

Headlines .................................................................................................................................... 226
Trends ......................................................................................................................................... 226
Prospects .................................................................................................................................... 228
Category Data ............................................................................................................................. 228
Table 297
Table 298
Table 299
Table 300
Table 301
Table 302
Table 303
Table 304
Table 305
Table 306
Table 307
Sales of Ready Meals by Category: Volume 2006-2011 .......................... 228

Sales of Ready Meals by Category: Value 2006-2011 ............................. 229
Sales of Ready Meals by Category: % Volume Growth 2006-2011 ......... 229
Sales of Ready Meals by Category: % Value Growth 2006-2011 ............ 229
Ready Meals: Vegetarian Vs Non-vegetarian % Breakdown by Type
2011 ........................................................................................................... 230
Frozen Ready Meals % Breakdown by Ethnicity 2006-2011 .................... 230
Ready Meals Company Shares 2006-2010............................................... 230
Ready Meals Brand Shares 2007-2010 .................................................... 231
Sales of Ready Meals by Distribution Format: % Analysis 2006-2011 ..... 231
Forecast Sales of Ready Meals by Category: Volume 2011-2016 ........... 232
Forecast Sales of Ready Meals by Category: Value 2011-2016 .............. 232
WWW.EUROMONITOR.COM
Table 308
Table 309
Forecast Sales of Ready Meals by Category: % Volume Growth

2011-2016 .................................................................................................. 232
Forecast Sales of Ready Meals by Category: % Value Growth 20112016 ........................................................................................................... 233
Sauces, Dressings and Condiments in Argentina - Category analysis...................................... 234

Headlines .................................................................................................................................... 234
Trends ......................................................................................................................................... 234
Prospects .................................................................................................................................... 236
Category Data ............................................................................................................................. 237
Summary 38
Table 310
Table 311
Table 312
Table 313
Table 314
Table 315
Table 316
Table 317
Table 318
Table 319
Table 320
Table 321
Other Sauces, Dressings and Condiments: Product Types ...................... 237

Sales of Sauces, Dressings and Condiments by Category: Volume
2006-2011 .................................................................................................. 237
Sales of Sauces, Dressings and Condiments by Category: Value
2006-2011 .................................................................................................. 238
Sales of Sauces, Dressings and Condiments by Category: % Volume
Growth 2006-2011 ..................................................................................... 239
Sales of Sauces, Dressings and Condiments by Category: % Value
Growth 2006-2011 ..................................................................................... 239
Wet/Cooking Sauces by Type: % Value Breakdown 2006-2011 .............. 240
Sauces, Dressings and Condiments Company Shares 2006-2010 .......... 240
Sauces, Dressings and Condiments Brand Shares 2007-2010 ................ 241
Sales of Sauces, Dressings and Condiments by Distribution Format:
% Analysis 2006-2011 ............................................................................... 242
Forecast Sales of Sauces, Dressings and Condiments by Category:
Volume 2011-2016 ..................................................................................... 242
Value 2011-2016 ........................................................................................ 243
% Volume Growth 2011-2016.................................................................... 244
% Value Growth 2011-2016....................................................................... 244
Snack Bars in Argentina - Category analysis ............................................................................. 246

Headlines .................................................................................................................................... 246
Trends ......................................................................................................................................... 246
Prospects .................................................................................................................................... 248
Category Data ............................................................................................................................. 248
Table 322
Table 323
Table 324
Table 325
Table 326
Table 327
Table 328
Table 329
Table 330
Table 331
Sales of Snack Bars by Category: Volume 2006-2011 ............................. 248

Sales of Snack Bars by Category: Value 2006-2011 ................................ 249
Sales of Snack Bars by Category: % Volume Growth 2006-2011 ............ 249
Sales of Snack Bars by Category: % Value Growth 2006-2011 ............... 249
Snack Bars Company Shares 2006-2010 ................................................. 249
Snack Bars Brand Shares 2007-2010 ....................................................... 250
Sales of Snack Bars by Distribution Format: % Analysis 2006-2011 ....... 250
Forecast Sales of Snack Bars by Category: Volume 2011-2016 .............. 251
Forecast Sales of Snack Bars by Category: Value 2011-2016 ................. 251
Forecast Sales of Snack Bars by Category: % Volume Growth 20112016 ........................................................................................................... 251
WWW.EUROMONITOR.COM
Table 332
Forecast Sales of Snack Bars by Category: % Value Growth 20112016 ........................................................................................................... 252
Soup in Argentina - Category analysis ....................................................................................... 253

Headlines .................................................................................................................................... 253
Trends ......................................................................................................................................... 253
Prospects .................................................................................................................................... 255
Category Data ............................................................................................................................. 256
Table 333
Table 334
Table 335
Table 336
Table 337
Table 338
Table 339
Table 340
Table 341
Table 342
Table 343
Table 344
Sales of Soup by Category: Volume 2006-2011 ....................................... 256

Sales of Soup by Category: Value 2006-2011 .......................................... 256
Sales of Soup by Category: % Volume Growth 2006-2011 ...................... 256
Sales of Soup by Category: % Value Growth 2006-2011 ......................... 257
Leading Soup Flavours 2006-2011............................................................ 257
Soup Company Shares 2006-2010 ........................................................... 257
Soup Brand Shares 2007-2010 ................................................................. 257
Sales of Soup by Distribution Format: % Analysis 2006-2011 .................. 258
Forecast Sales of Soup by Category: Volume 2011-2016 ........................ 258
Forecast Sales of Soup by Category: Value 2011-2016 ........................... 259
Forecast Sales of Soup by Category: % Volume Growth 2011-2016 ....... 259
Forecast Sales of Soup by Category: % Value Growth 2011-2016 .......... 259
Spreads in Argentina - Category analysis .................................................................................. 260

Headlines .................................................................................................................................... 260
Trends ......................................................................................................................................... 260
Prospects .................................................................................................................................... 261
Category Data ............................................................................................................................. 262
Table 345
Table 346
Table 347
Table 348
Table 349
Table 350
Table 351
Table 352
Table 353
Table 354
Table 355
Table 356
Sales of Spreads by Category: Volume 2006-2011 .................................. 262

Sales of Spreads by Category: Value 2006-2011 ..................................... 262
Sales of Spreads by Category: % Volume Growth 2006-2011 ................. 263
Sales of Spreads by Category: % Value Growth 2006-2011 .................... 263
Leading Flavours for Jams and Preserves 2006-2011 ............................. 263
Spreads Company Shares 2006-2010 ...................................................... 263
Spreads Brand Shares 2007-2010 ............................................................ 264
Sales of Spreads by Distribution Format: % Analysis 2006-2011............. 265
Forecast Sales of Spreads by Category: Volume 2011-2016 ................... 265
Forecast Sales of Spreads by Category: Value 2011-2016 ...................... 265
Forecast Sales of Spreads by Category: % Volume Growth 20112016 ........................................................................................................... 266
Forecast Sales of Spreads by Category: % Value Growth 2011-2016 ..... 266
Sweet and Savoury Snacks in Argentina - Category analysis ................................................... 267

Headlines .................................................................................................................................... 267
Trends ......................................................................................................................................... 267
Prospects .................................................................................................................................... 269
Category Data ............................................................................................................................. 270
Summary 39
Table 357
Table 358
Other Sweet and savoury snacks: Product Types .................................... 270

Sales of Sweet and Savoury Snacks by Category: Volume 2006-2011 ... 270
Sales of Sweet and Savoury Snacks by Category: Value 2006-2011 ...... 270
WWW.EUROMONITOR.COM
Table 359
Table 360
Table 361
Table 362
Table 363
Table 364
Table 365
Table 366
Table 367
Table 368
Sales of Sweet and Savoury Snacks by Category: % Volume Growth

2006-2011 .................................................................................................. 271
Sales of Sweet and Savoury Snacks by Category: % Value Growth
2006-2011 .................................................................................................. 271
Popcorn by Type: % Value Breakdown 2006-2011 .................................. 271
Sweet and Savoury Snacks Company Shares 2006-2010 ....................... 271
Sweet and Savoury Snacks Brand Shares 2007-2010 ............................. 272
Sales of Sweet and Savoury Snacks by Distribution Format: %
Analysis 2006-2011 ................................................................................... 272
Forecast Sales of Sweet and Savoury Snacks by Category: Volume
2011-2016 .................................................................................................. 273
Forecast Sales of Sweet and Savoury Snacks by Category: Value
2011-2016 .................................................................................................. 273
Forecast Sales of Sweet and Savoury Snacks by Category: %
Volume Growth 2011-2016 ........................................................................ 274
Forecast Sales of Sweet and Savoury Snacks by Category: % Value
Growth 2011-2016 ..................................................................................... 274
WWW.EUROMONITOR.COM
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 (WalMart 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
WWW.EUROMONITOR.COM
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
Content removed from sample
Current impact
Outlook
Future impact
Argentinian Diet Changes As Fresh Meat Consumption Declines

WWW.EUROMONITOR.COM
Current Impact
Outlook
Future Impact
Dynamic Packaged Food Industry Grows Despite Inflation
WWW.EUROMONITOR.COM
Current impact
Outlook
Future impact
Healthier and More Nutritious Products Prosper Across Packaged Food

Current Impact
WWW.EUROMONITOR.COM
Outlook
Future Impact
FOODSERVICE KEY TRENDS AND DEVELOPMENTS

Headlines
WWW.EUROMONITOR.COM
Trends
Competitive Landscape
WWW.EUROMONITOR.COM
Prospects
Category Data
Table 51
Foodservice Sales of Packaged Food by Category: Volume 2006-2011

2006
Baby Food (Not

calculable)
Bakery ( tonnes)
Canned/Preserved Food (
tonnes)
Chilled Processed Food
( tonnes)
Confectionery ( tonnes)
Dairy (Not calculable)
Dried Processed Food (
tonnes)
2007
2008
2009
Data removed from sample
2010
2011
WWW.EUROMONITOR.COM
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)
Source:
Table 52
Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Foodservice Sales of Packaged Food by Category: % Volume Growth 20062011

2010/11
Baby Food (Not calculable)

Bakery (% volume growth)
Canned/Preserved Food (% volume growth)
Chilled Processed Food (% volume growth)
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)
Source:
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Table 53
Forecast Foodservice Sales of Packaged Food by Category: Volume 20112016

2011
Baby Food (Not

calculable)
Bakery ( tonnes)
Canned/Preserved Food (
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)
Source:
Table 54
2012
2013
2014
2015
2016
Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Forecast Foodservice Sales of Packaged Food by Category: % Volume

Growth 2011-2016
2015/16

2011-16 CAGR
2011/16 Total
WWW.EUROMONITOR.COM

volume growth)
growth)
calculable)
Source:
trade sources
IMPULSE AND INDULGENCE PRODUCTS KEY TRENDS AND

DEVELOPMENTS
Headlines
Trends
WWW.EUROMONITOR.COM
WWW.EUROMONITOR.COM
Prospects
Category Data
Table 55
Sales of Impulse and Indulgence Products by Category: Volume 2006-2011

2006
Confectionery ('000
tonnes)
Pastries ('000 tonnes)
Cakes ('000 tonnes)
Biscuits ('000 tonnes)
Ice Cream (million
litres)
Sweet and Savoury
Snacks ('000 tonnes)
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Snack Bars ('000 tonnes)

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

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

2006-2011
% current value growth

2010/11
Confectionery
Pastries
Cakes
Biscuits
Ice Cream
Snack Bars
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Source:
Table 59
Company Shares of Impulse and Indulgence Products 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
100.0
100.0
100.0
2009
2010
Total
Source:
100.0
100.0
Table 60
Brand Shares of Impulse and Indulgence Products 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
Table 61
100.0
100.0
100.0
2015
2016
Forecast Sales of Impulse and Indulgence Products by Category: Volume

2011-2016
2011
Confectionery ('000
tonnes)
Pastries ('000 tonnes)
Cakes ('000 tonnes)
Biscuits ('000 tonnes)
Ice Cream (million
litres)
Sweet and Savoury
Source:
100.0
2012
2013
2014
trade sources
WWW.EUROMONITOR.COM
Table 62
Forecast Sales of Impulse and Indulgence Products by Category: Value 20112016
Peso million
2011
Confectionery
Pastries
Cakes
Biscuits
Ice Cream
Snack Bars
Products
Source:
2012
2013
2014
2015
2016
trade sources
Table 63
Forecast Sales of Impulse and Indulgence Products by Category: % Volume

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

Growth 2011-2016
% constant value growth

2011-16 CAGR
Confectionery
Pastries
Cakes
Biscuits
Ice Cream
Snack Bars
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
NUTRITION/STAPLES KEY TRENDS AND DEVELOPMENTS

Headlines
Trends
WWW.EUROMONITOR.COM
Prospects
WWW.EUROMONITOR.COM
Category Data
Table 65
Sales of Nutrition/Staples by Category: Volume 2006-2011

2006
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)
Source:
Table 66
2007
2008
2009
Sales of Nutrition/Staples by Category: Value 2006-2011
2010
2011
WWW.EUROMONITOR.COM
Peso million
2006
Bread
Breakfast Cereals
Dairy
Meal Replacement Products
Oils and Fats
Baby Food
Spreads
Pasta
Noodles
Rice
Nutrition/Staples
Source:
Table 67
2007
2008
2011
Sales of Nutrition/Staples by Category: % Volume Growth 2006-2011
Bread (% volume growth)

Breakfast Cereals (% volume growth)
Meal Replacement Products (% volume
growth)
Rice (% volume growth)
Table 68
2010
2010/11
Source:
2009
2006-11 CAGR
2006/11 Total
Sales of Nutrition/Staples by Category: % Value Growth 2006-2011

2010/11
Bread
Breakfast Cereals
Dairy
Oils and Fats
Baby Food
Spreads
Pasta
Noodles
Rice
Nutrition/Staples
Source:
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Table 69
Company Shares of Nutrition/Staples 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
100.0
100.0
100.0
2009
2010
Total
Source:
100.0
100.0
Table 70
Brand Shares of Nutrition/Staples 2007-2010
% retail value rsp

Brand
Company
2007

Unidas Ltda
2008
WWW.EUROMONITOR.COM
Total
Source:
Table 71
100.0
100.0
100.0
100.0
2015
2016
Forecast Sales of Nutrition/Staples by Category: Volume 2011-2016

2011
Bread ('000 tonnes)

Breakfast Cereals ('000
tonnes)
Meal Replacement
Products ('000 tonnes)
Oils and Fats ('000
tonnes)
Baby Food (Not
calculable)
Pasta ('000 tonnes)
Rice ('000 tonnes)
calculable)
2012
2013
2014
WWW.EUROMONITOR.COM
Source:
trade sources
Table 72
Forecast Sales of Nutrition/Staples by Category: Value 2011-2016
Peso million
2011
Bread
Breakfast Cereals
Dairy
Oils and Fats
Baby Food
Spreads
Pasta
Noodles
Rice
Nutrition/Staples
Source:
Table 73
2012
2013
2016
trade sources
Forecast Sales of Nutrition/Staples by Category: % Volume Growth 20112016
Bread (% volume growth)

Breakfast Cereals (% volume growth)
Meal Replacement Products (% volume
growth)
Rice (% volume growth)
Table 74
2015
2015/16
Source:
2014
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Nutrition/Staples by Category: % Value Growth 2011-2016

2011-16 CAGR
Bread
Breakfast Cereals
Dairy
Oils and Fats
Baby Food
Spreads
Pasta
Noodles
2011/16 TOTAL
WWW.EUROMONITOR.COM
Rice
Nutrition/Staples
Source:
trade sources
MEAL SOLUTIONS KEY TRENDS AND DEVELOPMENTS

Headlines
Trends
WWW.EUROMONITOR.COM
WWW.EUROMONITOR.COM
Prospects
Category Data
Table 75
Sales of Meal Solutions by Category: Volume 2006-2011
'000 tonnes
2006
Ready Meals
Canned/Preserved Food
Frozen Processed Food
Dessert Mixes
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Dinner Mixes
Condiments
Soup
Meal Solutions
Source:
Table 76
Sales of Meal Solutions by Category: Value 2006-2011
Peso million
2006
Ready Meals
Dessert Mixes
Dinner Mixes
Condiments
Soup
Meal Solutions
Source:
2007
2008
2009
2010
2011
Table 77
Sales of Meal Solutions by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Ready Meals
Dessert Mixes
Dinner Mixes
Sauces, Dressings and Condiments
Soup
Meal Solutions
Source:
Table 78
2006-11 CAGR
2006/11 Total
Sales of Meal Solutions by Category: % Value Growth 2006-2011

2010/11
Ready Meals
Dessert Mixes
Dinner Mixes
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM

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

Company
2006
2007
2008
2009
2010
100.0
100.0
100.0
2009
2010
Total
Source:
100.0
100.0
Table 80
Brand Shares of Meal Solutions 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
2015
2016
Table 81
Forecast Sales of Meal Solutions by Category: Volume 2011-2016
'000 tonnes
2011
Ready Meals
Dessert Mixes
Dinner Mixes
Condiments
Soup
Meal Solutions
Source:
Table 82
2012
2013
2014
trade sources
Forecast Sales of Meal Solutions by Category: Value 2011-2016
WWW.EUROMONITOR.COM
Peso million
2011
Ready Meals
Dessert Mixes
Dinner Mixes
Condiments
Soup
Meal Solutions
Source:
2012
2013
2014
2015
2016
trade sources
Table 83
Forecast Sales of Meal Solutions by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Ready Meals
Dessert Mixes
Dinner Mixes
Soup
Meal Solutions
Source:
Table 84
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Meal Solutions by Category: % Value Growth 2011-2016

2011-16 CAGR
Ready Meals
Dessert Mixes
Dinner Mixes
Soup
Meal Solutions
Source:
trade sources
MARKET DATA
2011/16 TOTAL
WWW.EUROMONITOR.COM
Table 85
Sales of Packaged Food by Category: Volume 2006-2011

2006
2007
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)
Source:
Notes:
2008
2009
2010
2011
2010
2011
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
Baby Food
Bakery
Confectionery
2007
2008
2009
WWW.EUROMONITOR.COM
Dairy
Ice Cream
Meal Replacement
Noodles
Oils and Fats
Pasta
Ready Meals
Condiments
Snack Bars
Soup
Spreads
Products
Nutrition/Staples
Meal Solutions
Packaged Food
Source:
Notes:
Table 87
Sales of Packaged Food by Category: % Volume Growth 2006-2011

2010/11

volume growth)
growth)
calculable)
Source:
Notes:
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
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
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
Source:
Notes:
2006-11 CAGR
2006/11 Total
Table 89
GBO Shares of Packaged Food 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2009
2010
Table 90
NBO Shares of Packaged Food 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2009
2010
Table 91
NBO Brand Shares of Packaged Food 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM

Total
Source:
100.0
100.0
100.0
100.0
2010
2011
2010
2011
Table 92
Penetration of Private Label by Category 2006-2011
% retail value rsp

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

2006
Store-Based Retailing
- Grocery Retailers
- - Supermarkets/
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
2007
2008
2009
WWW.EUROMONITOR.COM
Non-Store Retailing
- Vending
- Homeshopping
- Internet Retailing
- Direct Selling
Total
Source:
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
Grocery Retailers
Supermarkets/Hypermarkets
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
Grocery Retailers
Discounters
Convenience Stores
Forecourt Retailers
Health and Beauty
Retailers
Other Non-Grocery
Retailers
Non-Store Retailing
Vending
Homeshopping
Internet Retailing
Direct Selling
CPF
CHP
100.0
100.0
100.0
100.0
100.0
100.0
DPF
FPF
IC
MR
NOO
OF
WWW.EUROMONITOR.COM
Total
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
RM
SDC
SB
SOU
SPR
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
Source:
Key:
Table 95
100.0
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
Forecast Sales of Packaged Food by Category: Volume 2011-2016

2011
2012
2013
2014
2015
2016
WWW.EUROMONITOR.COM
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)
Source:
trade sources
Table 96
Forecast Sales of Packaged Food by Category: Value 2011-2016
Peso million
2011
Baby Food
Bakery
Confectionery
Dairy
Ice Cream
Meal Replacement
Noodles
Oils and Fats
2012
2013
2014
2015
2016
WWW.EUROMONITOR.COM
Pasta
Ready Meals
Condiments
Snack Bars
Soup
Spreads
Products
Nutrition/Staples
Meal Solutions
Packaged Food
Source:
Table 97
trade sources
Forecast Sales of Packaged Food by Category: % Volume Growth 2011-2016

2015/16

volume growth)
growth)
calculable)
Source:
Table 98
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Packaged Food by Category: % Value Growth 2011-2016

