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Russian food market to be the largest in 15 years

APA - Austria Presse Agentur
opublikowano: 11-08-2005, 14:58

In five years, France will outdo Germany and become the European leader as far as the value of the basic consumption goods market is concerned. But ten years later, Russia will be number one, the report “European Grocery Retailing 2005” published by British research company IGD Services reads.

In five years, France will outdo Germany and become the European leader as far as the value of the basic consumption goods market is concerned. But ten years later, Russia will be number one, the report “European Grocery Retailing 2005” published by British research company IGD Services reads.

The report considers basic consumption goods sold in grocery shops, i.e. food, cosmetics, clothes and home appliances. According to IGD analysts, the Russian market will be driven by the fastest GDP growth rate in Europe. In the years 2004-20, the GDP will grow 182 percent while in Germany it will be only 21 percent.

“Due to economic stagnation and increasing price cutting pressure by discount shops in Germany, the country will four from the first to the fourth place in Europe in 2020”, IGD wrote. Poland should have the seventh place in the ranking in 15 years and outdo the Netherlands. The market in Poland is to grow from EUR 38 billion in 2004 to EUR 71 billion in 2020. “Central and Eastern European markets will develop much faster than Western European ones. The market share of the latter will fall from 53 to 45 percent. The market share of Central and Eastern European economies will grow from 14 to 23 percent”, the report reads.

Polish companies could take advantage of being so close to the Russian market and increase their presence there. They must started investments there, however. “Exports to Russia without subsidies from EU is not profitable. To have a good position in this market and have satisfactory sales, you must invest in production there”, Roman Urban, expert from the Institute of Agriculture Economics and Food Economy commented. He stressed that prices in Russia are lower than in EU countries. Besides, many Polish companies have recently faced serious limits in their exports to Russia. “EU countries should be our primary exports market”, Roman Urban concluded.

In 2004, the German basic consumption goods market had value of EUR 202 billion, the highest value in Europe. In 2010, France will be the leader with EUR 223 billion of the market. In 2020, Russia will be the first in the ranking. The market will be worth EUR 377 billion.

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Podpis: APA - Austria Presse Agentur