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1、 Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1 MarketLine Industry Profile Ice Cream in Europe January 2013 Reference Code: 0201-0121 Publication Date: January 2013 WWW.MARKETLINE.COM MARKETLINE. THIS PROFILE IS A LICENSED P
2、RODUCT AND IS NO T TO BE PHOTOCO PIED Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2 EXECUTIVE SUMMARY Market value The European ice cream market grew by 3.8% in 2011 to reach a value of $23,538.4 million. Market value foreca
3、st In 2016, the European ice cream market is forecast to have a value of $28,488 million, an increase of 21% since 2011. Market volume The European ice cream market grew by 2.6% in 2011 to reach a volume of 4,393.2 million liters. Market volume forecast In 2016, the European ice cream market is fore
4、cast to have a volume of 5,033 million liters, an increase of 14.6% since 2011. Category segmentation Take-home ice cream is the largest segment of the ice cream market in Europe, accounting for 34.8% of the markets total value. Geography segmentation Italy accounts for 21.2% of the European ice cre
5、am market value. Market share Unilever is the leading player in the European ice cream market, generating a 18.4% share of the markets value. Market rivalry The European ice cream market is generally a high volume and low margin sector, facilitating rivalry. Europe - Ice Cream 0201 - 0121 - 2011 MAR
6、KETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3 TABLE OF CONTENTS Executive Summary2 Market value 2 Market value forecast.2 Market volume.2 Market volume forecast .2 Category segmentation2 Geography segmentation 2 Market share2 Market rivalry .2 Market Overview .7 Ma
7、rket definition7 Market analysis .7 Market Data8 Market value 8 Market volume.9 Market Segmentation .10 Category segmentation10 Geography segmentation 11 Market share12 Market distribution 13 Market Outlook 14 Market value forecast.14 Market volume forecast .15 Five Forces Analysis 16 Summary 16 Buy
8、er power.17 Supplier power 18 New entrants .19 Threat of substitutes.21 Degree of rivalry22 Leading Companies23 Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4 General Mills, Inc. .23 Nestl SA .26 R for example, supermarkets h
9、ave been developing private label ice cream products, which have put the branded products under pressure. However, also some large, international ice cream producers have integrated forward by selling to consumers, directly through chains of shops and franchised ice cream parlors, which tends to red
10、uce buyer power. Ice cream is generally not a significant part of a food retailers business, which moderately strengthens buyer power. Overall, the buyer power is moderate. Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 18 Supp
11、lier power Figure 11: Drivers of supplier power in the ice cream market in Europe, 2011 SOURCE: MARKETLINE M A R K E T L I N E Ice cream, a flavored frozen food, is made up of milk fat or butterfat, milk solids, sweeteners, stabilizers, emulsifiers, and water. As long-term supply contracts are uncom
12、mon, dairy products are usually purchased in the open market. Therefore, ice cream companies have little control over prices, and often use techniques, such as hedging, to mitigate the impact of price fluctuations. Large ice cream manufacturing firms may have a strong negotiating position, but the a
13、bsence of fixed-term agreements means that the cost of switching suppliers is low. Supplier power is boosted to some extent by the presence of large dairies and companies, who sell milk fat and concentrates in bulk to the ice cream industry, as well as companies who supply trademarked ingredients. L
14、eading players in the ice cream market must maintain product quality, if they are to maintain their brand equity in the long term. Their need to source raw materials of appropriate quality (without genetically engineered ingredients) increases the strength of the suppliers. Packaging is an important
15、 input in this market and some market players may enter into long-term contracts with their suppliers, which increase supplier power. It may be possible to find substitutes for some minor ingredients such as flavorings in the production of ice cream but there are no satisfactory substitutes for majo
16、r ingredients like milk and sugar. This also tends to strengthen supplier power, which is moderate overall. Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 19 New entrants Figure 12: Factors influencing the likelihood of new ent
17、rants in the ice cream market in Europe, 2011 SOURCE: MARKETLINE M A R K E T L I N E Individual makers of gourmet ice cream can appeal to customers by emphasizing their use of natural ingredients and the high quality of products on offer. Such specialty or home-made ice creams can be sold at higher