2011-16 CAGR
Baby Food
Bakery
2011/16 TOTAL
WWW.EUROMONITOR.COM
SAMPLE REPORT FOR ILLUSTRATION ON LY
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
WWW.EUROMONITOR.COM
Production
WWW.EUROMONITOR.COM
Production
Competitive Positioning
WWW.EUROMONITOR.COM
BABY FOOD IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
Baby food grows by 36% in current retail value terms to be worth Peso928 million in 2011
Mead Johnson SA, Nestl Argentina SA, Nutricia-Bag SA and SanCor Cooperativas Unidas
Ltda establish the Asociacin de Empresas de Nutricin Infantil (Child Nutrition Company
Association)
Prepared baby food records the strongest current retail value growth, of 78%, in baby food in
2011, to be worth Peso120 million
Average unit prices in baby food increase by 22% in current retail value terms in 2011
Nestl Argentina SA leads in baby food, with a 40% retail value share in 2010
Baby food expected to grow by a constant retail value CAGR of 10% over the forecast period
TRENDS
In July 2011, Mead Johnson SA, Nestl Argentina SA, Nutricia-Bag SA and SanCor
Cooperativas Unidas Ltda founded the Asociacin de Empresas de Nutricin Infantil (Child
Nutrition Company Association) with the aim of promoting adequate child nutrition during the
first stages of life. The associations first activity was the launch of its webpage,
www.nutricioninfantil.com.ar, which features medical advice, videos and information for the
family about the importance of breastfeeding, about child anaemia and about the correct
definition of nutrition and hygiene during food preparation, among other topics.
The 2010 census revealed that the population in Argentina was 40,117,096 people,
20,593,330 of which were female and 19,523,766 were male. According to trade sources,
during the inter-census period of 2001to 2010, there was growth of 11% in the population,
which was similar to growth recorded from 1991to 2001. In 2009, there were 691,200 births in
Argentina and the birth rate was 17%. The fertility rate was 2% and the rate of population
growth was 10%.
Consumer perceptions of mi k formula remained unfavourable at the end of the review period,
as most mothers prefer to breastfeed their babies. However, due to increasingly hectic
lifestyles and related changes in eating habits it has become harder for many Argentinean
women to produce breast milk to feed their children and therefore they have been obliged to
switch to milk formula. In Buenos Aires, there is legislation to promote, protect and support
exclusive breastfeeding until babies are six months old and to promote, where possible,
continued breastfeeding until a child is one year old, with the addition of supplementary food.
The legislation includes a ban on advertising of milk formula and on the distribution of free
product samples. It also obliges manufacturers of milk formula to include a notice indicating
the superiority of breast milk over milk formula inside product packaging.
Baby food grew by 23% in constant retail value terms in 2011, which was slightly higher than
the constant retail value CAGR over the review period due to the increasingly hectic lifestyles
of working mothers, as a result of which their eating habits have changed, making it harder for
many of them to produce breast milk. This in turn has prompted a switch to milk formula
among these mothers.
WWW.EUROMONITOR.COM
Prepared baby food recorded the strongest current retail value growth, of 78%, in baby food in
2011 due to the continued positive effect of the entrance of Nutr baby SA and Nutricia-Bag
SA, and their respective Nutribaby and Vital Infatil Frutapura brands, in prepared baby food in
2009.
Average unit prices in baby food increased by 22% in current retail value terms in 2011 as a
consequence of increases in the cost of labour and increased distr bution costs.
Liquid mi k formula accounted for a retail value share of 34% of milk formula in 2011. Liquid
milk formula is perceived as much more convenient than powder milk formula in terms of
preparation. Moreover, there is less risk of babies falling ill from drinking unhealthy tap water
even though the quality of tap water in Argentina is reasonable. In addition, the switch to liquid
milk formula has been made possible by increases in the level of disposable income of
consumers, which has enabled a greater number of mothers to make purchasing decisions
based on health and convenience over price. There was no liquid special baby milk formula in
Argentina in 2011.
Special baby mi k formula in Argentina continued to comprise solely of powder special baby
milk formula in 2011. Soy-based special baby milk formula accounted for a retail value share
of 89% of special baby mi k formula in 2011. Soy-based products are mostly given to babies
with lactose intolerance while allergy prevention plays a relatively minor role.
COMPETITIVE LANDSCAPE
Nestl Argentina SA was the leading player in baby food in 2010 with a retail value share of
40% due mainly to its long-standing presence in the category through high equity brands such
as Nestm, Nan, Nidina, Nido and Gerber. Through its wide selection of brands, the company
is present in all categories of baby food. It also has a wide-reaching distribution network.
Nestl Argentina SA also achieved the biggest increase in retail value share of baby food in
2010 due to its strong performance in dried baby food, its strong lead in dried baby food,
toddler milk formula and prepared baby food and the fact that it maintained its retail value
share in other categories of baby food.
WWW.EUROMONITOR.COM
PROSPECTS
The Asociacin de Empresas de Nutricin Infantil (Child Nutrition Company Association)
aspires to work together with national health authorities, medical societies and NGOs in order
to design strategies to promote the quality of child nutrition in Argentina. Other companies in
baby food are expected to join the association in the medium term.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Baby Food by Category: Volume 2006-2011

2006
Dried Baby Food ( tonnes)

Milk Formula (Not
calculable)
- Standard Milk Formula
(Not calculable)
- Follow-on Milk
Formula (Not calculable)
- Toddler Milk Formula
(Not calculable)
- Special Baby Milk
Prepared Baby Food (
tonnes)
Other Baby Food ( tonnes)
Baby Food (Not
calculable)
Source:
2007
2008
2009
2010
2011
2010
2011
681.2
927.9
Table 2
Sales of Baby Food by Category: Value 2006-2011
Peso million
2006
Dried Baby Food
Milk Formula
- Follow-on Milk Formula
- Special Baby Milk
Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:
Table 3
2007
2008
2009
219.
283.3
367.
82.7
Sales of Baby Food by Category: % Volume Growth 2006-2011

2010/11
Dried Baby Food (% volume growth)

Milk Formula (Not calculable)
- Standard Milk Formula (Not calculable)
- Follow-on Milk Formula (Not
calculable)
- Toddler Milk Formula (Not calculable)
- Special Baby Milk Formula (Not
calculable)
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Prepared Baby Food (% volume growth)

Other Baby Food (% volume growth)
Source:
Table 4
Sales of Baby Food by Category: % Value Growth 2006-2011

2010/11
Dried Baby Food
Milk Formula
- Special Baby Milk Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:
2006-11 CAGR
2006/11 Total
Table 5
Soy-based Vs Dairy-based Special Baby Milk Formula % Breakdown 2010
% value analysis
Soy-based
Total
Special Baby Milk Formula

Source:
Dairy-based
Table 6
Baby Food Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
100.0
100.0
100.0
Total
Source:
100.0
100.0
WWW.EUROMONITOR.COM
Table 7
Baby Food Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
2009
2010
100.0
100.0
100.0
2010
2011
Total
Source:
100.0
Table 8
Sales of Baby Food by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
2007
2008
2009
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
Table 9
100.0
100.0
100.0
2015
2016
2015
2016
Forecast Sales of Baby Food by Category: Volume 2011-2016

2011
2012
Dried Baby Food ( tonnes)

Milk Formula (Not
calculable)
(Not calculable)
- Follow-on Milk
(Not calculable)
- Special Baby Milk
Prepared Baby Food (
tonnes)
Other Baby Food ( tonnes)
Baby Food (Not
calculable)
Source:
100.0
2013
2014
trade sources
Table 10
Forecast Sales of Baby Food by Category: Value 2011-2016
Peso million
2011
Dried Baby Food
Milk Formula
- Special Baby Milk
Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:
Table 11
2012
2013
2014
trade sources
Forecast Sales of Baby Food by Category: % Volume Growth 2011-2016

2015/16
Dried Baby Food (% volume growth)

Milk Formula (Not calculable)
- Standard Milk Formula (Not calculable)
- Follow-on Milk Formula (Not
calculable)
- Toddler Milk Formula (Not calculable)
2011-16 CAGR
2011/16 Total
WWW.EUROMONITOR.COM
- Special Baby Milk Formula (Not

calculable)
Prepared Baby Food (% volume growth)
Other Baby Food (% volume growth)
Source:
Table 12
trade sources
Forecast Sales of Baby Food by Category: % Value Growth 2011-2016

2011-16 CAGR
Dried Baby Food
Milk Formula
- Special Baby Milk Formula
Prepared Baby Food
Other Baby Food
Baby Food
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
BAKED GOODS IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
Current value sales of baked goods set to increase by 24% to reach ARS22.6 billion in 2011
National government supports quality improvements in artisanal bread
Packaged/industrial cakes expected to record fastest current value growth of 34% to reach
ARS2.6 billion
Expected unit price increase of 23% for baked goods in 2011
Ca de Alimentos Fargo leads sales with a 5% value share in 2010
Constant value sales of baked goods expected to grow at a 2% CAGR over the forecast
period
TRENDS
Through the Instituto Nacional de Tecnologa Industrial (National Industrial Technology
Institute), the government seeks to increase the quality of artisanal bread offered by small
neighbourhood stores throughout the country. This implies activities such as giving technical
assistance and technology transfer in bakery shops to manufacture baked goods with a lower
salt content, higher fibre content and no trans fats, and also the manufacture of healthy cereal
bars. There will also be a media campaign, warning consumers about the health risks of high
salt and trans fats consumption, and low intake of dietary fibre, and it the latters role in diet
and health.
Constant value sales of baked goods are set to increase by 12% in 2011, slightly above the
similar review period constant value CAGR. However, the comparability of the figures is
jeopardised 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, constant value sales of baked
goods are set to increase by 6% in 2011 compared with an average increase of 5% registered
over the 2006-2011 review period. Although this is a mature market, growth stays above that
of the forecast period, due to the high growth in the volume of bread substitutes and
packaged/industrial bread.
Packaged/industrial cakes are expected to record the fastest current value growth of almost
34% to reach ARS2.6 billion in 2011. This growth can be accounted for by the strong (30%)
increase in prices expected in 2011, which is over the category average, and a moderate
volume sales increase of 3%.
Expected unit price increase of 23% for baked goods in 2011. Although the wheat price was
stable during 2011 because it is state regulated, an increase in flour prices, due to insufficient
offer, and an average salary increase of 35% caused the price increase.
Industrial bread is growing faster than unpackaged/artisanal products, due to a change of
habits of consumers owing to lack of time. However, no strong competition to differentiate one
WWW.EUROMONITOR.COM
from the other is perceived. This difference in growth rates is also due to the level of
underdevelopment of packaged/industrial bread.
Packaged/industrial bread is led by white bread with an expected 40% of value sales in 2011
followed by wholegrain bread with a 34% value share, thanks to a trend towards healthier
foods. Hamburger buns is set to account for a 16% value share and hot dog rolls, for an 11%
of total category value sales.
Multi-portion cakes are set to account for 93% of value sales in 2011 in packaged/industrial
cakes. The main reason for this could be the fact that alfajores are considered a close
substitute for multi-portion cakes. As alfajores are a traditional product in Argentina, the
launch of multi-portion products would find a strong competitor to overcome. Single-portion
cakes are offered by Bimbo and some smaller companies in the form of madalenas
(cupcakes), which are slowly gaining popularity amongst some Argentineans willing to pay
more for a product similar to budines (sweet baked puddings) but with a more convenient
individual serving size.
Ca de Alimentos Fargo led sales with a 5% value share in 2010. The main reason for its
leadership is its distribution network, which allows its products to arrive fresher at sales points.
Additionally, Fargos longstanding presence and product quality have allowed the company to
build high brand equity and loyalty, which served to cement its leadership.
WWW.EUROMONITOR.COM
PROSPECTS
Artisanal bread is an important element of the Argentinean consumers food basket, which
over the last years has been left behind due to the trend towards healthy, natural food. For
this reason, the government will continue collaborating with small traditional bakery shops to
increase the quality of bread eaten by the majority of Argentinean consumers.
CATEGORY DATA
Table 1
Sales of Baked Goods by Category: Volume 2006-2011
'000 tonnes
2006
Bread
- Bread Substitutes
- Packaged/Industrial
Bread
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
- Unpackaged/Artisanal
Bread
Cakes
Cakes
Cakes
Pastries
Pastries
Pastries
Baked Goods
Source:
Table 2
Sales of Baked Goods by Category: Value 2006-2011
Peso million
2006
Bread
- Bread Substitutes
Bread
Bread
Cakes
Cakes
Cakes
Pastries
Pastries
Pastries
Baked Goods
Source:
2007
2008
2009
2010
2011
Table 3
Sales of Baked Goods by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Bread
- Bread Substitutes
- Packaged/Industrial Bread
- Unpackaged/Artisanal Bread
Cakes
- Packaged/Industrial Cakes
- Unpackaged/Artisanal Cakes
Pastries
- Packaged/Industrial Pastries
- Unpackaged/Artisanal Pastries
Baked Goods
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Source:
Table 4
Sales of Baked Goods by Category: % Value Growth 2006-2011

2010/11
Bread
- Bread Substitutes
Cakes
Pastries
Baked Goods
Source:
2006-11 CAGR
2006/11 Total
Table 5
Packaged/Industrial Bread by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Hamburger buns
Hot dog rolls
White
Wholegrain bread
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2010
2011
100.0
100.0
2009
2010
100.0
100.0
100.0
100.0
Table 6
Packaged/Industrial Cakes: Single Portion vs Multi-pack % Breakdown by

Type 2006-2011
% retail value rsp

2006
Single Portion
Multi Portion
Total
Source:
2007
2008
2009

100.0
100.0
100.0
100.0
Table 7
Baked Goods Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2010
2011
Table 8
Baked Goods Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 9
Sales of Baked Goods by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
2007
2008
2009
WWW.EUROMONITOR.COM
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
2015
2016
2015
2016
Table 10
Forecast Sales of Baked Goods by Category: Volume 2011-2016
'000 tonnes
2011
2012
Bread
- Bread Substitutes
Bread
Bread
Cakes
Cakes
Cakes
Pastries
Pastries
Pastries
Baked Goods
Source:
2013
2014
trade sources
Table 11
Forecast Sales of Baked Goods by Category: Value 2011-2016
Peso million
2011
2012
2013
2014
WWW.EUROMONITOR.COM
Bread
- Bread Substitutes
Bread
Bread
Cakes
Cakes
Cakes
Pastries
Pastries
Pastries
Baked Goods
Source:
trade sources
Table 12
Forecast Sales of Baked Goods by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Bread
- Bread Substitutes
Cakes
Pastries
Baked Goods
Source:
Table 13
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Baked Goods by Category: % Value Growth 2011-2016

2011-16 CAGR
Bread
- Bread Substitutes
Cakes
Pastries
Baked Goods
2011/16 TOTAL
WWW.EUROMONITOR.COM
Source:
trade sources
WWW.EUROMONITOR.COM
BISCUITS IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
Current value sales of biscuits retail expected to increase by 25% to reach ARS6.4 billion in
2011
Argentina leads per capita consumption of biscuits in the Americas
Cookies set to record fastest current value growth of 33% to reach ARS108 million
Biscuits unit prices set to show average growth of 21% in 2011
Bagley Argentina leads sales with 48% value share in 2010
Constant value sales of biscuits expected to grow at a 3% CAGR over the forecast period
TRENDS
According to Euromonitor International figures, Argentinean biscuit consumption, at 10.1kg
per capita per year, is the highest in the Americas and one of the highest in the world. This is
because in Argentina, biscuits are a part of the daily diet, and are considered as food rather
than as snacks to be eaten between meals, as they are in Europe. Additionally, crackers are
eaten both at lunch and dinner, and at breakfast and tea.
Constant value sales of biscuits are expected to increase by 13% in 2011, below the 14%
review period constant value CAGR. However, the comparability of the figures is jeopardised
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, biscuits constant retail value
sales are set to increase by 6% constant value growth in 2011, similar to a 6% average for the
2006-2011 period. This constant growth rate is due to the sustained growth of all categories,
except plain biscuits, which is a very mature market with a volume growth of under 1%.
Cookies are set to see the fastest current value growth of 33% to reach ARS108 million in
2011. This growth is due to a volume sales increase of 6% from a small base, supported by
the growth of the Pepitos brand, owned by Kraft Foods Argentina.
Biscuits unit prices have shown an increase of 21% on average in 2011. Although the wheat
price was stable during 2011 because it is state regulated, an increase in flour prices, due to
insufficient offer, and an average salary increase of 35% caused the price increase.
Savoury biscuits and crackers are set to record current value growth of 26% and volume
growth of 5% in 2011. This growth is explained by a substitution of artisanal bread for biscuits
in all daytime consumption.
Consumers continue looking for more indulgent products with original flavours or healthier
functional products, even if at a slightly premium price. Some companies are now even
offering products that satisfy both criteria.
WWW.EUROMONITOR.COM
Bagley Argentina led sales with a 48% value share in 2010, followed by Kraft Foods Argentina
with 30%. The main reason for Bagleys leadership is its distribution network, which takes
advantage of Arcors network reaching kioskos and grocery retailers all around the country.
The company leads in every segment with the exception of chocolate-coated biscuits and
cookies, both of which were led by Kraft Foods.
PROSPECTS
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Biscuits by Category: Volume 2006-2011
'000 tonnes
2006
Savoury Biscuits and
Crackers
Sweet Biscuits
- Chocolate Coated
Biscuits
-- Cookies
- Filled Biscuits
- Plain Biscuits
- Sandwich Biscuits
Biscuits
Source:
Table 2
2007
2008
2009
Sales of Biscuits by Category: Value 2006-2011
2010
2011
WWW.EUROMONITOR.COM
Peso million
2006
2007

Crackers
Sweet Biscuits
- Chocolate Coated
Biscuits
-- Cookies
- Filled Biscuits
- Plain Biscuits
- Sandwich Biscuits
Biscuits
Source:
2008
2009
2010
2011
Table 3
Sales of Biscuits by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Savoury Biscuits and Crackers
Sweet Biscuits
- Chocolate Coated Biscuits
-- Cookies
- Filled Biscuits
- Plain Biscuits
- Sandwich Biscuits
Biscuits
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Biscuits by Category: % Value Growth 2006-2011

2010/11
Sweet Biscuits
-- Cookies
- Filled Biscuits
- Plain Biscuits
- Sandwich Biscuits
Biscuits
Source:
2006-11 CAGR
2006/11 Total
Table 5
Biscuits Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
Table 6
Biscuits Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
WWW.EUROMONITOR.COM
Table 7
Sales of Biscuits by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2015
2016
2015
2016
100.0
100.0
100.0
100.0
Table 8
Forecast Sales of Biscuits by Category: Volume 2011-2016
'000 tonnes
2011
2012

Crackers
Sweet Biscuits
- Chocolate Coated
Biscuits
-- Cookies
- Filled Biscuits
- Plain Biscuits
- Sandwich Biscuits
Biscuits
Source:
2013
2014
trade sources
Table 9
Forecast Sales of Biscuits by Category: Value 2011-2016
Peso million
2011
Crackers
2012
,
2013
2014
Data ,removed from

sample ,
,
WWW.EUROMONITOR.COM
Sweet Biscuits
- Chocolate Coated
Biscuits
-- Cookies
- Filled Biscuits
- Plain Biscuits
- Sandwich Biscuits
Biscuits
Source:
trade sources
Table 10
Forecast Sales of Biscuits by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Sweet Biscuits
-- Cookies
- Filled Biscuits
- Plain Biscuits
- Sandwich Biscuits
Biscuits
Source:
Table 11
2011-16 CAGR
2011/16 Total
2.9
3.
18.1
trade sources
Forecast Sales of Biscuits by Category: % Value Growth 2011-2016

