We have estimated the China nutrition and dietary supplements market by segmenting it into four levels: functions, formulations, age category, and region. On the basis of functions, the market is segmented into medical foods, sports nutrition, dietary supplements, and functional foods. Furthermore, dietary supplements are categorized into vitamins, minerals, enzymes, amino acids, and others. By formulations the market is segmented into tablet, capsules, powder, liquid, soft gel, and gel caps. On the basis of age category, the market is segmented into infant, children, adult, pregnant, and geriatric.

The agriculture sector plays an important role in Russia’s economy, generating nearly 4% of the country’s GDP, employing 9% of the total workforce and accounting for 6% of the total exports. Over the past 15 years, Russia started from being a net importer of grains to emerge as one of the world’s largest grain exporters as a result of strong government support, improving yields and enlarging planted area. In 2016, the country’s overall sown area reached 80mn ha, with grain crops accounting for the bulk, or 60% of the total. Wheat alone, had a 35% share. Crops represented 55% of the country’s agricultural production value in 2016, ahead of the livestock sub-sector which generated the remaining 45%. In terms of type of producers, the sector is dominated by agricultural enterprises that produced 52% of the overall agricultural output in 2016. Households followed with a share of 35%.

The manufacturing industry in the Philippines is the top contributor to the country’s economic growth, while the food and beverage (F&B) sector is among the largest contributors within the manufacturing industry. The F&B sector accounted for 10% of GDP and for 51.2% of the nominal gross value added (GVA) of the Philippine manufacturing industry in 2017, according to official data from the Philippine Statistics Authority (PSA). The performance of the F&B sector is shaped by food manufacturing, with beverage production accounting for just 4.2% of the total value added of manufacturing.

India has one of the largest chemical sectors in the world by production volumes, and growth is expected to accelerate given the country’s increasing development. The chemicals sector plays an important role in the Indian economy, accounting for approximately 2.1% of GDP in 2016. Chemicals production is concentrated in the coastal states of Gujarat and Maharashtra. This is the source of some distributional inefficiency, as the end users are scattered throughout India. The chemicals sector is generally fragmented, and there are large numbers of small and medium-sized manufacturers, although this has been changing in recent years with the emergence of larger, vertically-integrated players which have a dominant role in their markets.

Hungarian agriculture accounted for 2.1% of the EU’s agricultural output in 2016, up by 0.2 pp y/y. The agricultural sector accounted for 3.8% of the country’s total GDP and for 4.4% of the total gross value added (GVA). GVA generated in agriculture increased by 3.43% y/y from HUF 1,273bn in 2015 to HUF 1,317bn in 2016. Agricultural area in 2016 was 5.349mn ha, slightly above the 5.347mn ha in 2015. According to Central Statistical Office estimates, in 2016 there were 416,000 individual farms and 9,000 commercial farms. The average size of individual farms was 7.6 ha, which shows the large fragmentation of the Hungarian agricultural sector, even though the figure increased from the 5.6 ha in the previous farm survey from 2013. The average size of an agricultural enterprise was 253 ha in 2016, down from 310 ha in 2013.

The combined value added of Brazil’s transportation, warehousing and postal services fell by 6.8% y/y at the end of 2016, indicating weaker performance of the industry than that of the overall economy, with the GDP contracting by 3.5% for the same period. Despite the major sports events that the country hosted in 2014 and 2016 - the FIFA World Cup, the Summer Olympics and the Paralympic Games - the number of passengers transported by the air carriers decreased at a CAGR of 0.4% between 2012 and 2016, which indicates that the benefits of the events were eaten by the economic crisis. Having a stronger relation with domestic activities, the interstate road passenger transport contracted at a CAGR of 9.7% over the same time frame.

In the first half of 2017, Brazil’s economy reached a turning point, exiting from the deepest recession in decades. The economy was supported by a record agricultural harvest and an uptick in consumption, as a result of lower inflationary pressures, decreasing borrowing costs and positive sentiments over the adopted government reforms. Based on these fundamentals, in October 2017, the IMF raised its growth estimates for Brazil’s economy from 0.3% to 0.75% in 2017, and from 1.3% to 1.5% in 2018. The institution defended the government drive towards fiscal sustainability, including the adopted public spending cap in December 2016 and the ongoing pension reform, as key measures for the recovery of confidence and private sector investment. Nevertheless, economic growth is projected to remain subdued in the medium term, at about 2% per year through 2022, mainly due to the recent rise in political instability that poses risks to the government’s reform agenda. New corruption investigations surrounding top government officials coupled with the upcoming general elections in October 2018, are rapidly closing the window for legislative action. Notably, reforms of the pension system, public healthcare, tax code, and infrastructure concessions regime are seen as essential to support macroeconomic stability, secure confidence and bring the economy back to its potential.

In the first half of 2017, Brazil’s economy reached a turning point, exiting from the deepest recession in decades. The economy was supported by a record-high agricultural harvest and an uptick in consumption, as a result of lower inflationary pressures, decreasing borrowing costs and positive sentiments over the adopted government reforms. Based on these fundamentals, in October 2017, the IMF raised its growth estimates for Brazil’s economy from 0.3% to 0.75% in 2017, and from 1.3% to 1.5% in 2018. The institution defended the government drive towards fiscal sustainability, including the adopted public spending cap in December 2016 and the ongoing pension reform, as key measures for the recovery of confidence and private sector investment. Nevertheless, economic growth is projected to remain subdued in the medium term, at about 2% per year through 2022, mainly due to the recent rise in political instability that poses risks to the government’s reform agenda. New corruption investigations surrounding top government officials coupled with the upcoming general elections in October 2018, are rapidly closing the window for legislative action. Notably, reforms of the pension system, public healthcare, tax code, and infrastructure concessions regime are seen as essential to support macroeconomic stability, secure confidence and bring the economy back to its potential.

In 2015, we published a Special Report on 'Deconstructing The African Consumer: Risks & Opportunities', which posited that the optimistic Africa consumer narrative has been more myth than substance so far and that this would continue over the next decade. BMI has consistently advocated a more cautious view on the assumed trajectory of the Sub-Saharan African (SSA) consumer story, dating back to 2010. Rather than the rise of an emerging middle class driving spending in high value and premium goods, we favoured a 'high-volume, low-margin' strategy for consumer-facing companies in the region. Fast-moving consumer goods companies appear to be moving their strategy in this direction. We continue to hold the view that the slow formalisation process will weigh on the idea of an 'African consumer boom' and that consumer-facing companies must adapt their strategies more toward high volumes, low margins, localisation and embracing the informal retail sector (see 'Assessing Our Africa Consumer View', June 26 2017).

Fourth largest market in the CEE region. Per capita spending is well above the CEE average. Market will record a moderate CAGR. Consumables and other medical devices have the largest market shares. Much of the market is still largely reliant on imports. • Growing domestic production sector, aided by foreign investment. Well-established public health system, funded by compulsory insurance. The private sector is gradually expanding.