18、prices and any initial investment in raw materials, production equipment, etc. can be recouped by adding a good margin to the price of the end-product. Larger companies, however, produce not only premium ice cream but also mass-marketed products. Here, margins may be much higher. The other limitatio
19、n of entering this market concerns distribution channels. Fresh ice cream is by nature difficult to transport and the storage cost is rather high. Producers need to distribute their ice cream widely, which generally involves channels such as supermarkets. These retail chains often have considerable
20、buyer power, which forces down the prices that the manufacturers of ice creams can obtain. Sales space is a vital but finite resource, and it may be difficult to persuade retailers to allocate it to a new players ice cream, especially in highly competitive food retail markets. Some of the large inte
21、rnational companies such as Unilever and General Mills have their own chains of ice cream parlors, which sell products directly to the consumer. However, smaller companies may not be able to afford their own ice cream parlors and must instead persuade supermarkets, specialist stores, and other busin
22、esses to stock their products. Manufacturers of ice cream can differentiate their products quite strongly. To hold on to their market shares, they must be willing to push out old flavors and replace them quickly. More demanding consumers want ice cream to be associated with pleasure and experimentat
23、ion of flavors unfamiliar to them. The strong differentiation in the ice cream market makes it difficult for newcomers to attract buyers away from the existing companies and diminishes the likelihood of new entrants. Low costs of switching mean retailers can easily change their preferences and start
24、 buying products from new companies. They are limited to some extent however, as they need to store products the final consumers demand. The market has been growing at a moderate and steady rate and is expected to accelerate in the forecast period, which boosts the likelihood of newcomers. Europe -
25、Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 20 Overall, there is a moderate likelihood of new entrants. Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 21 Threat
26、 of substitutes Figure 13: Factors influencing the threat of substitutes in the ice cream market in Europe, 2011 SOURCE: MARKETLINE M A R K E T L I N E From the point of view of consumers, there are a number of substitutes for commercially-available ice cream. These include frozen desserts, such as
27、sorbets and gelato, confectionery, and smoothies. Retailers, aiming to meet consumer demand, will tend to stock all kinds of substitutes. From the retailers point of view, they may offer benefits, such as higher margins (e.g. premium-priced desserts), cheaper storage and longer shelf-life (e.g. conf
28、ectionery does not need to be stored in a freezer). Switching costs are not significant. However, most food retailers are likely to continue selling ice cream as part of their product range, and the threat of substitutes is assessed as moderate. Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS
29、PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 22 Degree of rivalry Figure 14: Drivers of degree of rivalry in the ice cream market in Europe, 2011 SOURCE: MARKETLINE M A R K E T L I N E The European ice cream market is fragmented with the top four players holding nearly 30% of th
30、e total market by value. Its most significant players include large, well-known international companies like Unilever and Nestle, as well as smaller, local competitors. The large number of competitors in this market increases rivalry. There is intense competition between big players. For example, in
31、 2007, Nestle and Unilever broke anti-trust guidelines by blocking retailers from stocking rival brands in their freezers. Retailers can switch between different manufacturers products quite easily, which increases the degree of rivalry amongst players. However, the brand loyalty of consumers exerts
32、 a pull-through on retailers and, thus, makes it difficult for them to abandon a popular branded product and replace with a private-label product. It is notable that the largest players in this market own majority of their factories. Consequently, exit barriers are high, since leaving the ice cream
33、market would require divestment of substantial, and often quite specialized, assets. Fixed costs are also likely to be high, although automated processes mean that production can be ramped up when necessary. These factors tend to intensify rivalry. Some leading players have diversified into other fo
34、od businesses, which reduces rivalry by making them less reliant on ice cream sales. Overall, there is a strong degree of rivalry in this market. Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 23 LEADING COMPANIES General Mills