2011-16 CAGR
Sweet Biscuits
-- Cookies
- Filled Biscuits
- Plain Biscuits
- Sandwich Biscuits
Biscuits
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
BREAKFAST CEREALS IN
ARGENTINA - CATEGORY ANALYSIS
HEADLINES
Current value sales of breakfast cereals expected to increase by 32% to reach ARS504
million in 2011
Although Argentina produces and exports corn and wheat, per capita breakfast cereals
consumption remains low
Other RTE cereals set to see fastest current value growth of 45% to reach ARS67 million
Breakfast cereals unit prices showing average growth of 26% in 2011
Laso leads sales with a 21% value share in 2010
Constant value sales of breakfast cereals expected to increase at a 6% CAGR over the
forecast period
TRENDS
Despite the fact that Argentina is an important producer and exporter of red flint corn and
wheat, and that breakfast cereals are regarded as healthy and nutritious products, the per
capita consumption of 0.4kg per year is amongst the lowest in the world. This is why the
leading companies focus their promotional efforts on the growth of children's breakfast
cereals, with the aim of changing their breakfast habits.
Constant value sales of breakfast cereals are expected to increase by 20% in 2011, a similar
level to the 19% constant value CAGR recorded over the review period. However, the
comparability of the figures is jeopardised 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, constant retail value sales are
set to increase by 9% in 2011, slightly above the 8% average for the 2006-2011 period. This
increase is explained by the good current value performance of children's breakfast cereals,
which represents 59% of total values sales of breakfast cereals, and volume sales of which
are expected to increase by 7% in 2011.
Other RTE cereals is expected to record the fastest current value growth of 45% to reach
ARS67 million in 2011. The key to this exceptional growth has been an increasing trend
towards functional products, led by Granix Bocaditos, Quaker Cuadraditos de Avena (oats
squares) and Kelloggs All Bran.
Breakfast cereals unit prices have shown an increase of 26% on average in 2011. Although
wheat prices were stable during 2011 because wheat is state regulated, an increase in
salaries and other costs caused the price increase.
Hot cereals is expected to record the lowest growth in value sales in 2011 as consumers with
higher disposable incomes turned to other, more appetising breakfast cereal products with
comparable health benefits. In a similar manner, muesli is showing a low volume growth. This
is mainly because consumers prefer other RTE cereal products with similar health qualities
WWW.EUROMONITOR.COM
and more attractive flavours, and because muesli products have become too expensive for
most consumers who are controlling their expenses.
Breakfast cereals for adults are increasingly promoted for their health and functional benefits.
All Nestl products highlight that they contain whole grains and nutrients which are essential
for a healthy diet. In turn, all Kelloggs cereals point out they are fortified with eight vitamins,
as well as iron, phosphorus, calcium and zinc.
Laso led sales with a 21% value share in 2010, followed very closely by Kelloggs Argentina,
with 20%. The main reason for Lasos leadership is that it has been successful due to a lowprice strategy backing a product of quality comparable to those of Kelloggs or Nestl. The
company offers a very attractive package, and is mostly focused on supermarkets and
hypermarkets.
PROSPECTS
WWW.EUROMONITOR.COM
Per capita consumption is expected to increase over the first few years of the 2011-2016
forecast period due to an increase in consumption by children and teenagers. This trend is
supported by the family trend towards healthier breakfasts, and by promotional campaigns
carried out by the leading companies, especially Kelloggs Argentina and Nestl Argentina.
CATEGORY DATA
Table 1
Sales of Breakfast Cereals by Category: Volume 2006-2011
tonnes
2006
Hot Cereals
RTE Cereals
- Children's Breakfast
Cereals
- Family Breakfast
Cereals
Breakfast Cereals
Source:
Table 2
2007
2008
2009
2011
Sales of Breakfast Cereals by Category: Value 2006-2011
2010
WWW.EUROMONITOR.COM
Peso million
2006
2007
Hot Cereals
RTE Cereals
Cereals
- Family Breakfast
Cereals
Breakfast Cereals
Source:
2008
2009
2010
2011
Table 3
Sales of Breakfast Cereals by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Hot Cereals
RTE Cereals
- Children's Breakfast Cereals
- Family Breakfast Cereals
Breakfast Cereals
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Breakfast Cereals by Category: % Value Growth 2006-2011

2010/11
Hot Cereals
RTE Cereals
Breakfast Cereals
Source:
2006-11 CAGR
2006/11 Total
Table 5
Breakfast Cereals Company Shares 2006-2010
% retail value rsp

Company
Laso SA
Kellogg Argentina SA
Alimentos Granix
Nestl Argentina SA
Elaboradora Argentina
de Cereales SA
Carrefour SA
Cencosud SA
Coto CICSA
Wal-Mart de Argentina SA
Isidoro Pea & Cia SA
2006
2007
2008
2009
2010
WWW.EUROMONITOR.COM

Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
Table 6
Breakfast Cereals Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 7
Sales of Breakfast Cereals by Distribution Format: % Analysis 2006-2011
% retail value rsp
WWW.EUROMONITOR.COM
2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2015
2016
2015
2016
100.0
100.0
100.0
100.0
Table 8
Forecast Sales of Breakfast Cereals by Category: Volume 2011-2016
tonnes
2011
2012
Hot Cereals
RTE Cereals
Cereals
- Family Breakfast
Cereals
Breakfast Cereals
Source:
2013
2014
trade sources
Table 9
Forecast Sales of Breakfast Cereals by Category: Value 2011-2016
Peso million
2011
Hot Cereals
RTE Cereals
Cereals
- Family Breakfast
Cereals
Breakfast Cereals
2012
2013
2014
WWW.EUROMONITOR.COM
Source:
trade sources
Table 10
Forecast Sales of Breakfast Cereals by Category: % Volume Growth 20112016
% volume growth
2015/16
Hot Cereals
RTE Cereals
Breakfast Cereals
Source:
Table 11
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Breakfast Cereals by Category: % Value Growth 2011-2016

2011-16 CAGR
Hot Cereals
RTE Cereals
Breakfast Cereals
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
CANNED/PRESERVED FOOD IN
HEADLINES
In 2011 canned/preserved food achieves retail volume growth of 4% and current value growth
of 25% to reach ARS5.9 billion
Canned/preserved soup set to register current value growth of 410%, albeit from a very low
base
In 2011, average unit price rises by 20%
Arcor SAIC the leading player in 2010 with a value share of 46%, followed by private label
with 13%
Canned/preserved food expected to achieve a constant value CAGR of 6% over the forecast
period to reach ARS7.7 billion by 2016
TRENDS
Canned/preserved food remains highly dependent on the performance of canned/preserved
vegetables, which accounts for around 35% of overall category value sales. In 2011,
canned/preserved food is anticipated to register retail volume growth of 4% and current value
growth of 25%. One key factor boosting demand has been the lower prices of
canned/preserved food compared to other types of food, thus appealing to low-income
consumers.
Current value growth of 25% in 2011 will be slightly lower than the review period CAGR of
27%. In 2011, prices have risen by 20%, reflecting the persistent inflation plaguing the
Argentinian economy. Canned/preserved food is perceived as less healthy than fresh or
frozen food, mainly due to its high salt content. It is a ready substitute for frozen processed
food as although both appeal to consumers who lack the time to prepare food,
canned/preserved food is cheaper.
Canned soup is expected to end 2011 as the fastest growing canned product. Canned soup
has not been sold in Argentina since the early 2000s and in 2010 Oblimar SA (a domestic
importer) brought the Campbells brand again.
In 2011, canned/preserved fish/seafood is expected to put in the best performance among
established categories, registering current value growth of 29%. However, in volume terms,
the best performer will be canned/preserved vegetables, registering a 6% gain. Both
canned/preserved fish/seafood and canned/preserved vegetables have taken advantage of
the reduction in consumption of fresh meat which has led to wider consideration of other food
alternatives. For example, canned/preserved tuna, canned/preserved vegetables such as
carrots, as well as other canned/preserved products can serve as basic ingredients in healthy
salads.
In 2011, average unit price has risen by 20%, mostly because of rising inflation. With the
exception of canned/preserved meat, average unit price increases have been above 18% in
all categories with canned/preserved fish/seafood seeing the highest price increases.
WWW.EUROMONITOR.COM
Other canned/preserved food comprises dessert sauces, mainly chocolate, such as Charlotte
Aguila from Arcor SAIC, or fruit-based as well as traditional sweet preparations such as sweet
potato jam.
The supermarket/hypermarket channel is set to account for almost a 59% value share of
category sales in 2011, followed by small grocery retailers with 33% and forecourt retailers
with 7%. In some cases, canned/preserved tuna and fish are not attractive offerings for small
channels as these products in metal tins can be easily stolen from outlets.
In 2010, Arcor SAIC led the category with a 46% retail value share, followed by private label
with a 13% share. Arcor offers a wide product portfolio in almost every category under the
brands La Campagnola and Arcor. In 2010, Arcor SAIC led canned/preserved beans (55%),
fish/seafood (56%), fruit (39%), tomatoes (39%) and vegetables (57%).
PROSPECTS
Over 2011-2016, demand for basic food products and ingredients is expected to increase.
Persistent inflation in food prices is expected to mostly affect low-income consumers, who will
turn to canned/preserved food.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Canned/Preserved Food by Category: Volume 2006-2011
'000 tonnes
2006
2007
Canned/Preserved Beans
Canned/Preserved Fish/
Seafood
Canned/Preserved Fruit
Canned/Preserved Meat
and Meat Products
Canned/Preserved Pasta
Canned/Preserved Ready
Meals
Canned/Preserved Soup
Canned/Preserved Tomatoes
Canned/Preserved
Vegetables
Other Canned/Preserved
Food
2008
2009
2010
2011
2010
2011
Source:
Table 2
Sales of Canned/Preserved Food by Category: Value 2006-2011
Peso million
2006
Seafood
and Meat Products
Meals
Canned/Preserved
Vegetables
Food
2007
2008
2009
WWW.EUROMONITOR.COM
Source:
Table 3
Sales of Canned/Preserved Food by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Canned/Preserved Fish/Seafood
Canned/Preserved Meat and Meat Products
Canned/Preserved Ready Meals
Canned/Preserved Vegetables
Other Canned/Preserved Food
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Canned/Preserved Food by Category: % Value Growth 2006-2011

2010/11
Canned/Preserved Fish/Seafood
Canned/Preserved Meat and Meat Products
Canned/Preserved Vegetables
Other Canned/Preserved Food
Source:
2006-11 CAGR
2006/11 Total
Table 5
Canned/Preserved Food Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2010
2011
Table 6
Canned/Preserved Food Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 7
Sales of Canned/Preserved Food by Distribution Format: % Analysis 20062011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
2007
2008
2009
WWW.EUROMONITOR.COM
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
Table 8
Forecast Sales of Canned/Preserved Food by Category: Volume 2011-2016
'000 tonnes
2011
2012
Seafood
and Meat Products
Meals
Canned/Preserved
Vegetables
Food
Source:
2013
2014
2015
2016
2015
2016
trade sources
Table 9
Forecast Sales of Canned/Preserved Food by Category: Value 2011-2016
Peso million
2011
Seafood
and Meat Products
Meals
2012
2013
2014
WWW.EUROMONITOR.COM
Source:
WWW.EUROMONITOR.COM
CHILLED PROCESSED FOOD IN

HEADLINES
Chilled processed food grows by 21% in current value terms in 2011 to reach ARS3.5 billion
In 2011 category continues to grow thanks to a more favourable economic climate
Chilled/fresh pasta is the best performer in 2011 with current value growth of 29%
Average unit price rises by 15% in 2011
Molinos Ro de la Plata SA leads the category in 2010 with an 18% value share
Chilled processed food expected to grow at a 6% constant value CAGR over the forecast
period
TRENDS
In 2011, fresh red meat has seen the heaviest price increases, exceeding the rate of inflation.
According to Cmara de la Industria y Comercio de Carnes de la Repblica Argentina and
Instituto de Promocin de Carne Vacuna Argentina, consumption of fresh meat plunged by
17%, from annual per capita consumption of 70.3kg in 2009 to 58.1kg in 2010. According to
Instituto de Promocin de Carne Vacuna Argentina (Organisation for the Promotion of Red
Meat), poultry prices also increased by up to 60%. Both trends left a gap to be filled by rival
products such as pasta. Given this situation, in 2011 chilled/fresh pasta is set to register
current value growth of 29% compared to 20% for chilled processed meat.
Dried processed food in 2011 is set to register current value growth of 21%, down from the
review period CAGR of 30%. In 2011, average unit price has risen by 15%, reflecting the
persistent inflation affecting the Argentinian economy. There is a huge discrepancy between
the official rate of inflation used to calculate growth rates and actual observed inflation over
the 2007-2010 period. The official rate of inflation is considered an underestimate by all
private players (companies, consultancy firms, universities) operating in the country.
Fresh meat and poultry prices have seen strong increases and fresh meat consumption has
fallen by 15% in 2011, leaving a gap to be filled in Argentinian diets by alternative products. In
this context, chilled/fresh pasta has been the best performer in the category, registering
current value growth of 29% in 2011.
In chilled processed meat, hot dogs account for the lions share of value sales (79%). Other
products include ham, salami and mortadella, accounting for respective value shares of 7%,
6% and 6%.
Chilled processed food is dominated by chilled processed meat, specifically hot dogs. There
are no substitutes for these products in Argentina, either in frozen or canned/preserved
formats.
In 2011, supermarkets/hypermarkets will continue to account for the majority value share of
53%, followed by independent small grocers with 34% and discounters with 8%.
WWW.EUROMONITOR.COM
In 2010, Molinos Ro de la Plata SA continued to lead the category, accounting for an 18%
share of value sales, up slightly on the previous year. The companys leading brand is its
chilled processed meat label Vienisima, which enjoys a longstanding presence and an
extensive distribution network.
PROSPECTS
Chilled processed food is expected to achieve a constant value CAGR of 6% over the
forecasted period, driven particularly by chilled/fresh pasta as fresh meat consumption has
fallen, replaced by alternative products.
CATEGORY DATA
Table 1
Sales of Chilled Processed Food by Category: Volume 2006-2011
'000 tonnes
WWW.EUROMONITOR.COM
2006
2007
Chilled Fish/Seafood
- Chilled Coated Fish/
Seafood
- Chilled Processed
Fish/Seafood
- Chilled Smoked Fish/
Seafood
Chilled Lunch Kits
Chilled Noodles
Chilled Pizza
Chilled Processed Meat
Chilled Ready Meals
Chilled Soup
Chilled/Fresh Pasta
Fresh Cut Fruits
Prepared Salads
2008
2009
2010
2011
2010
2011
Source:
Table 2
Sales of Chilled Processed Food by Category: Value 2006-2011
Peso million
2006
Seafood
- Chilled Processed
Fish/Seafood
Seafood
Chilled Lunch Kits
Chilled Noodles
Chilled Pizza
Chilled Ready Meals
Chilled Soup
Chilled/Fresh Pasta
Fresh Cut Fruits
Prepared Salads
Source:
2007
2008
2009
Table 3
Sales of Chilled Processed Food by Category: % Volume Growth 2006-2011
% volume growth
2010/11
- Chilled Coated Fish/Seafood
- Chilled Processed Fish/Seafood
- Chilled Smoked Fish/Seafood
Chilled Lunch Kits
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Chilled Noodles
Chilled Pizza
Chilled Ready Meals
Chilled Soup
Chilled/Fresh Pasta
Fresh Cut Fruits
Prepared Salads
Source:
Table 4
Sales of Chilled Processed Food by Category: % Value Growth 2006-2011

2010/11
Chilled Lunch Kits
Chilled Noodles
Chilled Pizza
Chilled Ready Meals
Chilled Soup
Chilled/Fresh Pasta
Fresh Cut Fruits
Prepared Salads
2006-11 CAGR
2006/11 Total
Source:
Table 5
Chilled Processed Meat by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Ham
Hot dogs
Mortadella
Salami
Others
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2010
2011
100.0
100.0
100.0
100.0
Table 6
Chilled Processed Meat: % Share of Chilled Meat Substitute 2006-2011
% retail value rsp

2006
Chilled Meat Substitute
2007
2008
2009
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
Table 7
Chilled Processed Food Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
Source:
100.0
100.0
Table 8
Chilled Processed Food Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
100.0
WWW.EUROMONITOR.COM
Source:
Table 9
Sales of Chilled Processed Food by Distribution Format: % Analysis 20062011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2015
2016
100.0
100.0
100.0
100.0
Table 10
Forecast Sales of Chilled Processed Food by Category: Volume 2011-2016
'000 tonnes
2011
Seafood
- Chilled Processed
Fish/Seafood
Seafood
Chilled Lunch Kits
Chilled Noodles
Chilled Pizza
Chilled Ready Meals
Chilled Soup
Chilled/Fresh Pasta
Fresh Cut Fruits
Prepared Salads
2012
2013
2014
WWW.EUROMONITOR.COM

Source:
trade sources
Table 11
Forecast Sales of Chilled Processed Food by Category: Value 2011-2016
Peso million
2011
Seafood
- Chilled Processed
Fish/Seafood
Seafood
Chilled Lunch Kits
Chilled Noodles
Chilled Pizza
Chilled Ready Meals
Chilled Soup
Chilled/Fresh Pasta
Fresh Cut Fruits
Prepared Salads
Source:
2012
2013
2014
2015
2016
trade sources
Table 12
Forecast Sales of Chilled Processed Food by Category: % Volume Growth

2011-2016
% volume growth
2015/16
Chilled Lunch Kits
Chilled Noodles
Chilled Pizza
Chilled Ready Meals
Chilled Soup
Chilled/Fresh Pasta
Fresh Cut Fruits
Prepared Salads
Source:
Table 13
2011-16 CAGR
trade source
Forecast Sales of Chilled Processed Food by Category: % Value Growth

2011-2016
2011/16 Total
WWW.EUROMONITOR.COM

2011-16 CAGR
Chilled Lunch Kits
Chilled Noodles
Chilled Pizza
Chilled Ready Meals
Chilled Soup
Chilled/Fresh Pasta
Fresh Cut Fruits
Prepared Salads
Source:
trade source
2011/16 TOTAL
WWW.EUROMONITOR.COM
CHOCOLATE CONFECTIONERY IN
HEADLINES
Chocolate confectionery current value sales set to increase by 31% to reach over ARS6.2
billion in 2011
Easter eggs consumption boosts seasonal chocolate sales
Countlines expected to register fastest current value growth of 37% to reach ARS639 million
Chocolate confectionery unit price shows strong increase of 22% on average in 2011
Arcor leads chocolate confectionery with a 31% retail value share in 2010
Constant value sales of chocolate confectionery expected to increase at a 6% CAGR over the
forecast period
TRENDS
Seasonal chocolate has become one of the most dynamic categories due to an increase in
the consumption of chocolate Easter eggs and figures. In 2011, its current value sales are
expected to account for 10% of the chocolate confectionery sales. More than 60% of the sales
in this segment concentrate in Easter week and during April. The egg format leads this
segment with a 64% of the total, followed by Easter bunny figures.
Constant value retail sales of chocolate confectionery are expected to increase by 18% in
2011, above the 16% review period constant value CAGR. However, the comparability of the
figures is jeopardised 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,
Using observed inflation rates according to private estimates, chocolate confectionery is set to
record 9% constant value growth in 2011, compared with an 8% average for the 2006-2011
period. The explanation for this observed higher growth rate is the firm alfajores growth and
small fast-growing segments like chocolate with toys and standard boxed assortments.
Countlines category registers the fastest current value growth of 40% to reach ARS639 million
in 2011. This strong growth is based on the constant renewal of Kinder Sorpresa toys by
Ferrero Argentina. The main toy collection launched by Kinder Sorpresa was based on the
movie Cars 2.
Chocolate confectionery price per unit has shown a strong increase of 22% on average in
2011. This increase is based on the inflationary process previously explained. Although
Argentina imports all the cocoa it consumes, given the decrease in international prices, the
cost of said raw material was not a determining factor for the price increase.
Chocolate tablets value share is led by plain milk, followed by filled chocolate. Plain mi k leads
as a consequence of tradition and the low price of tablets eaten by children. However, filled
chocolates share is increasing significantly due to the fact that adult consumers consider
filled chocolates to be tastier.
WWW.EUROMONITOR.COM
In general, chocolate confectionery does not suffer too much competition from other products,
such as sweet and savoury snacks, ice cream or snack bars, as chocolate confectionery
products are for the most part considered sweet treats. Alfajores is the only category which is
perceived as a snack. Amongst low-income consumers, it competes directly with savoury
snacks. Since the appearance of light and rice alfajores, it has also been competing with
energy and cereal bars amongst individuals looking for healthier snacks.
Arcor led chocolate confectionery with a 31% retail value share in 2010, followed by Kraft
Foods Argentina with 15%. Arcors share does not include alfajores and countlines under
NBO Bagley Argentina. Bagley Argentina is owned by Bagley Latinoamrica (a joint-venture
company between Arcor and the Danone Group). If Bagleys brands share is added to Arcor,
as it should be, because the main brands of Bagley belong to Arcor, Arcors leadership would
reach a 45% value share of chocolate confectionery. Arcor bases its leadership in its
distribution chain, which allows it to reach every CTN (confectionery specialist) kiosk. Another
reason is its extensive product range, being present in all product categories, with brands
such as Bon o Bon, Cofler, Rocklets and Tofi.
WWW.EUROMONITOR.COM
business.
PROSPECTS
Seasonal chocolate sales are expected to grow over the forecast period, mainly due to Easter
egg sales during Easter Week. One of the growth factors is constant innovation from the
leading brands, such as Bon o Bon (Arcor) and Kinder Gran Sorpresa (Ferrero Argentina),
which year by year renew the shapes and surprises of their chocolate Easter eggs and
bunnies.
CATEGORY DATA
Table 1
Sales of Chocolate Confectionery by Category: Volume 2006-2011
'000 tonnes
2006
Alfajores
Bagged Selflines/
Softlines
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Boxed Assortments
- Standard Boxed
Assortments
- Twist Wrapped
Miniatures
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate
Confectionery
Chocolate Confectionery
Source:
Table 2
Sales of Chocolate Confectionery by Category: Value 2006-2011
Peso million
2006
Alfajores
Bagged Selflines/
Softlines
Boxed Assortments
- Standard Boxed
Assortments
- Twist Wrapped
Miniatures
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate
Confectionery
Source:
2007
2008
2009
2010
2011
Table 3
Sales of Chocolate Confectionery by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Alfajores
Bagged Selflines/Softlines
Boxed Assortments
- Standard Boxed Assortments
- Twist Wrapped Miniatures
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate Confectionery
Source:
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Table 4
Sales of Chocolate Confectionery by Category: % Value Growth 2006-2011

2010/11
Alfajores
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Source:
2006-11 CAGR
2006/11 Total
Table 5
Chocolate Tablets by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Plain Dark
Plain Milk
Plain White
Filled
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2009
2010
100.0
100.0
100.0
100.0
Table 6
Chocolate Confectionery Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2010
2011
Table 7
Chocolate Confectionery Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 8
Sales of Chocolate Confectionery by Distribution Format: % Analysis 20062011
% retail value rsp

2006
2007
2008
2009
WWW.EUROMONITOR.COM
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Confectionery
specialists
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
Table 9
Forecast Sales of Chocolate Confectionery by Category: Volume 2011-2016
'000 tonnes
2011
2012
Alfajores
Bagged Selflines/
Softlines
Boxed Assortments
- Standard Boxed
Assortments
- Twist Wrapped
Miniatures
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate
Confectionery
Source:
2013
2014
2015
2016
2015
2016
trade sources
Table 10
Forecast Sales of Chocolate Confectionery by Category: Value 2011-2016
Peso million
2011
Alfajores
2012
2013
2014
WWW.EUROMONITOR.COM
Bagged Selflines/
Softlines
Boxed Assortments
- Standard Boxed
Assortments
- Twist Wrapped
Miniatures
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Other Chocolate
Confectionery
Source:
trade sources
Table 11
Forecast Sales of Chocolate Confectionery by Category: % Volume Growth

2011-2016
% volume growth
2015/16
Alfajores
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Source:
Table 12
2011-16 CAGR
2011/16 Total
Euromonitor International from trade associa ions, trade press, company research, trade interviews,
trade sources
Forecast Sales of Chocolate Confectionery by Category: % Value Growth

2011-2016

2011-16 CAGR
Alfajores
Boxed Assortments
Chocolate with Toys
Countlines
Seasonal Chocolate
Tablets
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
increased awareness of child obesity and oral hygiene, children and teenagers are
increasingly opting for sugar-free gum instead of sugarised and bubble gum.
Cadbury Stani Adams led gum with a 54% value share in 2010, followed by Arcor with 42%.
Cadburys leadership is based on the acquisition of Beldent during the 1990s and of Adams at
a global level in 2002. These two acquisitions allowed Cadbury to assemble a wide and deep
product and brand portfolio, which cemented the companys leadership.
PROSPECTS
The present inflation process and capital flight indicates that import restrictions aimed at
controlling exchange rates will continue in the short run, and so stock outs of imported
products in the gum market may occur again.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Gum by Category: Volume 2006-2011
tonnes
2006
Bubble Gum
Chewing Gum
- Functional Gum
- Sugar Free Gum
- Sugarised Gum
Gum
Source:
2007
2008
2009
2010
2011
Table 2
Sales of Gum by Category: Value 2006-2011
Peso million
2006
Bubble Gum
Chewing Gum
- Functional Gum
- Sugar Free Gum
- Sugarised Gum
Gum
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Source:
Table 3
Sales of Gum by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Bubble Gum
Chewing Gum
- Functional Gum
- Sugar Free Gum
- Sugarised Gum
Gum
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Gum by Category: % Value Growth 2006-2011

2010/11
Bubble Gum
Chewing Gum
- Functional Gum
- Sugar Free Gum
- Sugarised Gum
Gum
Source:
2006-11 CAGR
2006/11 Total
Table 5
Leading Flavours for Gum 2006-2011
ranking
2006
2007
Mint
Fruit
Strawberry
Banana
Source:
2008
2009
2010
2011
2008
2009
2010
100.0
100.0
100.0
Table 6
Gum Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
100.0
100.0
WWW.EUROMONITOR.COM
Source:
Table 7
Gum Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
2009
2010
100.0
100.0
100.0
2010
2011
Total
Source:
100.0
Table 8
Sales of Gum by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Confectionery
specialists
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
2007
2008
2009
WWW.EUROMONITOR.COM
- Homeshopping
- Direct Selling
Total
Source:

100.0
100.0
100.0
100.0
100.0
100.0
2015
2016
2015
2016
Table 9
Forecast Sales of Gum by Category: Volume 2011-2016
tonnes
2011
2012
Bubble Gum
Chewing Gum
- Functional Gum
- Sugar Free Gum
- Sugarised Gum
Gum
Source:
2013
2014
trade sources
Table 10
Forecast Sales of Gum by Category: Value 2011-2016
Peso million
2011
Bubble Gum
Chewing Gum
- Functional Gum
- Sugar Free Gum
- Sugarised Gum
Gum
Source:
2012
2013
2014
trade sources
Table 11
Forecast Sales of Gum by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Bubble Gum
Chewing Gum
- Functional Gum
- Sugar Free Gum
- Sugarised Gum
Gum
Source:
Table 12
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Gum by Category: % Value Growth 2011-2016

2011-16 CAGR
2011/16 TOTAL
WWW.EUROMONITOR.COM
Bubble Gum
Chewing Gum
- Functional Gum
- Sugar Free Gum
- Sugarised Gum
Gum
Source:
trade sources
WWW.EUROMONITOR.COM
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
WWW.EUROMONITOR.COM
Table 61
Forecast Sales of Packaged Food by Category: % Value Growth

2011-2016 .................................................................................................... 53
Definitions...................................................................................................................................... 54
Summary 6
Research Sources ........................................................................................ 54
WWW.EUROMONITOR.COM
SUGAR CONFECTIONERY IN
HEADLINES
Current value sales of sugar confectionery expected to increase by 19% in 2011 to reach
ARS3.2 billion
Healthy kiosks threaten sugar confectionery consumption in Argentina
Pastilles, gums, jellies and chews set to see fastest current value growth of 28% in 2011 to
reach ARS1.2 billion
Sugar confectionery unit prices set to show growth of 16% on average in 2011
Arcor leads sugar confectionery with a 67% retail value share in 2010
Constant value sales of sugar confectionery expected to grow at a 2% CAGR over the
forecast period
TRENDS
One of the main threats to sugar confectionery consumption in Argentina is the growing trend
towards opening healthy kiosks (confectionery specialist food stalls) in educational facilities in
several provinces and cities of Argentina, with the aim of combating child obesity and
encouraging healthy eating habits in children and young people in general. In some cases,
such as that of Buenos Aires province, although the sale of traditional candy is not restricted,
kiosks are forced to offer juice, seasonal or dried fruit, seeds, nuts, unsalted peanuts, fruit
alfajores, vegetable sandwiches, cereal bars, popcorn, rice biscuits (apt for celiac patients),
yoghurt, dairy products and mineral water.
Constant value sales of sugar confectionery are set to increase by 8% in 2011, slightly above
the 5% review period constant value CAGR. However, the comparability of the figures is
jeopardised by the huge gap between the official inflation 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, sugar confectionery constant
retail value sales are expected to increase by 4% in 2011 compared with an average fall of
2% for the 2006-2011 period. According to this data, sugar confectionery sales have risen on
average more than the review period, albeit at a low rate, as this market is a mature one in
Argentina.
Pastilles, gums, jellies and chews are set to record the fastest current value growth of 28% in
2011. Said growth is due mainly to a strong price increase (of an average 25%) whilst retail
volume sales grew only by 2%, a reasonable percentage, as this is a mature market.
Sugar confectionery unit prices have shown an increase of 16% on average in 2011, a lower
growth compared with the global inflation index, as a consequence of the strong competition
perceived in some segments like boiled sweets, lollipops and medicated confectionery.
Sugarised confectionery represents the huge majority of sugar confectionery with more than
92% of value sales expected in 2011. The main reason for this is that sugar confectionery
WWW.EUROMONITOR.COM
items are mainly consumed by children, and they are not worried about the sugar content of
confectionery. Nevertheless, sugar-free products have been growing at faster rates than
sugarised ones, driven by consumption from adults.
The pastilles, gums, jellies and chews category is composed, in 99% of its value share, of
gums, jellies and chews, and only pastilles accounts for the rest. Whereas pastilles are
usually consumed by both children and adults, gums, jellies and chews are mainly consumed
by children.
Sugar confectionery does not suffer competition from other products, such as sweet and
savoury snacks, ice cream or snack bars. The main reason for this is that sugar confectionery
products in general are considered sweet indulgences.
Arcor led sugar confectionery with a 67% retail value share in 2010, followed by Cadbury
Stani Adams with 19%. Arcor based its leadership on its distribution chain, which allows it to
reach every kiosk (confectionery specialist). The company leads in every segment with the
exception of liquorice, which is led by Cadbury Stani Adams.
WWW.EUROMONITOR.COM
PROSPECTS
Healthy kiosks inside educational facilities will grow in number, accompanied by national and
provincial legislation to regulate and promote them. Additionally, this trend will be
accompanied by growing restrictions on all kinds of confectionery advertising aimed at minors.
CATEGORY DATA
Table 1
Sales of Sugar Confectionery by Category: Volume 2006-2011
tonnes
2006
Boiled Sweets
Liquorice
Lollipops
Medicated Confectionery
Mints
- Power Mints
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
- Standard Mints
Pastilles, Gums,
Jellies and Chews
Toffees, Caramels and
Nougat
Other Sugar Confectionery
Sugar Confectionery
Source:
Table 2
Sales of Sugar Confectionery by Category: Value 2006-2011
Peso million
2006
Boiled Sweets
Liquorice
Lollipops
Mints
- Power Mints
- Standard Mints
Pastilles, Gums,
Jellies and Chews
Toffees, Caramels and
Nougat
Sugar Confectionery
Source:
2007
2008
2009
2010
2011
Table 3
Sales of Sugar Confectionery by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Boiled Sweets
Liquorice
Lollipops
Mints
- Power Mints
- Standard Mints
Pastilles, Gums, Jellies and Chews
Toffees, Caramels and Nougat
Sugar Confectionery
Source:
Table 4
2006-11 CAGR
2006/11 Total
Sales of Sugar Confectionery by Category: % Value Growth 2006-2011

2010/11
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Boiled Sweets
Liquorice
Lollipops
Mints
- Power Mints
- Standard Mints
Sugar Confectionery
Source:
19.0
14.9
100.0
Table 5
Sugarised Vs Sugar-free Sugar Confectionery % Breakdown by Type 2011
% value analysis
Sugarised
Boiled Sweets
Liquorice
Lollipops
Mints
Sugar Confectionery
Source:
Sugar-free
Total
Table 6
Pastilles, Gums, Jellies and Chews by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Pastilles
Gums, Jellies and Chews
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2009
2010

100.0
100.0
100.0
100.0
Table 7
Sugar Confectionery Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
Table 8
Sugar Confectionery Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 9
Sales of Sugar Confectionery by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
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
WWW.EUROMONITOR.COM
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.
WWW.EUROMONITOR.COM
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
Processed Cheese
- Spreadable Processed
Cheese
- Unspreadable
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
- Spreadable
Unprocessed Cheese
Cheese
Source:
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Table 2
Sales of Cheese by Category: Value 2006-2011
Peso million
2006
Processed Cheese
Cheese
- Unspreadable
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
- Spreadable
Unprocessed Cheese
Cheese
Source:
2007
2008
2009
2010
2011
Table 3
Sales of Cheese by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Processed Cheese
- Spreadable Processed Cheese
- Unspreadable Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
- Spreadable Unprocessed Cheese
Cheese
Source:
Table 4
2006-11 CAGR
2006/11 Total
Sales of Cheese by Category: % Value Growth 2006-2011

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

2006
Cream Cheese
Reconstituted Cheese
Total
Source:
2007
2008
2009
2010
2011
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
Cremoso
Cuartirolo
Dambo
Mozzarella
Port Salut
Reggianito
Others
Total
Source:
2010
100.0
100.0
Table 7
Cheese Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
100.0
100.0
100.0
Total
Source:
100.0
100.0
WWW.EUROMONITOR.COM
Table 8
Cheese Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
2009
2010
100.0
100.0
100.0
2010
2011
Total
Source:
100.0
Table 9
Sales of Cheese by Distribution Format: % Analysis 2006-2011
% retail value rsp

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

2011-16 CAGR
Processed Cheese
Unprocessed Cheese
- Hard Cheese
- Soft Cheese
Cheese
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
DRINKING MILK PRODUCTS IN

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.
WWW.EUROMONITOR.COM
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.
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.
WWW.EUROMONITOR.COM
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
Flavoured Milk Drinks
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
(million litres)
- Dairy Only Flavoured
Mi k Drinks (million
litres)
- Flavoured Milk Drinks
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:
Table 2
Sales of Drinking Milk Products by Category: Value 2006-2011
Peso million
2006
Mi k Drinks
with Fruit Juice
Drinks
- Chocolate-based
Milk
- Fresh/Pasteurised Mi k
- Goat Milk
Powder Milk
Soy Beverages
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
- Soy Milk
- Soy Drinks
Source:

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
- Dairy Only Flavoured Milk Drinks
- Flavoured Milk Drinks with Fruit Juice
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
Source:
Table 4
2006-11 CAGR
2006/11 Total
Sales of Drinking Milk Products by Category: % Value Growth 2006-2011

2010/11
Drinks
Drinks
Milk
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
Source:
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Table 5
Chilled Vs Ambient Flavoured Milk Drinks: % Volume Analysis 2007-2010
% retail volume
2007
Ambient
Chilled
Total
Source:
2008
2009
2010

100.0
100.0
100.0
100.0
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
Adult
Children
Total
Source:
76.0
100.0
2008
2009

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

Company
2006
2007
2008
2009
2010
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2009
2010
Table 8
Drinking Milk Products Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM
Others
Total
Source:
17.8
100.0
18.1
100.0
16.2
100.0
1 .6
100.0
Table 9
Sales of Drinking Milk Products by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
Table 10
2007
2008
2009
2010
2011
100.0
100.0
2015
2016
100.0
100.0
100.0
100.0
Forecast Sales of Drinking Milk Products Products by Category: Volume

2011-2016
2011

(million litres)
Mi k Drinks (million
litres)
with Fruit Juice
(million litres)
2012
2013
2014
WWW.EUROMONITOR.COM

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:
trade sources
Table 11
Forecast Sales of Drinking Milk Products Products by Category: Value 20112016
Peso million
2011
Mi k Drinks
with Fruit Juice
Drinks
- Chocolate-based
Milk
- Fresh/Pasteurised Mi k
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
Source:
2012
2013
2014
trade sources
2015
2016
WWW.EUROMONITOR.COM
Table 12
Forecast Sales of Drinking Milk Products Products by Category: % Volume

Growth 2011-2016
% volume growth
2015/16
Drinks
Drinks
Milk
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
Source:
Table 13
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Drinking Milk Products Products by Category: % Value

Growth 2011-2016

2011-16 CAGR
- Chocolate-based Flavoured Powder Drinks
- Non-Chocolate-based Flavoured Powder Drinks
Milk
- Goat Milk
Powder Milk
Soy Beverages
- Soy Milk
- Soy Drinks
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
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.
WWW.EUROMONITOR.COM
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.
WWW.EUROMONITOR.COM
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
Sour Milk Drinks

(million litres)
Yoghurt (Not calculable)
- Drinking Yoghurt
(million litres)
- Spoonable Yoghurt
('000 tonnes)
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Yoghurt and Sour Milk

Drinks (Not calculable)
Source:
2010
2011
Table 2
Sales of Yoghurt and Sour Mi k Drinks by Category: Value 2006-2011
Peso million
2006
Sour Milk Drinks
Yoghurt
- Drinking Yoghurt
- Spoonable Yoghurt
Drinks
Source:
2007
2008
2009
Table 3
Sales of Yoghurt and Sour Milk Drinks by Category: % Volume Growth 20062011
% volume growth
2010/11
Sour Milk Drinks
Yoghurt
- Drinking Yoghurt
- Spoonable Yoghurt
Yoghurt and Sour Milk Drinks
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Yoghurt and Sour Milk Drinks by Category: % Value Growth 20062011

2010/11
Sour Milk Drinks
Yoghurt
- Drinking Yoghurt
- Spoonable Yoghurt
Source:
2006-11 CAGR
2006/11 Total
Table 5
Soy-based vs Dairy-based Yoghurt % Breakdown 2010
% value analysis
Soy-based
Yoghurt
Dairy-based
Total
WWW.EUROMONITOR.COM
Source:
Table 6
Leading Flavours for Flavoured Spoonable Yoghurt 2006-2011
ranking
2006
2007
Strawberry
Vanilla
Peach
Source:
2008
2009
2010
2011
2010
2011
2008
2009
2010
100.0
100.0
100.0
Table 7
Leading Flavours for Fruited Spoonable Yoghurt 2006-2011
ranking
2006
2007
Strawberry
Peach
Pineapple
Mixed berries
Source:
2008
2009
Table 8
Yoghurt and Sour Mi k Drinks Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
Source:
Table 9
100.0
100.0
Yoghurt and Sour Mi k Drinks Brand Shares 2007-2010
WWW.EUROMONITOR.COM
% retail value rsp

Brand
Company
2007
2008
2009
2010
100.0
100.0
100.0
2010
2011
Total
Source:
100.0
Table 10
Sales of Yoghurt and Sour Mi k Drinks by Distribution Format: % Analysis

2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
2007
2008
2009
WWW.EUROMONITOR.COM
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
Table 11
100.0
100.0
100.0
Forecast Sales of Yoghurt and Sour Milk Drinks by Category: Volume 20112016
2011
2012
Sour Milk Drinks

(million litres)
Yoghurt (Not calculable)
- Drinking Yoghurt
(million litres)
- Spoonable Yoghurt
('000 tonnes)
Drinks (Not calculable)
Source:
100.0
2013
2014
2015
2016
2015
2016
trade sources
Table 12
Forecast Sales of Yoghurt and Sour Milk Drinks by Category: Value 20112016
Peso million
2011
Sour Milk Drinks
Yoghurt
- Drinking Yoghurt
- Spoonable Yoghurt
Drinks
Source:
2012
2013
2014
trade sources
Table 13
Forecast Sales of Yoghurt and Sour Milk Drinks by Category: % Volume

Growth 2011-2016
% volume growth
2015/16
Sour Milk Drinks
Yoghurt
- Drinking Yoghurt
- Spoonable Yoghurt
2011-16 CAGR
2011/16 Total
WWW.EUROMONITOR.COM
Source:
Table 14
trade sources
Forecast Sales of Yoghurt and Sour Milk Drinks by Category: % Value Growth
2011-2016

2011-16 CAGR
Sour Milk Drinks
Yoghurt
- Drinking Yoghurt
- Spoonable Yoghurt
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
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 dairybased 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.
WWW.EUROMONITOR.COM
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
WWW.EUROMONITOR.COM
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
Chilled and Shelf

Stable Desserts ( tonnes)
- Dairy-based Desserts
( 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
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Frais and Quark ( tonnes)

- Plain Fromage Frais
and Quark ( tonnes)
- Savoury Fromage Frais
and Quark ( tonnes)
Other Dairy (Not
calculable)
Source:
Table 2
Sales of Other Dairy by Category: Value 2006-2011
Peso million
2006
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
and Quark
and Quark
Other Dairy
2007
2008
2009
2010
2011
925.3
1,167.0
1,3 0.3
1,5 0.7
Source:
Table 3
Sales of Other Dairy by Category: % Volume Growth 2006-2011
1,827.
2,266.0
% volume growth
2010/11
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
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Source:
Table 4
Sales of Other Dairy by Category: % Value Growth 2006-2011

2010/11
Chilled Snacks
Coffee Whiteners
Cream
Other Dairy
Source:
2006-11 CAGR
2006/11 Total
Table 5
Cream by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Double
Whipped cream
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2010
2011

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

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
2007
2008
2009
WWW.EUROMONITOR.COM
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
2015
2016
2015
2016
Table 7
Forecast Sales of Other Dairy by Category: Volume 2011-2016

2011
2012
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)
Source:
100.0
2013
2014
trade sources
Table 8
Forecast Sales of Other Dairy by Category: Value 2011-2016
Peso million
2011
Chilled and Shelf
Stable Desserts
Chilled Snacks
2012
2013
2014
WWW.EUROMONITOR.COM
Coffee Whiteners
Condensed Milk
- Plain Condensed/
Evaporated Milk
Cream
- Flavoured Fromage
Frais and Quark
and Quark
and Quark
Other Dairy
Source:
trade sources
Table 9
Forecast Sales of Other Dairy by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Chilled Snacks
Coffee Whiteners
Cream
Other Dairy
Source:
Table 10
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Other Dairy by Category: % Value Growth 2011-2016