35、, Inc. Table 9: General Mills, Inc.: key facts Head office: Number One General Mills Boulevard, Minneapolis, Minnesota 55426, USA Telephone: 1 763 764 7600 Website: Financial year-end: May Ticker: GIS Stock exchange: New York SOURCE: COMPANY WEBSITE M A R K E T L I N E General Mills is engaged in t
36、he manufacture and marketing of branded consumer foods sold through retail stores. The company is also a supplier of branded and unbranded food products to the foodservice and commercial baking industries. General Mills manufactures its products in 15 countries and markets them in more than 100 coun
37、tries. The company operates about 50 facilities for the production of a wide range of food products, of which 28 are located in the US, 10 in the Asia/Pacific region, five in Europe, four in Latin America and Mexico, two in Canada, and one in South Africa. The company operates through three business
38、 divisions: US retail, international, and bakeries and foodservice. The US retail division mainly does business with a wide range of grocery stores, mass merchandisers, mem bership stores, natural food chains, and drug, dollar and discount chains operating throughout the US. The company has categori
39、zed its US retail division into seven segments: Big G cereals, meals, Pillsbury, Yoplait, snacks, baking products, and small planet foods and other. The major product categories offered are ready-to-eat cereals, refrigerated yogurt, ready-to-serve soup, dry dinners, shelf stable and frozen vegetable
40、s, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza and pizza snacks, grain, fruit and savory snacks, and a wide range of organic products including soup, granola bars, and cereal. The company primarily markets these products under major brand names like Cheerios, Wheat
41、ies, Pillsbury, Betty Crocker, Yoplait, Hamburger Helper, and Progresso among others. General Mills operates in the international markets, outside the US, through joint ventures and subsidiaries. In Canada, the company offers products such as ready-to-eat cereals, shelf stable and frozen vegetables,
42、 dry dinners, refrigerated and frozen dough products, dessert and baking mixes, frozen pizza snacks, and grain and fruit snacks. Outside North America, the product categories offered include super-premium ice cream and frozen desserts, refrigerated yogurt, grain snacks, shelf stable and frozen veget
43、ables, refrigerated and frozen dough products, and dry dinners. Its international division also includes products manufactured in the US for export, mainly to Caribbean and Latin American markets, and for sale to its international joint ventures. The company primarily offers Haagen-Dazs ice creams,
44、Old El Paso Mexican foods, Nature Valley granola bars, Cheerios cereal, Wanchai Ferry dumplings and meal kits, Green Giant vegetables, Pillsbury and Betty Crocker products, and Yoplait yogurt in the international markets. In addition, the company contributes in two international joint ventures: Cere
45、al Partners Worldwide (CPW) and Haagen-Dazs Japan (HDJ). CPW is a 50-50 partnership with Nestle which markets breakfast cereals in over 130 countries and in states outside the US and Canada. CPW also markets cereal bars in several European countries and manufactures private label cereals for custome
46、rs in the UK. HDJ, in which General Mills has 50% equity interest, manufactures, distributes, and markets Haagen-Dazs ice cream products and frozen novelties in Japan. Europe - Ice Cream 0201 - 0121 - 2011 MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 24 The baker
47、ies and foodservice division offers cereals, snacks, yogurt, unbaked and fully baked frozen dough products, baking mixes, and flour. General Mills markets these products to foodservice distributors and operators, convenience stores, vending machine operators, and supermarket bakeries. The major bran
48、ds of the division include Cheerios, Fiber One, Total, Yoplait, Chex Mix, Nature Valley, and Pillsbury. Key Metrics The company recorded revenues of $16,658 million in the fiscal year ending May 2012, an increase of 11.9% compared to fiscal 2011. Its net income was $1,567 million in fiscal 2012, com
49、pared to a net income of $1,798 million in the preceding year. Table 10: General Mills, Inc.: key financials ($) $ million 2008 2009 2010 2011 2012 Revenues 13,652.1 14,555.8 14,635.6 14,880.2 16,657.9 Net income (loss) 1,294.7 1,304.4 1,503.5 1,798.3 1,567.3 Total assets 19,041.6 17,874.8 17,678.9 18,674.5 21,096.8 Total liabilities 12,583.5 12,458.3 12,030.9 12,062.3 13,366.3 SOURCE: COMPANY FILINGS M A R K E T L I N E Table 11: General Mills, Inc.: key financial ratios Ratio 2008 2009 2010 2011 2012 Profit margin 9.5% 9.0% 1