2011-16 CAGR
Chilled Snacks
Coffee Whiteners
Condensed/Evaporated Milk
Cream
2011/16 TOTAL
WWW.EUROMONITOR.COM

Other Dairy
Source:
trade sources
WWW.EUROMONITOR.COM
DRIED PROCESSED FOOD IN

HEADLINES
In 2011 dried processed food achieves volume growth of 6% and current value growth of 30%
to reach ARS5.5 billion
Demand for basic food products is slowly moving towards more developed and sophisticated
preparations
In 2011 dehydrated soup achieves the best performance with current value growth of 38%
Average unit price rises by 22%
Molinos Ro de la Plata SA continues to lead the category in 2010 with a 38% value share
Dried processed food expected to post a constant value CAGR of 6% over the forecast period
TRENDS
Dried processed food remains highly dependent on the performance of dried pasta and rice.
These are the most important foods in the category, accounting for value sales shares of 50%
and 25%, respectively. Manufacturers have been positioning their brands as more
sophisticated, aiming to reach higher-income groups via more premium products. Advertising
has been playing a significant role in attracting younger consumers.
Dried processed food in 2011 is set to register current value growth of 30%, up slightly from
the review period CAGR of 29%. In 2011, average unit price has risen by 22%, reflecting the
persistent inflation affecting the Argentinian economy.
Dehydrated soup will be the best performer in 2011, registering current value growth of 38%,
fuelled by the increasing range of available flavours in a relatively new category, which
currently accounts for only 7% of total dried processed food value sales.
Rice is characterised by a fairly strong competitive environment, with 10 different brands, the
biggest four accounting for around 51% of sales. Commodity price volatility in an inflationary
environment has had no direct impact on retail sales performance.
In 2011, the supermarket/hypermarket channel will account for a 57% share of value sales,
followed by independent small grocers with a 32% share and discounters with a 9% share.
In 2010, Molinos Ro de la Plata SA led dried processed food with a 38% share of value
sales. The company leads rice, dessert mixes and dried pasta with value shares of 41%, 39%
and 45%, respectively, operating in different price bands in each category. The company
continues to launch innovative and alternative products l ke Gallo parbolizado (parboiled
rice), along with two new flavours for its Exquisita Light Gallatin, and invests heavily in brand
development and positioning, such as the successful Diana Arroz campaign for its brand
Lucchetti.
WWW.EUROMONITOR.COM
PROSPECTS
It is expected that dried processed food will continue to grow, fuelled by both premium and
basic food products thanks to manufacturer initiatives with regard to new product
developments under high value-added brands and, on the other hand, increasing
consumption of value-for-money products as low-income consumers enter dried processed
food.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Dried Processed Food by Category: Volume 2006-2011
'000 tonnes
2006
2007
Dehydrated Soup
Dessert Mixes
Dried Pasta
Dried Ready Meals
Instant Noodles
- Cups/Bowl Instant
Noodles
- Pouch Instant Noodles
Instant Soup
Plain Noodles
Rice
Source:
2008
2009
2010
2011
2010
2011
Table 2
Sales of Dried Processed Food by Category: Value 2006-2011
Peso million
2006
Dehydrated Soup
Dessert Mixes
Dried Pasta
Dried Ready Meals
Instant Noodles
- Cups/Bowl Instant
Noodles
Instant Soup
Plain Noodles
Rice
Source:
2007
2008
2009
Table 3
Sales of Dried Processed Food by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Dehydrated Soup
Dessert Mixes
Dried Pasta
Dried Ready Meals
Instant Noodles
- Cups/Bowl Instant Noodles
Instant Soup
Plain Noodles
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Rice
Source:
Table 4
Sales of Dried Processed Food by Category: % Value Growth 2006-2011

2010/11
Dehydrated Soup
Dessert Mixes
Dried Pasta
Dried Ready Meals
Instant Noodles
Instant Soup
Plain Noodles
Rice
Source:
2006-11 CAGR
2006/11 Total
Table 5
Dried Processed Food Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
100.0
100.0
100.0
Total
Source:
100.0
100.0
WWW.EUROMONITOR.COM
Table 6
Dried Processed Food Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
2009
2010
100.0
100.0
100.0
Total
Source:
Table 7
100.0
Sales of Dried Processed Food by Distribution Format: % Analysis 2006-2011
WWW.EUROMONITOR.COM
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2015
2016
2015
2016
633.6
652.
100.0
100.0
100.0
100.0
Table 8
Forecast Sales of Dried Processed Food by Category: Volume 2011-2016
'000 tonnes
2011
2012
Dehydrated Soup
Dessert Mixes
Dried Pasta
Dried Ready Meals
Instant Noodles
- Cups/Bowl Instant
Noodles
Instant Soup
Plain Noodles
Rice
Source:
2013
2014
trade sources
Table 9
Forecast Sales of Dried Processed Food by Category: Value 2011-2016
Peso million
Dehydrated Soup
Dessert Mixes
2011
2012
589.2
591.7
2013
2014

602.0
616.1
WWW.EUROMONITOR.COM
Dried Pasta
Dried Ready Meals
Instant Noodles
- Cups/Bowl Instant
Noodles
Instant Soup
Plain Noodles
Rice
Source:
trade sources
Table 10
Forecast Sales of Dried Processed Food by Category: % Volume Growth

2011-2016
% volume growth
2015/16
Dehydrated Soup
Dessert Mixes
Dried Pasta
Dried Ready Meals
Instant Noodles
Instant Soup
Plain Noodles
Rice
Source:
Table 11
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Dried Processed Food by Category: % Value Growth 20112016

2011-16 CAGR
Dehydrated Soup
Dessert Mixes
Dried Pasta
Dried Ready Meals
Instant Noodles
Instant Soup
Plain Noodles
Rice
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
FROZEN PROCESSED FOOD IN

HEADLINES
In 2011 frozen processed food achieves volume growth of 5% and current value growth of
28% to reach ARS2.4 billion
Growth driven by a more favourable economic climate as well as price hikes for fresh meat
and poultry
Frozen processed potatoes is the best performer in 2011 with current value growth of 38%
Molinos Ro de la Plata SA maintains its leadership in 2010 with a 35% retail value share
Frozen processed food set to register a constant value CAGR of 7% over the forecast period
TRENDS
Price increases for fresh red meat have continued in 2011, having a significant effect on
Argentinian diets. While prices of meat have increased by more than 40% in 2011, above the
rate of inflation, frozen processed fish/seafood, red meat and poultry have seen average unit
price increases of 22%, 24% and 20%, respectively, thus making them cheaper alternatives to
fresh products.
Frozen processed food is set to post current value growth of 28% in 2011, down slightly from
the 29% CAGR of the review period. In 2011, average unit price in frozen processed food has
risen by 22%, reflecting the persistent inflation affecting the Argentinian economy. The review
period saw several years of rapid economic growth, which fuelled demand for these products
as more consumers were able to afford them. Even though 2011 has been better than
previous years in terms of economic growth, the average rate of growth was below that seen
over 2006-2011.
Frozen processed potatoes is expected to achieve the best performance in 2011, with growth
of 38% in current value terms. Frozen processed potatoes offer a mix of benefits, attracting
families with children who enjoy this type of food in contrast to other types such as
vegetables. In addition, the types and brands of frozen potatoes which can be bought in the
retail channel (eg McCain) and prepared at home can also be found in foodservice
establishments such as McDonalds, further adding to their appeal.
Both frozen processed poultry and red meat benefited from a staple positioning in 2010 as
they are the largest categories within frozen processed food in both volume and value terms,
and their use is ingrained in the Argentinian diet. During periods of economic hardship, staple
products perform better than luxury products such as frozen desserts and frozen bakery.
Frozen processed red meat and frozen processed poultry have the advantage that they do
not have close competitors in canned/preserved food, whereas in vegetables there is more
changeover between frozen and canned formats. Canned/preserved vegetables are cheaper
but consumers regard them as less healthy.
In 2011, average unit price has risen by 22%, mostly due to increasing cost-driven inflation.
Trade union calls for salary increases are expected to continue throughout 2011.
WWW.EUROMONITOR.COM
Hamburgers dominate frozen processed red meat, accounting for over 98% of value sales in
2011. Hamburgers are popular among different consumer groups. However, different brands
have different approaches to hamburger consumers. For example, Quickfood SAs Paty Listo
brand aims to appeal to consumers who lack the time to prepare food, while Good Mark Light
from Molinos Ro de la Plata SA is positioned as a healthier hamburger for higher-income
consumers looking to make healthier food choices. As the health trend is becoming more
popular, Molinos Ro de la Plata SA has slightly changed its packaging to reduce costs and
become a more affordable option. While light hamburgers have been more expensive than
regular hamburgers, it is expected that manufacturers will adapt and launch new products to
offer healthier hamburgers to a wider range of consumers.
Frozen processed poultry is particularly popular among children, offered in the form of
nuggets, which are set to account for 65% of retail value sales in 2011. Industry players are
focusing on this category and are developing new products such as Patitas Crunch (nuggets
from Molinos Ro de la Plata SA).
In 2010, Molinos Ro de la Plata SA led frozen processed food with a 35% retail value share.
The companys position can be attributed to its wide product portfolio and continuing brand
development via advertising campaigns and other marketing activities.
WWW.EUROMONITOR.COM
PROSPECTS
As long as prices of fresh meat and poultry continue to increase, as is expected, other types
of foods will take advantage. This trend is expected to continue to drive growth over the
forecast period of frozen processed fish/seafood, frozen processed red meat and frozen
processed poultry. Compared to fresh meat, these are all expected to experience lower
average unit price increases, thus remaining more competitive.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Frozen Processed Food by Category: Volume 2006-2011
tonnes
2006
Frozen Bakery
Frozen Desserts
Frozen Meat Substitutes
Frozen Noodles
Frozen Pizza
Frozen Processed Fish/
Seafood
Frozen Processed Potatoes
- Non-Oven Frozen
Potatoes
- Oven Baked Potato Chips
- Other Oven Baked
Potato Products
Frozen Processed Poultry
Frozen Processed Red Meat
Frozen Processed
Vegetables
Frozen Ready Meals
Frozen Soup
Other Frozen Processed
Food
2007
2008
2009
2010
2011
2010
2011
Source:
Table 2
Sales of Frozen Processed Food by Category: Value 2006-2011
Peso million
2006
Frozen Bakery
Frozen Desserts
Frozen Noodles
Frozen Pizza
Seafood
- Non-Oven Frozen
Potatoes
- Other Oven Baked
Potato Products
Frozen Processed
Vegetables
Frozen Ready Meals
Frozen Soup
Food
2007
2008
2009
WWW.EUROMONITOR.COM

Source:
Table 3
Sales of Frozen Processed Food by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Frozen Bakery
Frozen Desserts
Frozen Noodles
Frozen Pizza
Frozen Processed Fish/Seafood
- Non-Oven Frozen Potatoes
- Other Oven Baked Potato Products
Frozen Processed Vegetables
Frozen Ready Meals
Frozen Soup
Other Frozen Processed Food
Source:
Table 4
2006-11 CAGR
2006/11 Total
Sales of Frozen Processed Food by Category: % Value Growth 2006-2011

2010/11
Frozen Bakery
Frozen Desserts
Frozen Noodles
Frozen Pizza
Frozen Processed Fish/Seafood
- Non-Oven Frozen Potatoes
- Other Oven Baked Potato Products
Frozen Processed Vegetables
Frozen Ready Meals
Frozen Soup
Other Frozen Processed Food
Source:
Table 5
2006-11 CAGR
Frozen Processed Fish/Seafood by Type: % Value Breakdown 2006-2011
2006/11 Total
WWW.EUROMONITOR.COM
% retail value rsp

2006
Breaded fish fillets
Breaded fish fingers
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2010
2011
100.0
100.0
2010
2011
100.0
100.0
2010
2011
100.0
100.0
2010
2011

100.0
100.0
100.0
100.0
Table 6
Frozen Processed Poultry by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Coated chicken
Nuggets
Total
Source:
2007
2008
2009

100.0
100.0
100.0
100.0
Table 7
Frozen Processed Red Meat by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Hamburgers
Wiener schnitzel
Total
Source:
2007
2008
2009

100.0
100.0
100.0
100.0
Table 8
Frozen Processed Vegetables by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Broccoli florets
Carrots
Onion
Spinach
Others
Total
Source:
2007
2008
2009
100.0
100.0
100.0
100.0
Table 9
Other Frozen Processed Food by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Frozen Pasta
Others
2007
2008
2009
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
1 .0
100.0
13.5
100.0
13.9
100.0
2009
2010
Table 10
Frozen Processed Food Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Others
Total
Source:
10.6
100.0
11.6
100.0
Table 11
Frozen Processed Food Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
2010
2011
100.0
100.0
Table 12
Sales of Frozen Processed Food by Distribution Format: % Analysis 20062011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
Table 13
2007
2008
2009
100.0
100.0
100.0
100.0
Forecast Sales of Frozen Processed Food by Category: Volume 2011-2016
tonnes
WWW.EUROMONITOR.COM
2011
Frozen Bakery
Frozen Desserts
Frozen Noodles
Frozen Pizza
Seafood
- Non-Oven Frozen
Potatoes
- Other Oven Baked
Potato Products
Frozen Processed
Vegetables
Frozen Ready Meals
Frozen Soup
Food
Source:
2012
2013
2014
2015
2016
2015
2016
trade sources
Table 14
Forecast Sales of Frozen Processed Food by Category: Value 2011-2016
Peso million
2011
Frozen Bakery
Frozen Desserts
Frozen Noodles
Frozen Pizza
Seafood
- Non-Oven Frozen
Potatoes
- Other Oven Baked
Potato Products
Frozen Processed
Vegetables
Frozen Ready Meals
Frozen Soup
Food
Source:
2012
2013
2014
trade sources
WWW.EUROMONITOR.COM
Source:
WWW.EUROMONITOR.COM
ICE CREAM IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
Ice cream current retail value sales grow by 33%, to reach Peso1.6 billion, in 2011
Leading companies seek to de-seasonalise consumption of impulse ice cream by increasing
sales through kiosks
Single portion water ice cream records strongest current retail value growth, of 38%, in ice
cream in 2011 to be worth Peso328 million
Average unit prices in ice cream grow by 23% in current retail value terms in 2011
Nestl Argentina SA leads in ice cream in 2010 with a retail value share of 44%
Ice cream expected to grow by a constant retail value CAGR of 6% over the forecast period
TRENDS
Leading companies in ice cream in Argentina seek to reduce the factor of seasonality with
regard to demand for products in impulse ice cream by increasing sales through kiosks across
the country. According to trade sources, there are over 100,000 kiosk outlets in Argentina,
30% of which offer ice cream all year, although the majority of outlets offer ice cream during
the summer. The key issue is the distribution of freezer cabinets to these outlets and the cost
of running these cabinets, for example in terms of electricity consumption, during the winter.
Therefore, the main players in impulse ice cream towards the end of the review period began
to engage in strategies such as discounts and promotions in order to encourage kiosk
operators to keep their freezer cabinets in operation throughout the year.
Ice cream registered constant retail value growth of 20% in 2011 compared to a constant
retail value CAGR of 12% over the review period. The high growth in 2011 was mainly due to
increased consumption of impulse ice cream due to the move among players in ice cream to
push year-round consumption.
Single portion water ice cream recorded the fastest current retail value growth, of 38%, in ice
cream in 2011 to be worth Peso328 million. This was due to its low retail value sales base
and increased demand for products in impulse ice cream. In addition, single portion water ice
cream registered stronger retail volume growth than single portion dairy ice cream in 2011
due to more affordable product pricing.
Average unit prices in ice cream increased by 23% in current retail value terms in 2011 as a
consequence of increases in the cost of raw materials such as fruit and the cost of labour.
However, due to oversupply the cost of milk as a raw material remained stable.
The most popular flavours of ice cream in Argentina are chocolate and dulce de leche (cream
caramel). With regard to fruit flavours, strawberry and lemon are the most popular. Each year,
the leading players in ice cream launch new exotic flavours, most of which are limited editions
and which are created to give brands an innovative image. For example, at the end of the
review period Arcor SAIC introduced Arcor Slide, water ice cream with kiwi and pineapple
shake flavour.
WWW.EUROMONITOR.COM
Sticks accounted for the largest retail value share of impulse ice cream, of 43%, in 2011 as
this product format is very practical in terms of consumption and is lower price than other
product formats. Cones accounted for the second largest retail value share of impulse ice
cream in 2011.
Products in take-home ice cream are purchased mainly in supermarkets/hypermarkets outlets
while products in impulse ice cream are purchased mainly through other grocery retailers,
namely kiosks. The freezer cabinets in kiosks tend to be supplied either by Arcor SAIC, Nestl
Argentina SA or other individual companies, therefore the operators of kiosk outlets are only
permitted to sell products from one company, namely that which supplies the freezer cabinet.
While Nestl Argentina SA benefits from strong penetration in Buenos Aires, both in the city
and its provinces, Arcor SAIC has stronger penetration across the interior of the country.
Impulse ice cream does not face direct competition from other types of impulse products. For
example, products in chocolate confectionery are largely consumed in winter while products in
impulse ice cream are mainly consumed in summer. The efforts of leading players to reduce
the seasonality of demand for impulse ice cream is not expected to lead to a change in
consumption patterns between impulse ice cream and other types of impulse products. This is
because, in winter, products in impulse ice cream are considered more as a form of dessert
than as a snack.
Nestl Argentina SA was the leading player in ice cream in 2010, accounting for a retail value
share of 44%, followed by Arcor SAIC with a share of 27%. The main reasons for Nestls
leadership are its wide distribution network, which ensures the presence of its products in
both kiosk outlets and supermarket/hypermarket outlets, as well as the longstanding presence
and high product quality of its Frigor brand. This brand benefits from a high level of consumer
loyalty. Nestl Argentina SA is the leading international manufacturer in ice cream while Arcor
SAIC is the leading domestic company.
WWW.EUROMONITOR.COM
PROSPECTS
With the aim of reducing seasonality, Nestl Argentina SA and Arcor SAIC are expected to
compete to obtain new points of sale, especially those with strong sales potential, while Ice
Cream SRL and other regional players are expected to strive to gain increased distribution
through kiosks. The leading players in ice cream are also expected to continue to participate
in fairs, exhibitions and other events throughout the year, with the aim of making consumers
increasingly aware of the presence of their brands.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Ice Cream by Category: Volume 2006-2011
'000 litres
2006
2007
Frozen Yoghurt
Impulse Ice Cream
- Single Portion Dairy
Ice Cream
- Single Portion Water
Ice Cream
Retail Artisanal Ice
Cream
Take-Home Ice Cream
- Take-Home Dairy Ice
Cream
-- Bulk Dairy Ice Cream
-- Ice Cream Desserts
-- Multi-Pack Dairy Ice
Cream
- Take-Home Water Ice
Cream
-- Bulk Water Ice Cream
-- Multi-Pack Water Ice
Cream
Ice Cream
Source:
2008
2009
2010
2011
2010
2011
Table 2
Sales of Ice Cream by Category: Value 2006-2011
Peso million
2006
Frozen Yoghurt
Impulse Ice Cream
Ice Cream
Ice Cream
Cream
Take-Home Ice Cream
Cream
Cream
2007
2008
2009
WWW.EUROMONITOR.COM
Cream
-- Bu k Water Ice Cream
Cream
Ice Cream
Source:
Table 3
Sales of Ice Cream by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Frozen Yoghurt
Impulse Ice Cream
- Single Portion Dairy Ice Cream
- Single Portion Water Ice Cream
Retail Artisanal Ice Cream
Take-Home Ice Cream
- Take-Home Dairy Ice Cream
-- Bu k Dairy Ice Cream
-- Multi-Pack Dairy Ice Cream
- Take-Home Water Ice Cream
-- Multi-Pack Water Ice Cream
Ice Cream
Source:
Table 4
2006-11 CAGR
2006/11 Total
Sales of Ice Cream by Category: % Value Growth 2006-2011

2010/11
Frozen Yoghurt
Impulse Ice Cream
Take-Home Ice Cream
Ice Cream
Source:
Table 5
2006-11 CAGR
Leading Flavours for Ice Cream 2006-2011
ranking
2006/11 Total
WWW.EUROMONITOR.COM
2006
2007
Chocolate
Dulce de Leche
Strawberry
Vanilla
Lemon
Source:
2008
2009
2010
2011
2008
2009
2010
100.0
100.0
100.0
2009
2010
Table 6
Ice Cream Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
Source:
100.0
100.0
Table 7
Ice Cream Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2009
2010
Table 8
Impulse Ice Cream Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
Source:
100.0
100.0
Table 9
Impulse Ice Cream Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 10
Take-home Ice Cream Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM

Others
Total
Source:
3.7
100.0
5.2
100.0
.9
100.0
3.6
100.0
6.2
100.0
2008
2009
2010
100.0
100.0
100.0
2010
2011
Table 11
Take-home Ice Cream Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 12
Sales of Ice Cream by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
2007
2008
2009
WWW.EUROMONITOR.COM
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
2015
2016
2015
2016
Table 13
Forecast Sales of Ice Cream by Category: Volume 2011-2016
'000 litres
2011
2012
Frozen Yoghurt
Impulse Ice Cream
Ice Cream
Ice Cream
Cream
Take-Home Ice Cream
Cream
Cream
Cream
Cream
Ice Cream
Source:
2013
2014
trade sources
Table 14
Forecast Sales of Ice Cream by Category: Value 2011-2016
Peso million
2011
Frozen Yoghurt
Impulse Ice Cream
Ice Cream
Ice Cream
Cream
Take-Home Ice Cream
Cream
2012
2013
2014
WWW.EUROMONITOR.COM

Cream
Cream
Cream
Ice Cream
Source:
trade sources
Table 15
Forecast Sales of Ice Cream by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Frozen Yoghurt
Impulse Ice Cream
Take-Home Ice Cream
Ice Cream
Source:
Table 16
2011-16 CAGR
2011/16 Total
3.8
5.0
27.9
trade sources
Forecast Sales of Ice Cream by Category: % Value Growth 2011-2016

2011-16 CAGR
Frozen Yoghurt
Impulse Ice Cream
Take-Home Ice Cream
Ice Cream
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
MEAL REPLACEMENT IN ARGENTINA

- CATEGORY ANALYSIS
HEADLINES
Current value retail sales of meal replacement products expected to increase by 13% to reach
ARS67 million in 2011
Direct selling channel set to register 13% value growth in 2011 in Argentina
Convalescence set to record the fastest current value growth of 24% to reach ARS 300,000
Meal replacement unit prices show average growth of 16% in 2011
Herbalife dominates sales with a 99.5% value share in 2010
Constant value sales of meal replacement expected to increase at a 2% CAGR over the
forecast period
TRENDS
According to Euromonitor figures sales in the direct selling channel grew around 13% in 2011.
The Cmara Argentina de Venta Directa (Argentinean Chamber of Retail Commerce)
estimated that over 700,000 resellers work for 20 companies, amongst which is Herbalife, the
leading meal replacement brand in Argentina.
Constant value sales of meal replacement are expected to increase by 2% in 2011, well
above the negative 13% review period CAGR. However, the comparability of the figures is
Using observed inflation rates according to private estimates, constant value sales of meal
replacement increased by 1% in 2011 compared with a 3% average constant value decline for
the 2006-2011 period. This low growth rate is mainly due to a pronounced fall in Herbalife
sales, because of its high prices and a fall in its sales force. In retail volume terms, sales
decreased by 3% in 2011. The main threat for this category is a strong devaluation of the
Argentinian peso against the US dollar, because this would make Herbalifes prices
inaccessible to Argentinean consumers.
Convalescence is set to record the fastest current value growth of 24% to reach ARS 300,000
in 2011, which represents an 11% increase. This growth is led by Ensure of Abbott
Laboratorios Argentina.
Meal replacement unit prices have shown an average growth of 16% in 2011, strongly
influenced by the increase in Herbalife products price. As this company has no structural or
workforce costs, price variation is due mainly to fluctuations in the exchange rate between the
Argentinian peso and the US dollar.
Powder concentrate accounts for the 100% of sales in the meal replacement slimming
category. The main reason for this is the fact that Herbalife has a value share of over 99%
and all its products come in powder form.
WWW.EUROMONITOR.COM
Meal replacement slimming products suffered the competition from low-calorie ready meals
offered by Dieta Club and Dr. Ravenna Centres, which every day deliver all the daily meals to
each of their customers houses. Also, convalescence products have as close substitutes the
energy and nutrition bars offered by Georgalos Hermanosa and La Delicia Felipe Fort.
Herbalife led sales with a 99% of value share in 2010. The main reason for Herbalifes
leadership is its established direct selling distribution channel and a strong advertisement
campaign based on the sponsorship of world-class athletes, teams and events around the
world.
PROSPECTS
WWW.EUROMONITOR.COM
Although the retail market is in full growth in Argentina, its consolidation will depend on the
retention of sellers and distributors by the companies, as rotation is very high. In the case of
Herbalife, it has been constantly losing distributors since 2008, which has led to a decrease in
its sales.
CATEGORY DATA
Table 1
Sales of Meal Replacement by Category: Volume 2006-2011
tonnes
2006
2007
Convalescence
Meal Replacement Slimming
Meal Replacement
Source:
2008
2009
2010
2011
2010
2011
Table 2
Sales of Meal Replacement by Category: Value 2006-2011
Peso million
2006
Convalescence
Meal Replacement
Source:
2007
2008
2009
Table 3
Sales of Meal Replacement by Category: % Volume Growth 2006-2011
% volume growth
2010/11
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Convalescence
Meal Replacement
Source:
Table 4
Sales of Meal Replacement by Category: % Value Growth 2006-2011

2010/11
Convalescence
Meal Replacement
Source:
2006-11 CAGR
2006/11 Total
Table 5
Meal Replacement Slimming by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Noodles
Powder concentrates
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2009
2010

100.0
100.0
100.0
100.0
Table 6
Meal Replacement Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
Source:
100.0
100.0
Table 7
Meal Replacement Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM

Total
Source:
100.0
100.0
100.0
100.0
2010
2011
99.5
100.0
99.
100.0
2015
2016
2015
2016
Table 8
Sales of Meal Replacement by Distr bution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
2007
2008
2009
99.7
100.0
99.7
100.0
99.8
100.0
99.6
100.0
Table 9
Forecast Sales of Meal Replacement by Category: Volume 2011-2016
tonnes
2011
2012
Convalescence
Meal Replacement
Source:
2013
2014
trade sources
Table 10
Forecast Sales of Meal Replacement by Category: Value 2011-2016
Peso million
2011
Convalescence
2012
2013
2014
WWW.EUROMONITOR.COM
Meal Replacement
Source:
trade sources
Table 11
Forecast Sales of Meal Replacement by Category: % Volume Growth 20112016
% volume growth
2015/16
Convalescence
Meal Replacement
Source:
Table 12
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Meal Replacement by Category: % Value Growth 20112016

2011-16 CAGR
Convalescence
Meal Replacement
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
NOODLES IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
Noodles is expected to increases in value by 27% in 2011, rising to ARS25 million, while
volume sales are set to increase by 4% to 300 tonnes
Plain noodles is expected to record the highest growth during 2011, increasing in value by
27% and in volume by 5%
The average unit price of noodles is expected to increase by 22% during 2011
CV Trading SRL leads noodles in 2010 with a 67% value share, while Sergio Mario Taoi y
Gabriel Taoi SH is second with a value share of 29%
Noodles is set to increase in constant value at a CAGR of 8% over the forecast period, rising
to ARS37 million by 2016
TRENDS
Noodles returned to positive volume growth during 2010, rising by 3% following the decline
registered during 2009. The rising demand for noodles in Argentina is very much in line with
the rising demand for Asian food generally in Argentina, with sales of woks buoyant and
demand for noodles boosted by the rising interest in the dishes based on noodles.
Noodles is set to increase in volume by 4% and in current value by 27% during 2011. The
average unit prices of noodles is set to increase by 22% in 2011, which reflects the ongoing
high rates of inflation which are blighting the Argentinean economy. However, he huge
discrepancy which exists between the official inflation figures used to calculate constant
currency growth rates and the observed inflation for the period 2007-2010 have led to many
private actors such as private companies, consultancy firms and leading academics to
question the veracity and accuracy of the governments official inflation figures.
Plain noodles is set to be the best performing category in noodles in Argentina during 2011,
increasing in value by an expected 27%. As Argentinean consumers become more familiar
with noodles in general, they are not only sampling new varieties of instant noodles, but are
also beginning to make their own noodle-based meals from scratch using plain noodles.
The average unit price of noodles is expected to increase by 22% during 2011 due to the high
inflation in Argentina.
Shrimps is set to remain the most popular flavour of noodles in Argentina during 2011,
followed by chicken and prawn.
Supermarkets/hypermarkets is expected to account for 99% of total noodles distribution by
value during 2011, while independent small grocers and discounters are expected to account
for the remaining 1%.
WWW.EUROMONITOR.COM
CV Trading SRL led noodles in Argentina during 2010, recording a value share of 67%. The
companys sales continued to rise following the widespread promotion of its Maruchan brand
as well as the increasing availability of its products through supermarkets/hypermarkets and
small grocery retailers.
PROSPECTS
Noodles is set to increase in constant value at a CAGR of 8% over the forecast period, a
significant decline from the 29% constant value CAGR recorded during the review period. The
7% volume CAGR recorded over the forecast period growth will also be slower than the 12%
volume CAGR registered during the review period. This slower growth is due to the high
growth recorded from a low base during the review period during the very early stages of
noodles development in Argentina and the fact that noodles is by now being a more mature
category. Faster growth rates are not expected over the forecast period, unless a major player
should enter noodles, which would lead to higher growth. Nevertheless, the projected 7%
volume CAGR is far from modest growth.
CATEGORY DATA
Table 1
Sales of Noodles by Category: Volume 2006-2011
tonnes
2006
Chilled Noodles
Frozen Noodles
Instant Noodles
- Cups/Bowl Instant
Noodles
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Plain Noodles
Snack Noodles
Noodles
Source:
Table 2
Sales of Noodles by Category: Value 2006-2011
Peso '000
2006
Chilled Noodles
Frozen Noodles
Instant Noodles
- Cups/Bowl Instant
Noodles
Plain Noodles
Snack Noodles
Noodles
Source:
2007
2008
2009
2010
2011
Table 3
Sales of Noodles by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Chilled Noodles
Frozen Noodles
Instant Noodles
Plain Noodles
Snack Noodles
Noodles
Source:
Table 4
2006-11 CAGR
2006/11 Total
Sales of Noodles by Category: % Value Growth 2006-2011

2010/11
Chilled Noodles
Frozen Noodles
Instant Noodles
Plain Noodles
Snack Noodles
Noodles
Source:
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Table 5
Leading Instant Noodle Flavours 2006-2011
ranking
2006
2007
Shrimps
Chicken
Prawn
Source:
2008
2009
2010
2011
2008
2009
2010
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2010
2011
Table 6
Noodles Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
Source:
100.0
100.0
Table 7
Noodles Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
100.0
Source:
Table 8
Sales of Noodles by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
2007
2008
2009
WWW.EUROMONITOR.COM
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
2015
2016
2015
2016
33,818.1
37,03 .0
Table 9
Forecast Sales of Noodles by Category: Volume 2011-2016
tonnes
2011
2012
Chilled Noodles
Frozen Noodles
Instant Noodles
- Cups/Bowl Instant
Noodles
Plain Noodles
Snack Noodles
Noodles
Source:
2013
2014
trade sources
Table 10
Forecast Sales of Noodles by Category: Value 2011-2016
Peso '000
2011
Chilled Noodles
Frozen Noodles
Instant Noodles
- Cups/Bowl Instant
Noodles
Plain Noodles
Snack Noodles
Noodles
Source:
2012
2013
2014
25,
3.3
26,789.5
28,713.8
30,933.8
trade sources
Table 11
Forecast Sales of Noodles by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Chilled Noodles
2011-16 CAGR
2011/16 Total
WWW.EUROMONITOR.COM
Frozen Noodles
Instant Noodles
Plain Noodles
Snack Noodles
Noodles
Source:
Table 12
trade sources
Forecast Sales of Noodles by Category: % Value Growth 2011-2016

2011-16 CAGR
Chilled Noodles
Frozen Noodles
Instant Noodles
Plain Noodles
Snack Noodles
Noodles
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
OILS AND FATS IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
Oil and fats grows by 23% in current retail value terms, to be worth Peso4.2 billion, in 2011
Consumption of butter increases despite decrease in production in 2011
Butter records fastest current retail value growth, of 38%, in oils and fats, to be worth Peso1.4
billion, in 2011
Average unit prices in oils and fats increase by 17% in current retail value terms in 2011
Molinos Ro de la Plata SA leads in oils and fats, with a retail value share of 20%, in 2010
Oil and fats expected to grow by a constant retail value CAGR of 3% over the forecast period
TRENDS
According to Red Acrea (Agricultural Experimentation Consortiums Network), domestic
production of butter decreased in 2011 nevertheless demand for and per capita volume
consumption of butter continued to increase. However, this does not imply that importation of
butter in Argentina will begin to increase.
Oil and fats grew by 11% in constant retail value terms in 2011, signifying a slight
improvement on the constant retail value CAGR over the review period. This was due to the
strong performance in terms of retail volume growth of vegetable and seed oil and of butter.
Butter recorded the fastest current retail value growth, of 38%, in oils and fats in 2011 due to
a sharp increase in average unit prices, which grew by 30% in current retail value terms. In
volume terms, the category registered a lower retail growth of 6% in 2011.
Average unit prices in oils and fats increased by 17% in current retail value terms in 2011 as a
result of regulation of prices in vegetable and seed oil.
Sunflower oil accounted for the largest retail value share, of 49%, of vegetable and seed oil in
2011, followed by vegetable oil, with a share of 43%, corn oil, with a share of 5%, and soy oil
with a negligible share.
In Argentina, since 2006, it has been obligatory to state the level of trans fats of products in
oils and fats in the nutritional information on product labelling. Over the review period, both
Molinos Ro de la Plata SA and Flora Danica SAIC changed the formulation of their products
in margarine to remove trans fat content and to profit from the trend of healthier eating.
Consumers have also begun to opt for perceived healthier products in margarine.
Molinos Ro de la Plata SA was the leading player in oils and fats, with a retail value share of
20%, in 2010, mainly due to its long-standing presence in the category and the high equity of
its brands, for example Cocinero, Lira, Manty, Patito, Delicia, and Blanca Flor. Through its
range of brands the company is present in several categories of oils and fats, including olive
oil, margarine, spreadable oils and fats and vegetable and seed oil. The company also has a
WWW.EUROMONITOR.COM
strong distribution network, which results in product availability in the vast majority of retail
outlets across the country.
PROSPECTS
Domestic production of butter is expected to decrease further over the forecast period and
unit prices in powder milk are expected to remain high. This situation is expected to prompt
manufacturers of milk, as a raw material, to direct production towards powder milk, to the
detriment of butter production.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Oils and Fats by Category: Volume 2006-2011
'000 tonnes
2006
2007
Butter
Cooking Fats
Margarine
Olive Oil
Spreadable Oils and Fats
- Functional Spreadable
Oils and Fats
- Regular Spreadable
Oils and Fats
Vegetable and Seed Oil
Oils and Fats
Source:
2008
2009
2010
2011
2010
2011
Table 2
Sales of Oils and Fats by Category: Value 2006-2011
Peso million
2006
Butter
Cooking Fats
Margarine
Olive Oil
Oils and Fats
Oils and Fats
Oils and Fats
2007
2008
2009
Source:
Table 3
Sales of Oils and Fats by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Butter
Cooking Fats
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Margarine
Olive Oil
- Functional Spreadable Oils and Fats
- Regular Spreadable Oils and Fats
Oils and Fats
Source:
Table 4
Sales of Oils and Fats by Category: % Value Growth 2006-2011

2010/11
Butter
Cooking Fats
Margarine
Olive Oil
- Functional Spreadable Oils and Fa
Oils and Fats
2006-11 CAGR
2006/11 Total
Source:
Table 5
Vegetable and Seed Oil by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Corn
Soy
Sunflower
Vegetable
Others
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2009
2010
100.0
100.0
100.0
100.0
Table 6
Oils and Fats Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2009
2010
Table 7
Oils and Fats Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
2010
2011
100.0
100.0
2015
2016
Table 8
Sales of Oils and Fats by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
2007
2008
2009
100.0
100.0
100.0
100.0
Source:
Table 9
Forecast Sales of Oils and Fats by Category: Volume 2011-2016
'000 tonnes
2011
Butter
Cooking Fats
Margarine
Olive Oil
Oils and Fats
Oils and Fats
Oils and Fats
Source:
2012
2013
2014
trade sources
WWW.EUROMONITOR.COM
Table 10
Forecast Sales of Oils and Fats by Category: Value 2011-2016
Peso million
2011
Butter
Cooking Fats
Margarine
Olive Oil
Oils and Fats
Oils and Fats
Oils and Fats
Source:
2012
2013
2014
2015
2016
trade sources
Table 11
Forecast Sales of Oils and Fats by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Butter
Cooking Fats
Margarine
Olive Oil
Oils and Fats
Source:
Table 12
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Oils and Fats by Category: % Value Growth 2011-2016

2011-16 CAGR
Butter
Cooking Fats
Margarine
Olive Oil
Oils and Fats
Source:
2.5
trade sources
2011/16 TOTAL
13.
WWW.EUROMONITOR.COM
PASTA IN ARGENTINA - CATEGORY

ANALYSIS
HEADLINES
Pasta is expected to increase in value by 35% to ARS3.1 billion and in volume by 8% to 330
tonnes during 2011
The dramatic rise in the price of meat leads to a widespread shift to alternative protein
sources such as pasta
Dried pasta is set to increase in volume by 9% in 2010, while chilled/fresh pasta is set to
increase by 5%
WWW.EUROMONITOR.COM
Supermarkets/hypermarkets is expected to account for 62% of total pasta distribution by

value in 2011, while independent small grocers accounted for a further 23% and discounters
accounted for 13%.
Molinos Ro de la Plata SA led sales in pasta in Argentina during 2010, recording a value
share of 41%. Kraft Foods Argentina SA followed in second position with a 17% value share.
Molinos success can be attributed to the companys extensive product portfolio, which
encompasses a wide range of differently priced brands. The companys main brand is
Matarazzo, which recorded a value share of 14% in 2010, followed by its brand Lucchetti with
an 11% value share.
PROSPECTS
The dramatic decline in the consumption of fresh meat in Argentina due massive price hikes
during 2010 leaves a yawning gap in the diets of the average Argentinean, and pasta is one
of the major substitutes for meat in the country. Spiralling inflation continues to erode
consumer purchasing power, presenting an opportunity for less elaborate food products to
take hold.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Pasta by Category: Volume 2006-2011
'000 tonnes
2006
2007
Chilled/Fresh Pasta
Dried Pasta
Pasta
Source:
2008
2009
2010
2011
2010
2011
Table 2
Sales of Pasta by Category: Value 2006-2011
Peso million
2006
Chilled/Fresh Pasta
Dried Pasta
Pasta
2007
2008
2009
WWW.EUROMONITOR.COM
Source:
Table 3
Sales of Pasta by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Chilled/Fresh Pasta
Dried Pasta
Pasta
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Pasta by Category: % Value Growth 2006-2011

2010/11
Chilled/Fresh Pasta
Dried Pasta
Pasta
Source:
2006-11 CAGR
2006/11 Total
Table 5
Pasta Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
100.0
100.0
100.0
2009
2010
Total
Source:
100.0
100.0
Table 6
Pasta Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
2010
2011
100.0
100.0
Table 7
Sales of Pasta by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
2007
2008
2009
100.0
100.0
100.0
100.0
WWW.EUROMONITOR.COM
Table 8
Forecast Sales of Pasta by Category: Volume 2011-2016
'000 tonnes
2011
2012
Chilled/Fresh Pasta
Dried Pasta
Pasta
Source:
2013
2014
2015
2016
2015
2016
trade sources
Table 9
Forecast Sales of Pasta by Category: Value 2011-2016
Peso million
2011
Chilled/Fresh Pasta
Dried Pasta
Pasta
Source:
2012
2013
2014
trade sources
Table 10
Forecast Sales of Pasta by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Chilled/Fresh Pasta
Dried Pasta
Pasta
Source:
Table 11
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Pasta by Category: % Value Growth 2011-2016

2011-16 CAGR
Chilled/Fresh Pasta
Dried Pasta
Pasta
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
READY MEALS IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
In 2011 ready meals posts current value growth of 24% to reach ARS244 million
Improved economic climate favours ready meal growth
Frozen pizza is the best performer in 2011 with current value growth of 30% to reach ARS65
million
Molinos Ro de la Plata SA continues to lead ready meals in 2010 with a 29% value share
Ready meals expected to achieve a constant value CAGR of 6% over the forecast period to
reach sales of ARS321 million by 2016
TRENDS
In 2011, ready meals is expected to achieve current value growth of 24%, just slightly below
its review period CAGR of 25%. Average unit price has risen by 20% in 2011, reflecting the
persistent inflation plaguing the domestic economy. This growth rate of 24% reflects a slight
slowdown on the 28% gain achieved in 2010.
Ready meals comprises non-essential food products targeted at specific and growing
consumer groups, such as DINKS (double income no kids, ie childless couples with no
children and two incomes), working singles and consumers who lack culinary skills. For these
groups, ready meals are ideal as less time is spent in the kitchen. Moreover, the increasing
number of freezers and the rising sophistication of microwave ovens have both contributed to
an increase in sales. The number of single-person households in Argentina rose by 1% in
2010, whereas the percentage of households with a microwave grew by 1.2 percentage
points to surpass 44%. These trends together are driving category growth.
In 2011, frozen pizza is expected to achieve the strongest current value growth of 30%,
making it the best performing category. Frozen pizza is a more convenient option than
preparing food at home or buying cheaper artisanal alternatives in bakeries or grocery
retailers. Dried ready meals will be the second best performer in 2011, posting current value
growth of 26%. Dried ready meals remains the largest category in value terms, set to account
for 41% of overall sales in 2011. Frozen ready meals will account for a 32% value share.
Packaged chilled ready meals and chilled pizza are not present in Argentina.
Average unit price has risen by 20% in 2011, mostly due to rising inflation. Average unit price
in frozen pizza has risen by 24%.
Frozen ready meals are still virtually 100% traditional (non-ethnic) in Argentina, although
ethnic food has a minor presence in the category. Pasta ready meals are considered
traditional as pasta is a consumer favourite. Granja del Sol (Molinos Ro de la Plata SA)
entered this emerging category with the launch of Sabores al Wok, wok-inspired Asian
cuisine.
Vegetarian products are set to account for a 19% share of frozen ready meals in 2011,
continuing to gain share in line with increasing health awareness and demand for functional
WWW.EUROMONITOR.COM
and healthier products. In 2011, the supermarket/hypermarket channel has continued to gain
ground and is set to reach a value share of 73%. In an inflationary environment these outlets
gain share as they are able to offer a wider range of promotions and discounts as they work
with a wider product portfolio.
Behind supermarkets/hypermarkets is small grocery retailers with a value share of 22%,
followed by discounters with a 4% share.
In 2010, Molinos Ro de la Plata led ready meals with a 29% value share. The companys
leading position in the category can be attributed to three main brands - Matarazzo and
Granja del Sol, which together accounted for a 59% value share in frozen ready meals, and
Gallo in dried ready meals (22% value share). These brands offer a wide variety of products
and compete in all price segments.
WWW.EUROMONITOR.COM
PROSPECTS
In 2011, price rises for fresh meat have continued to increase above the rate of inflation,
driving consumers towards other types of foods. This trend is expected to continue in the
coming years, with home cooking habits being altered by the increasing prices of fresh meat.
CATEGORY DATA
Table 1
Sales of Ready Meals by Category: Volume 2006-2011
tonnes
2006
Meals
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Source:
Table 2
Sales of Ready Meals by Category: Value 2006-2011
Peso million
2006
Meals
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
2007
2008
2009
2010
2011
Source:
Table 3
Sales of Ready Meals by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
2006-11 CAGR
2006/11 Total
Source:
Table 4
Sales of Ready Meals by Category: % Value Growth 2006-2011

2010/11
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Table 5
Ready Meals: Vegetarian Vs Non-vegetarian % Breakdown by Type 2011
% value analysis
Vegetarian
Chilled Ready Meals
Frozen Ready Meals
Source:
Non-vegetarian
Total
Table 6
Frozen Ready Meals % Breakdown by Ethnicity 2006-2011
% retail value rsp

2007
100.0
100.0
2008
2009
2010
2011
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
Traditional
Total
Source:
2006
100.0
100.0
Table 7
Ready Meals Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
Source:
100.0
100.0
WWW.EUROMONITOR.COM
Table 8
Ready Meals Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
2009
2010
.3
100.0
.
100.0
5.6
100.0
2010
2011
Others
Total
Source:
.6
100.0
Table 9
Sales of Ready Meals by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
2007
2008
2009
WWW.EUROMONITOR.COM
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
2015
2016
5,070.3
5,310.7
Table 10
Forecast Sales of Ready Meals by Category: Volume 2011-2016
tonnes
2011
Meals
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
2012
2013
2014
,193.5
,373.
,589.
,82 .5
trade sources
Table 11
Forecast Sales of Ready Meals by Category: Value 2011-2016
Peso million
2011
Meals
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
2012
2013
2014
2015
2016
trade sources
Table 12
Forecast Sales of Ready Meals by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Chilled Pizza
2011-16 CAGR
2011/16 Total
WWW.EUROMONITOR.COM
Chilled Ready Meals

Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
Table 13
trade sources
Forecast Sales of Ready Meals by Category: % Value Growth 2011-2016

2011-16 CAGR
Chilled Pizza
Chilled Ready Meals
Dinner Mixes
Dried Ready Meals
Frozen Pizza
Frozen Ready Meals
Prepared Salads
Ready Meals
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
SAUCES, DRESSINGS AND

CONDIMENTS IN ARGENTINA CATEGORY ANALYSIS
HEADLINES
Sauces, dressings and condiments is expected to increase in value by 29% and in volume by
5% in 2011
The popularity of home cooking continues to increase, leading to ongoing positive growth in
sauces, dressing and condiments
Low-fat mayonnaise is expected to post the highest growth during 2011, increasing in value
by an anticipated 31%
The average unit price of sauces, condiments and dressings is expected to increases by 23%
during 2011
Unilever de Argentina SA leads sauces, dressing and condiments during 2010 with a value
share of 32%
Sauces, dressings and condiments is set to increase in volume at a CAGR of 4% over the
forecast period, rising to 436,000 tonnes by 2016
TRENDS
Demand for sauces, dressings, and condiments in Argentina is being boosted by the
increasing popularity of cooking at home. This trend began during 2009 and strengthened
during 2010 as the prices of meals through consumer foodservice outlets such as restaurants
were subject to high increases. Furthermore, the price of fresh meat continued rising
dramatically during 2010. According to the chamber of commerce for meat producing
companies Ciccra (Camara de la Industria y Comercio de Carnes de la Republica Argentina)
and the institute for the promotion of beef, Instituto de Promocion de Carne Vacuna
Argentina, per capita consumption of fresh meat in Argentina plummeted by 17.3% during
2010 from 70.3kg annually in 2009 to 58.1 kg in 2010. The rising trend of substituting pasta
for meat and poultry has had a significant and positive impact on sales of complementary
products such as tomato pastes and pures, pasta sauces, mustard, ketchup and
mayonnaise, which combined accounted for 67% of total sauces, dressings and condiments
value sales in 2010.
Sauces, dressing and condiments is set to increase in value by 20% in 2011. The
Argentinean economy is currently labouring under the effects of ongoing high inflation.
Moreover, the significant discrepancy between the governments official inflation figures,
which are used to calculate constant currency growth rates, and the inflation observed
between 2007 and 2010 has led to several leading companies, consultancy firms and
academic economists across Argentina to question the accuracy of the governments figures.
Low-fat mayonnaise and pasta sauces are expected to register the highest growth rates in
sauces, dressings and condiments during 2011. Low-fat mayonnaise is set to increase in
value by 31%, followed closely by pasta sauces with value growth of 31%. The rising
popularity of home cooking as a result of falling consumer purchasing power and the dramatic
WWW.EUROMONITOR.COM
increase in the price of fresh meat fuelled growth in sauces, dressings and condiments
generally and law-fat mayonnaise and pasta sauces in particular as these products offer
consumers easy and convenient ways of preparing more attractive and diverse meals at
home.
The average unit price in sauces, dressings and condiments is set to increase by 23% in
2011, which is anticipated to be mostly due to the ongoing increases in inflation in Argentina.
Wet/cooking sauces are available in Argentina in varieties such as Portuguese sauces and
Neapolitan sauces, which are used to prepare meals such as pizzas. Furthermore, Asian
wet/cooking sauces exist, although sales remain low due to the low penetration of Asian food
in Argentina. Growth in wet/cooking sauces during 2011 is, however, anticipated to remain
below overall growth in sauces, dressings and condiments, as wet/cooking sauces is set to
increase in volume by 4% and in value by 26%.
Other sauces, dressings and condiments is largely comprised of a local speciality called salsa
golf, which is a 50-50 mixture of ketchup and mayonnaise. This sauce is widely consumed
with hot dogs, hearts of palm, as a dressing on salads and as a dip.
Unilever de Argentina SA led sauces, dressings and condiments during 2010 with a 32%
value share. Bouillon/stock cubes, mayonnaise and tomato pastes and pures accounted for
67% of total value sales in sauces, dressings and condiments during 2010 and Unilever led
bouillon/stock cubes with a value share of 64% through its Knorr brand, and while it also
dominated mayonnaise with a 75% value share through its variety of brands, including the
leading brand, Hellmanns. Unilever competes in various price segments in mayonnaise with
its wide brand portfolio, and its Hellmanns brand led in 2010 with a 38% value share, followed
by Fanacoa and Hellmanns Light with respective value shares of 16% and 15%.
WWW.EUROMONITOR.COM
PROSPECTS
In order to maintain demand for new, innovative and healthier products, many of Argentinas
leading producers of sauces, dressings and condiments will be forced to increase their
expenditure on advertising over the forecast period, especially in light of the expected
declined in the disposable incomes of the majority of Argentinas consumers.
WWW.EUROMONITOR.COM
- Soy Based Sauces

- Spicy Chili/Pepper
Sauces
- Tartare Sauces
- Vinaigrettes
- Worcester/Steak Sauces
- Other Table Sauces
Tomato Pastes and Pures
Other Sauces, Dressings
and Condiments
Condiments
Source:
Table 2
Sales of Sauces, Dressings and Condiments by Category: Value 2006-2011
Peso million
2006
Cooking Sauces
- Bouillon/Stock Cubes
- Dry Sauces/Powder Mixes
- Herbs and Spices
- Monosodium Glutamate
(MSG)
- Pasta Sauces
- Wet/Cooking Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Brown Sauces
- Cocktail Sauces
- Curry Sauces
- Fish Sauces
- Horseradish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Based Sauces
Sauces
- Tartare Sauces
- Vinaigrettes
and Condiments
Condiments
Source:
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Table 3
Sales of Sauces, Dressings and Condiments by Category: % Volume Growth

2006-2011
% volume growth
2010/11
Cooking Sauces
- Herbs and Spices
- Monosodium Glutamate (MSG)
- Pasta Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Brown Sauces
- Cocktail Sauces
- Curry Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Based Sauces
- Spicy Chili/Pepper Sauces
- Tartare Sauces
- Vinaigrettes
Other Sauces, Dressings and Condiments
Source:
Table 4
2006-11 CAGR
2006/11 Total
Sales of Sauces, Dressings and Condiments by Category: % Value Growth

2006-2011

2010/11
Cooking Sauces
- Herbs and Spices
- Pasta Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Brown Sauces
- Cocktail Sauces
- Curry Sauces
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Based Sauces
- Tartare Sauces
- Vinaigrettes
Source:
Table 5
Wet/Cooking Sauces by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Napolitanean
Portuguese
Others
Total
2007
2008
2009
2010
2011
100.0
100.0
2009
2010

100.0
100.0
100.0
100.0
Source:
Table 6
Sauces, Dressings and Condiments Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
Table 7
Sauces, Dressings and Condiments Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
WWW.EUROMONITOR.COM
Table 8
Sales of Sauces, Dressings and Condiments by Distribution Format: %

Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
100.0
100.0
100.0
100.0
Table 9
Forecast Sales of Sauces, Dressings and Condiments by Category: Volume

2011-2016
'000 tonnes
2011
Cooking Sauces
- Herbs and Spices
(MSG)
- Pasta Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Brown Sauces
- Cocktail Sauces
- Curry Sauces
- Fish Sauces
2012
2013
2014
2015
2016
WWW.EUROMONITOR.COM
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Based Sauces
Sauces
- Tartare Sauces
- Vinaigrettes
and Condiments
Condiments
Source:
trade sources
Table 10
Forecast Sales of Sauces, Dressings and Condiments by Category: Value

2011-2016
Peso million
2011
Cooking Sauces
- Herbs and Spices
(MSG)
- Pasta Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Brown Sauces
- Cocktail Sauces
- Curry Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Based Sauces
Sauces
- Tartare Sauces
- Vinaigrettes
and Condiments
2012
2013
2014
2015
2016
WWW.EUROMONITOR.COM
Condiments
Source:
trade sources
Table 11
Forecast Sales of Sauces, Dressings and Condiments by Category: %

Volume Growth 2011-2016
% volume growth
2015/16
Cooking Sauces
- Herbs and Spices
- Pasta Sauces
Dips
Pickled Products
Table Sauces
- Barbecue Sauces
- Brown Sauces
- Cocktail Sauces
- Curry Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Based Sauces
- Tartare Sauces
- Vinaigrettes
Source:
Table 12
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Sauces, Dressings and Condiments by Category: % Value

Growth 2011-2016

2011-16 CAGR
Cooking Sauces
- Herbs and Spices
- Pasta Sauces
Dips
2011/16 TOTAL
WWW.EUROMONITOR.COM
Pickled Products
Table Sauces
- Barbecue Sauces
- Brown Sauces
- Cocktail Sauces
- Curry Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Based Sauces
- Tartare Sauces
- Vinaigrettes
Source:
trade sources
WWW.EUROMONITOR.COM
SNACK BARS IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
Current value sales of snack bars set to increase by 41% to reach almost ARS1.5 billion in
2011
Government warns against the risks of excessive snack bar consumption
Granola/muesli bars expected to record fastest current value growth of 41% to reach ARS1.4
billion in 2011
Snack bars unit prices showing average growth of 25% in 2011
Bagley Argentina leads sales with a 42% value share in 2010
Constant value sales of snack bars expected to increase at a 9% constant value CAGR over
the forecast period
TRENDS
The growing desire to consume healthier and more nutritious products has been one of the
pillars of the increase of snack bar sales over recent years. However, through the Instituto
Nacional de Tecnologa Industrial (National Industrial Technology Institute), the government
has warned that eating snack bars which are unsuitable for consumers needs could be
counterproductive. Snack bars give extra energy (calories) in a small ration, without requiring
a great digestive effort. In spite of these qualities, it is important to pay attention to other
composition factors, such as the percentages of sodium, saturated fats, trans fats, etc. These
are nutrients which, if consumed excessively, may proportionally do more harm than good.
Although the nutritional value of this product is high, the government warns that it should not
be used to replace adequate nutrition, but rather as a complement for a healthy lifestyle.
Constant value sales of snack bars are expected to increase by 27% in 2011, well below the
35% review period constant value CAGR. However, the comparability of the figures is
Using observed inflation rates according to private estimates, constant retail value sales of
snack bars are expected to increase by 13% in 2011 compared with a 15% constant value
average for the 2006-2011 period. This small difference between growth rates is mainly due
to the fact that this category is still in a high-growth path, but with a slight decreasing
tendency, as the category reaches maturity.
Granola/muesli bars are expected to record the fastest current value growth of 41% to reach
ARS1.4 billion in 2011. The key for this high growth has been that this category addressed the
trend towards functional products to consume on the go.
Snack bars unit prices have shown an average growth of 25% in 2011. Although wheat prices
were stable during 2011 because wheat is state regulated, an increase in salaries and other
costs caused the price increase.
WWW.EUROMONITOR.COM
Alfajores is the only category which is perceived as a snack in confectionery. Since the
appearance of light and rice alfajores, it has also been competing with energy and cereal bars
amongst individuals looking for healthier snacks. Beyond this case, snack bars do not
compete directly with confectionery or chips/crisps because snack bars are aimed at
consumers who are concerned with their health and weight. There is no overlapping in terms
of consumers age either, as snack bars are consumed mostly by women, people practicing
sports and young adults, whilst confectionery and chips/crisps are mostly eaten by teenage
consumers.
Volume sales of energy and nutrition bars sales are set to increase by 12% in 2011, based on
growth in consumption by people who practice sports of great physical strain, such as
weightlifting and others.
Bagley Argentina led sales with a 42% value share in 2010, followed by La Delicia Felipe Fort,
with 28%. The main reason for Bagleys leadership is its distribution network, which takes
advantage of Arcors network reaching kioskos and grocery retailers all around the country.
Furthermore, the company has the most extensive portfolio of flavours and products in the
snack bars category.
WWW.EUROMONITOR.COM
PROSPECTS
Consumers are expected to continue searching for healthy products like snack bars, though
with higher awareness of their nutritional and caloric components. In particular, people with
medical conditions related to food consumption, such as diabetes, are advised to consume
these articles with care, and to get advice from nutritionists about what is most convenient in
their cases.
CATEGORY DATA
Table 1
Sales of Snack Bars by Category: Volume 2006-2011
tonnes
2006
Breakfast Bars
Energy and Nutrition Bars
Fruit Bars
Granola/Muesli Bars
Other Snack Bars
Snack Bars
Source:
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Table 2
Sales of Snack Bars by Category: Value 2006-2011
Peso million
2006
2007
Breakfast Bars
Fruit Bars
Granola/Muesli Bars
Other Snack Bars
Snack Bars
2008
2009
2010
2011
Source:
Table 3
Sales of Snack Bars by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Breakfast Bars
Fruit Bars
Granola/Muesli Bars
Other Snack Bars
Snack Bars
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Snack Bars by Category: % Value Growth 2006-2011

2010/11
Breakfast Bars
Fruit Bars
Granola/Muesli Bars
Other Snack Bars
Snack Bars
Source:
2006-11 CAGR
2006/11 Total
Table 5
Snack Bars Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
2009
2010
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
2010
2011
Table 6
Snack Bars Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 7
Sales of Snack Bars by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
2007
2008
2009
WWW.EUROMONITOR.COM
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
2015
2016
2015
2016
Table 8
Forecast Sales of Snack Bars by Category: Volume 2011-2016
tonnes
2011
2012
Breakfast Bars
Fruit Bars
Granola/Muesli Bars
Other Snack Bars
Snack Bars
Source:
2013
2014
trade sources
Table 9
Forecast Sales of Snack Bars by Category: Value 2011-2016
Peso million
2011
Breakfast Bars
Fruit Bars
Granola/Muesli Bars
Other Snack Bars
Snack Bars
Source:
2012
2013
2014
trade sources
Table 10
Forecast Sales of Snack Bars by Category: % Volume Growth 2011-2016
% volume growth
2015/16
2011-16 CAGR
2011/16 Total
WWW.EUROMONITOR.COM
Breakfast Bars
Fruit Bars
Granola/Muesli Bars
Other Snack Bars
Snack Bars
Source:
Table 11
trade sources
Forecast Sales of Snack Bars by Category: % Value Growth 2011-2016

2011-16 CAGR
Breakfast Bars
Fruit Bars
Granola/Muesli Bars
Other Snack Bars
Snack Bars
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
SOUP IN ARGENTINA - CATEGORY

ANALYSIS
HEADLINES
Soup is expected to increase in volume by 13% and in value by 38% in 2011, rising to
ARS655 million
Soup continues to represent a healthy source of basic nutrition for middle and low income
consumers
Dehydrated soup is set to post the highest growth in soup during 2011, rising in value by 38%
to ARS400 million
The average unit price of soup is expected to increase by 22% during 2011
Unilever de Argentina continues to dominate dehydrated soup with a value share of 79% and
instant soup with a value share of 93% in 2010
Soup is set to increase in constant value at a CAGR of 11% over the forecast period, rising to
ARS1.1 billion
TRENDS
Sales of soup in Argentina continued to increase rapidly throughout the review period, and
further growth is expected in 2011 and throughout the forecasted period. National campaigns
encouraging consumers to consume soup more frequently, which focused on low income
consumers in Argentinas far-flung remote regions boosted growth in soup. Furthermore, the
competition in mid-priced soup and premium soup remained fierce throughout the review
period as Argentinas leading soup producers continued to introduce new brand extensions
and engaged in strong brand development, which boosted demand for soup among new
types of consumers and widened the variety of product types available in soup. Soup is
expected to increase in current value by 38% during 2011, which will largely be the result of
the anticipated 22% rise in unit price, a reflection of the high ongoing inflation which is
blighting the argentine economy.
Dehydrated soup is expected to remain the best performing soup category in Argentina during
2011, with volume growth pegged at 13% as demand for dehydrated soup was fuelled by the
increasing range of flavours and options available, particularly in comparison with instant
soup.
The average unit price of soup is set to increase by 22% during 2011. Unit price rises are
expected to be the highest in dehydrated soup, where 22% unit price rises are also
anticipated.
Low fat soup and low calorie soup and convenient, easy-to-prepare products dominated soup
in Argentina during 2010 and the first half of 2011 as producers continuously introduced new
brand extensions in a bid to attract higher numbers of consumers. The most popular flavours
of soup in Argentina are vegetable, peas, and chicken, while cream soups are preferred for
children.
Supermarkets/hypermarkets is set to account for 50% of total soups distribution by value
during 2011, while independent small grocers is expected to account for a further 42%.
WWW.EUROMONITOR.COM
Discounters is expected to account for 5% of total soup distribution by value in 2011, while
forecourt retailers is set to account for 3%.
Unilever de Argentina dominated soup in Argentina during 2010, recording a value share of
83%. The companys outstanding success in soup can be attributed to the widespread
popularity and availability of its Knorr brand, which conferred undisputed dominance over
Argentinas other soup players.
WWW.EUROMONITOR.COM
PROSPECTS
Soup is present in virtually all Argentinean homes and is consumed as a complement for any
and all types of food, especially among families with growing children. Sales of soup are
largely driven by convenience as soup is quick and easy to prepare. As such, it is expected
that soup will progressively transcend its natural environment in the home, where it has
emerged to become a default option for a nutritious meal, reaching out into other
environments such as offices, where it is set to be increasingly consumed by office workers
during breaks. Unilever Argentina SAs Knorr brand is expected to continue leading soup in
Argentina throughout the forecast period, and Unilevers strong marketing and Knorrs strong
brand image will continue contributing to higher soup consumption in Argentina throughout
the forecast period.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Soup by Category: Volume 2006-2011
tonnes
2006
2007
Chilled Soup
Dehydrated Soup
Frozen Soup
Instant Soup
UHT Soup
Soup
Source:
2008
2009
2010
2011
2010
2011
Table 2
Sales of Soup by Category: Value 2006-2011
Peso million
2006
Chilled Soup
Dehydrated Soup
Frozen Soup
Instant Soup
UHT Soup
Soup
Source:
2007
2008
2009
Table 3
Sales of Soup by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Chilled Soup
Dehydrated Soup
Frozen Soup
Instant Soup
UHT Soup
Soup
Source:
2006-11 CAGR
2006/11 Total
WWW.EUROMONITOR.COM
Table 4
Sales of Soup by Category: % Value Growth 2006-2011

2010/11
Chilled Soup
Dehydrated Soup
Frozen Soup
Instant Soup
UHT Soup
Soup
Source:
2006-11 CAGR
2006/11 Total
Table 5
Leading Soup Flavours 2006-2011
ranking
2006
2007
Vegetable
Peas
Chicken with rice
Corn/Maize
Spinach
Source:
2008
2009
2010
2011
2008
2009
2010
100.0
100.0
100.0
2009
2010
Table 6
Soup Company Shares 2006-2010
% retail value rsp

Company
2006
2007
Total
Source:
100.0
100.0
Table 7
Soup Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
2010
2011
100.0
100.0
2015
2016
Table 8
Sales of Soup by Distribution Format: % Analysis 2006-2011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
Table 9
2007
2008
2009
100.0
100.0
100.0
100.0
Forecast Sales of Soup by Category: Volume 2011-2016
tonnes
2011
Chilled Soup
Dehydrated Soup
Frozen Soup
Instant Soup
UHT Soup
Soup
Source:
2012
2013
2014
Official statistics, trade associations, trade press, company research, Euromonitor International
estimates
WWW.EUROMONITOR.COM
Table 10
Forecast Sales of Soup by Category: Value 2011-2016
Peso million
2011
Chilled Soup
Dehydrated Soup
Frozen Soup
Instant Soup
UHT Soup
Soup
Source:
2012
2013
2014
2015
2016
estimates
Table 11
Forecast Sales of Soup by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Chilled Soup
Dehydrated Soup
Frozen Soup
Instant Soup
UHT Soup
Soup
Source:
Table 12
2011-16 CAGR
2011/16 Total
estimates
Forecast Sales of Soup by Category: % Value Growth 2011-2016

2011-16 CAGR
Chilled Soup
Dehydrated Soup
Frozen Soup
Instant Soup
UHT Soup
Soup
Source:
estimates
2011/16 TOTAL
WWW.EUROMONITOR.COM
SPREADS IN ARGENTINA CATEGORY ANALYSIS

HEADLINES
Current value sales of spreads set to increase by 25% to reach ARS1.2 billion in 2011
Consumption of gourmet dulce de leche increases in Argentina
Jams and preserves set to record the fastest current value growth of 33% to reach
ARS440,000
Spreads unit prices show average growth of 22% in 2011
Mastellone leads sales with a 25% value share in 2010
Constant value sales of spreads are expected to increase at a 2% CAGR over the forecast
period
TRENDS
An increase in consumption of gourmet dulce de leche (cream caramel spread) has taken
place over the last few years. Traditionally, this type of dulce de leche was manufactured and
consumed regionally, although companies such as San Ignacio, in the Santa F province and
La Salamandra, in the Buenos Aires province, are achieving national distribution, thus
reaching the main chained supermarkets/hypermarkets. Havanna also helped consolidate this
trend by offering its exclusive dulce de leche in all its specialist coffee shops in Argentina and
Latin America. Also worth mentioning are brands such as Chimbote, from Mar del Plata, and
Campo Quijano, from Salta.
Constant value sales of spreads are set to increase by 13% in 2011, comparable to and
slightly higher than the review period constant value CAGR. However, the comparability of the
figures is jeopardised 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,
Using observed inflation rates according to private estimates, constant value sales of spreads
are set to increase by 6% in 2011 compared with a similar but slightly lower constant value
average for the 2006-2011 period. This similar growth rate shows that a relatively high growth
is sustained, considering that spreads is mainly composed of two relatively mature categories,
namely jams and preserves and nut-based spreads.
Jams and preserves is expected to record the fastest current value growth of 33% to reach
just ARS440,000. This growth is explained mainly by a price growth of 30%, well over the
average inflation rate, and a retail volume growth of only 2%.
Spreads unit prices have shown an average growth of 22% in 2011 as a consequence of
growing energy prices and labour costs.
Although new exotic flavours of jams and preserves are launched every year, Argentineans
are very conservative regarding their favourite flavours. Peach continued to be the highestselling flavour, followed by Plum, Strawberry, Orange and Apricot.
WWW.EUROMONITOR.COM
Mastellone leads sales with a 24% value share in 2010, followed by Arcor with 20%. The main
reason for La Serenisimas leadership is its strong presence in nut-based spreads with its
traditional dulce de leche, whereas Arcor leads in jams and preserves.
PROSPECTS
Gourmet dulce de leche brands will continue to gain market share in the mid and long run,
although without competing with the leading brands. San Ignacio has improved its distribution
channels, La Salamandra has incorporated investors to increase its production and Campo
Quijano has inaugurated a new dairy farm, and has begun exporting to other Latin American
countries.
WWW.EUROMONITOR.COM
CATEGORY DATA
Table 1
Sales of Spreads by Category: Volume 2006-2011
'000 tonnes
2006
2007
Chocolate Spreads
Honey
Jams and Preserves
Nut-based Spreads
Yeast-based Spreads
Spreads
Source:
2008
2009
2010
2011
2010
2011
Table 2
Sales of Spreads by Category: Value 2006-2011
Peso million
2006
Chocolate Spreads
Honey
Jams and Preserves
Nut-based Spreads
Yeast-based Spreads
Spreads
Source:
2007
2008
2009
WWW.EUROMONITOR.COM
Table 3
Sales of Spreads by Category: % Volume Growth 2006-2011
% volume growth
2010/11
Chocolate Spreads
Honey
Jams and Preserves
Nut-based Spreads
Yeast-based Spreads
Spreads
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Spreads by Category: % Value Growth 2006-2011

2010/11
Chocolate Spreads
Honey
Jams and Preserves
Nut-based Spreads
Yeast-based Spreads
Spreads
Source:
2006-11 CAGR
2006/11 Total
Table 5
Leading Flavours for Jams and Preserves 2006-2011
ranking
2006
2007
Peach
Plum
Strawberry
Orange
Apricot
Source:
2008
2009
2010
2011
2009
2010
Table 6
Spreads Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM
Others
Total
Source:
29.0
100.0
27.5
100.0
26.6
100.0
26.2
100.0
26.0
100.0
2009
2010
Table 7
Spreads Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
2008
WWW.EUROMONITOR.COM

Total
100.0
100.0
Source:
Table 8
Sales of Spreads by Distr bution Format: % Analysis 2006-2011
100.0
100.0
2010
2011
100.0
100.0
2015
2016
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
2007
2008
2009
100.0
100.0
100.0
100.0
Table 9
Forecast Sales of Spreads by Category: Volume 2011-2016
'000 tonnes
2011
Chocolate Spreads
Honey
Jams and Preserves
Nut-based Spreads
Yeast-based Spreads
Spreads
Source:
Table 10
2012
2013
2014
trade sources
Forecast Sales of Spreads by Category: Value 2011-2016
WWW.EUROMONITOR.COM
Peso million
2011
Chocolate Spreads
Honey
Jams and Preserves
Nut-based Spreads
Yeast-based Spreads
Spreads
Source:
2012
2013
2014
2015
2016
trade sources
Table 11
Forecast Sales of Spreads by Category: % Volume Growth 2011-2016
% volume growth
2015/16
Chocolate Spreads
Honey
Jams and Preserves
Nut-based Spreads
Yeast-based Spreads
Spreads
Source:
Table 12
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Spreads by Category: % Value Growth 2011-2016

2011-16 CAGR
Chocolate Spreads
Honey
Jams and Preserves
Nut-based Spreads
Yeast-based Spreads
Spreads
Source:
trade sources
2011/16 TOTAL
WWW.EUROMONITOR.COM
SWEET AND SAVOURY SNACKS IN

HEADLINES
Sweet and savoury snacks is set to increase in value by 31% to ARS2.1 billion in 2011, while
volume sales are set to rise by 6% to 33,000 tonnes
Rising inflation is set remains the key factor affecting consumption of sweet and savoury
snacks during 2011
Pretzels is expected to record the highest growth in sweet and savoury snacks during 2011,
increasing in volume by 7%
The average unit price of sweet and savoury snacks is set to increase by 23% in 2011, mainly
due to high inflation
PepsiCo Snacks Argentina SA continues to lead sweet and savoury snacks with a 65% value
share in 2010
Sweet and savoury snacks is set to increase in volume at a CAGR of 8% over the forecast
period, rising to 49,000 tonnes by 2016
TRENDS
The main drivers of the leading trends in sweet and savoury snacks during 2010 and the first
half of 2011 were the launches of Lays Resto and the high level of advertising for existing
PepsiCo Snacks brands such as Doritos.
Sweet and savoury snacks is set to increase in value by 31% and in volume by 6% during
2011. The disparity between volume and value growth is a stark reflection of the ongoing high
inflation which continues to plague the argentine economy.
Microwave popcorn is expected to account for 23% of total popcorn sales in Argentina during
2011. Microwave popcorn continues to increase in popularity in Argentina. Whilst eat-at-home
popcorn is available through video and DVD rental outlets and independent grocery stores,
demand for such products in Argentina remains limited.
The average unit price of sweet and snacks is set to increase by 23% during 2010, mainly
due to the constantly increasing inflation in Argentina. Increases in average unit price are
expected to remain in excess of 23% in all categories of sweet and savoury snacks during
2011, with significant variations registered in unit prices across all distribution channels in
certain product categories. For example, in cinemas and video clubs, the price of pop corn
increased substantially, much higher than in supermarkets/hypermarkets.
Other sweet and savoury snacks is composed mainly by palitos, which are tiny sticks made
from fried wheat dough, sometimes with cheese flavouring added. The main palitos brands
are PepsiCo Snacks Palitos and Hispanos SAs Krach-itos. Other products included in Other
sweet and savoury snacks are toasted bread chips, where most products are brand
extensions from Twistos, a brand from PepsciCo which is the leader in bread substitute
products.
Sweet and savoury snacks in Argentina do not compete directly with other impulse snack
products such as snack bars and chocolate confectionery. For example, sweet and savoury
WWW.EUROMONITOR.COM
snacks are usually consumed as part of a picada, an assortment of chilled processed meats
and cheese which is consumed prior to main meals or as supper, while other varieties of
impulse snacks are usually consumed as desserts or as special treats. A growing number of
these treats which consist of rice crackers covered with chocolate.
Supermarkets/hypermarkets is expected to account for 48% of total sweet and savoury
snacks distribution by value in 2010, while independent small grocers accounted for a further
21%. Non-grocery retailers, meanwhile, accounted for 11% of total sweet and savoury snacks
distribution during 2011.
PepsiCo Snacks Argentina accounted for 65% of total sweet and savoury snacks value sales
during 2010. With Twistos as its main flagship brand, the company continued to lead sweet
and savoury snacks in all price segments, with its Bun brand leading in economy sweet and
savoury snacks, Pehuamar in standard sweet and savoury snacks and Lays as its leading
premium sweet and savoury snacks brand.
WWW.EUROMONITOR.COM
PROSPECTS
The range of sweet and savoury snacks available in Argentina increased during 2010 as
increasing numbers of product lines and flavours were launched under strategies focused on
creating new consumer niches for sweet and savoury snacks. Increasing levels of disposable
income and rising consumption of meals through consumer foodservice are leading to the
increasing consumption of premium sweet and savoury snacks, and this will continue to boost
growth in sweet and savoury snacks in Argentina during 2010. The popularity of new products
introduced in 2010 such as Lays Resto are expected to continue growing over the forecast
period and new products extensions are expected for the Lays Resto brand as well as new
flavours such as Lays Pizza.
WWW.EUROMONITOR.COM
Table 3
Sales of Sweet and Savoury Snacks by Category: % Volume Growth 20062011
% volume growth
2010/11
Chips/Crisps
Extruded Snacks
Fruit Snacks
Nuts
Popcorn
Pretzels
Tortilla/Corn Chips
Other Sweet and Savoury Snacks
Source:
2006-11 CAGR
2006/11 Total
Table 4
Sales of Sweet and Savoury Snacks by Category: % Value Growth 20062011

2010/11
Chips/Crisps
Extruded Snacks
Fruit Snacks
Nuts
Popcorn
Pretzels
Tortilla/Corn Chips
Source:
2006-11 CAGR
2006/11 Total
Table 5
Popcorn by Type: % Value Breakdown 2006-2011
% retail value rsp

2006
Microwave Popcorn
All Other Packaged
Popcorn
Total
Source:
2007
2008
2009
2010
2011
100.0
100.0
2009
2010

100.0
100.0
100.0
100.0
Table 6
Sweet and Savoury Snacks Company Shares 2006-2010
% retail value rsp

Company
2006
2007
2008
WWW.EUROMONITOR.COM
Total
Source:
100.0
100.0
100.0
100.0
100.0
2008
2009
2010
100.0
100.0
100.0
Table 7
Sweet and Savoury Snacks Brand Shares 2007-2010
% retail value rsp

Brand
Company
2007
Total
Source:
100.0
Table 8
Sales of Sweet and Savoury Snacks by Distribution Format: % Analysis 20062011
% retail value rsp

2006
- Grocery Retailers
- - Supermarkets/
Hypermarkets
- - Discounters
- - Small Grocery
2007
2008
2009
2010
2011
WWW.EUROMONITOR.COM
Retailers
Grocers
- - Other Grocery
Retailers
Retailers
Retailers
Non-Store Retailing
- Vending
- Homeshopping
- Direct Selling
Total
Source:
100.0
100.0
100.0
100.0
100.0
100.0
2015
2016
Table 9
Forecast Sales of Sweet and Savoury Snacks by Category: Volume 20112016
tonnes
2011
2012
Chips/Crisps
Extruded Snacks
Fruit Snacks
Nuts
Popcorn
Pretzels
Tortilla/Corn Chips
Other Sweet and Savoury
Snacks
Source:
2013
2014
trade sources
Table 10
Forecast Sales of Sweet and Savoury Snacks by Category: Value 2011-2016
Peso million
2011
Chips/Crisps
Extruded Snacks
Fruit Snacks
Nuts
Popcorn
Pretzels
Tortilla/Corn Chips
Other Sweet and Savoury
Snacks
Source:
2012
2013
2014
trade sources
2015
2016
WWW.EUROMONITOR.COM
Table 11
Forecast Sales of Sweet and Savoury Snacks by Category: % Volume Growth

2011-2016
% volume growth
2015/16
Chips/Crisps
Extruded Snacks
Fruit Snacks
Nuts
Popcorn
Pretzels
Tortilla/Corn Chips
Source:
Table 12
2011-16 CAGR
2011/16 Total
trade sources
Forecast Sales of Sweet and Savoury Snacks by Category: % Value Growth

2011-2016

2011-16 CAGR
Chips/Crisps
Extruded Snacks
Fruit Snacks
Nuts
Popcorn
Pretzels
Tortilla/Corn Chips
Source:
9.9
trade sources
2011/16 TOTAL
60.0

Sample Report Packaged Food

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sample Report Packaged Food

Uploaded by

Copyright:

Available Formats

WWW.EUROMONITOR.

SAMPLE REPORT FOR ILLUSTRATION ONLY

LIST OF CONTENTS AND TABLES

Foodservice Sales of Packaged Food by Category: Volume 20062011 ............................................................................................................... 7

Impulse and Indulgence Products Key Trends and Developments .......................................... 10

Sales of Impulse and Indulgence Products by Category: Volume

SAMPLE REPORT FOR ILLUSTRATION ONLY

Forecast Sales of Impulse and Indulgence Products by Category: %

Nutrition/staples Key Trends and Developments ...................................................................... 17

Sales of Nutrition/Staples by Category: Volume 2006-2011 ....................... 19

Meal Solutions Key Trends and Developments ........................................................................ 24

Sales of Meal Solutions by Category: Volume 2006-2011 .......................... 26

Market Data ................................................................................................................................... 30

Sales of Packaged Food by Category: Volume 2006-2011 ........................ 31

SAMPLE REPORT FOR ILLUSTRATION ONLY

Sales of Packaged Food by Distribution Format: % Analysis 20062011 ............................................................................................................. 36

Research Sources ........................................................................................ 41

Packaged Food in Argentina - Company Profiles ........................................................................ 43

Arcor SAIC: Key Facts ................................................................................. 43

Arcor SAIC: Production Statistics 2009 ....................................................... 45

Arcor SAIC: Competitive Position 2010 ....................................................... 46

Ca Argentina De Levaduras Saic in Packaged Food (argentina) ............................................... 46

Ca Argentina de Levaduras SAIC: Key Facts ............................................ 46

Ca Argentina de Levaduras SAIC: Production Statistics 2010 .................. 47

Havanna SA: Key Facts ............................................................................... 48

Havanna SA: Production Statistics 2010 ..................................................... 49

Havanna SA: Competitive Position 2010..................................................... 50

Mastellone Hnos SA in Packaged Food (argentina) .................................................................... 50

SAMPLE REPORT FOR ILLUSTRATION ONLY

Mastellone Hnos SA: Key Facts .................................................................. 50

Mastellone Hnos SA: Production Statistics 2010 ........................................ 52

Mastellone Hnos SA: Competitive Position 2010 ........................................ 53

Mccain Argentina SA in Packaged Food (argentina) ................................................................... 53

McCain Argentina SA: Key Facts ................................................................ 53

McCain Argentina SA: Production Statistics 2010 ...................................... 55

Mc Cain Argentina: Competitive Position 2010 ........................................... 55

Molinos Ro De La Plata SA in Packaged Food (argentina) ........................................................ 56

Molinos Ro de la Plata SA: Key Facts ........................................................ 56

Molinos Ro de la Plata SA: Production Statistics 2010 .............................. 58

Molinos Ro de la Plata SA: Competitive Position 2010 .............................. 59

Quickfood SA in Packaged Food (argentina) ............................................................................... 59

Quickfood SA: Key Facts ............................................................................. 59

Quickfood SA: Production Statistics 2010 ................................................... 60

Quickfood SA: Competitive Position 2010 ................................................... 61

Sancor Cooperativas Unidas Ltda in Packaged Food (argentina) ............................................... 61

SanCor Cooperativas Unidas Ltda: Key Facts ............................................ 61

SAMPLE REPORT FOR ILLUSTRATION ONLY

SanCor Cooperativas Unidas Ltda: Competitive Position 2010 .................. 64

Supermercados Mayoristas Makro SA in Packaged Food (argentina) ........................................ 64

Supermercados Mayoristas Makro SA: Key Facts ...................................... 64

Sales of Baby Food by Category: Volume 2006-2011 ................................ 69

Baked Goods in Argentina - Category analysis............................................................................ 74

Sales of Baked Goods by Category: Volume 2006-2011............................ 76

SAMPLE REPORT FOR ILLUSTRATION ONLY

Forecast Sales of Baked Goods by Category: Volume 2011-2016 ............ 80

Biscuits in Argentina - Category analysis ..................................................................................... 83

Sales of Biscuits by Category: Volume 2006-2011 ..................................... 85

Breakfast Cereals in Argentina - Category analysis ..................................................................... 90

Sales of Breakfast Cereals by Category: Volume 2006-2011 ..................... 92

Canned/preserved Food in Argentina - Category analysis .......................................................... 97

SAMPLE REPORT FOR ILLUSTRATION ONLY

Category Data ............................................................................................................................... 99

Sales of Canned/Preserved Food by Category: Volume 2006-2011 .......... 99

Chilled Processed Food in Argentina - Category analysis ......................................................... 105