netrashetty
Netra Shetty
Westinghouse Digital LLC is a US company that markets LCD televisions[1] and other flat-panel display products[2], located in Orange, California.
It is one of the licensees of the Westinghouse Electric Corporation[3], the brand management company controlled by CBS Corporation.
Globalization in the processed food and beverage markets - including convenience foods - is increasing at a tremendous rate as most developed countries face mature domestic markets. Food and beverage companies are becoming more aware of the excellent opportunities resulting from exporting or making foreign direct investment. The U.S. processed food and beverage industry is a major participant in this global economy. Almost half the world’s top 50 food processing firms are headquartered in the United States.
Convenience foods are essentially pre-prepared foods, which have already been put together and cooked and have then been packaged to save time and labor for the purchasing and consuming user. Convenience foods generally contain some level of preservatives to prevent spoilage and thus last longer "on the shelf" and thus have the advantage of a longer shelf life, and thereby contains its costs further. There are also significant economies of scale with convenience foods, since the value propostion is that they can be prepared with minimal effort – often only by simple re-heating – thus translating into the further benefit that a bulk quantity can often be stocked. Many convenience foods are available in cans or other special plastic packaging, allowing them to be frozen or chilled.
The preservation, or canning, of fruits and vegetable in the early 1900s was the predecessor to the convenience food market. Large quantities of food could be stocked in cans and used only as required and the convenience food market emerged as a major industry by the early 1960's. There is now available a broad range of convenience foods including breakfast, lunch and dinner offerings as well as snacks. Additional social trends accelerated the expansion of convenience foods. The rise of the two-earner family in the latter part of the 20th century as well as the move to the city and suburb has contributed to the acceptance of convenience foods. Advances in both food processing and packaging have also shaped further growth. Acceptance by high population emerging markets such as India and China will also help drive the convenience food market.
Region Watch: Market segmentation is key to growth in Latin America
The Latin American cosmetics and toiletries market is still patchily undeveloped. Many consumers have limited access to branded products, due to an immature retail infrastructure, paving the way for direct selling, which is very popular. The counterfeit market, especially of perfumes, thrives due to lack of market regulation. As economies such as Brazil start to boom, normative retailing trends are emerging.
Extremely diverse markets still hold common trends
The cosmetics and toiletries market in Latin America is exceptionally diverse. A comparison between markets such as Brazil, with its consumer base of 192 million and a booming economy, with markets such as Bolivia, with nine million consumers whose economy is still strongly rural, is hard to make. This fragmentation of consumers is not merely at country level. Most markets are very diverse internally, for example Ecuador, whose consumer base is a patchwork of communities, including native Americans, people of colonial Spanish origin and the descendants of African slaves. Retailing habits are very different. Direct selling in Guatemala is poised to become the leading cosmetics and toiletries channel over the forecast period, while Argentina has become characterised by the spread of chained pharmacies.
However, there are several trends that are generally common to each market. The leading players are typically multinational producers such as Procter & Gamble or Colgate-Palmolive (although local producers are also present, typically at the low end of the market). Consumers throughout the region have been seeking to trade up, as local levels of disposable income have boomed over the review period and retail networks have improved. Consumer response to marketing has been very strong throughout Latin America, especially after multinationals poured money into the region, sensing the strong potential of a market that is still immature in large parts.
Market characterised by dynamic growth
Growth across the region has therefore been extremely positive – the Latin American cosmetics and toiletries market grew by 15% in 2007, compared to global growth of less than 6%, making it the most dynamic region in the world. This growth was largely underpinned by flourishing sales in Latin America's larger markets; cosmetics and toiletries sales improved by 13% in Brazil and by 17% in Argentina; Costa Rica saw growth of 12% while Venezuela saw exponential growth of 29% in 2007.
The development of these markets, in particular, has been driven by greatly improved economies, and the concurrent rise in disposable income. Venezuela, for example, enjoyed strong economic growth driven by high oil prices – the country is a key producer. In addition, the presidential election campaign and increased spending on social programmes improved the purchasing power of the lowest socio-economic groups. This trend has been repeated across the region – even the slowest growing market, Mexico, grew by 5% in 2007 as economic stability started to empower a far wider share of the consumer base.
Key products at variance
Patterns of consumer use across the region were only broadly similar – hair care, for example, was the largest product sector in value terms in the region, generating 27% of market value, but this varied from 15% in Costa Rica to 30% in Peru. Sales of hair care products in Brazil grew by 26% in 2007, compared to 3% in Chile. Regional trends were naturally distorted by patterns of use in large markets such as Brazil, Argentina and Mexico.
Other market sectors were at odds across the region. Fragrance sales accounted for 27% of the Guatemalan market, compared to 11% for Chile. These disparities reflect very different levels of market development across the region. Chile, for example, has a retail network more in line with Western European norms, of urban-based high street retailers and supermarkets, compared to Bolivia where product availability is limited by poverty and ongoing infrastructure. Outdoor markets generated 50% of store-based retail sales in Bolivia, but less than 1% in Chile.
For these reasons, product range is wildly different - dermocosmetics were a key sales generator in Chile in 2007, but were largely absent from the Bolivian market. Although regional trends have seen consumers seeking to trade up, without ongoing macroeconomic growth over the forecast period, much of the potential of the market will not be met.
It is one of the licensees of the Westinghouse Electric Corporation[3], the brand management company controlled by CBS Corporation.
Globalization in the processed food and beverage markets - including convenience foods - is increasing at a tremendous rate as most developed countries face mature domestic markets. Food and beverage companies are becoming more aware of the excellent opportunities resulting from exporting or making foreign direct investment. The U.S. processed food and beverage industry is a major participant in this global economy. Almost half the world’s top 50 food processing firms are headquartered in the United States.
Convenience foods are essentially pre-prepared foods, which have already been put together and cooked and have then been packaged to save time and labor for the purchasing and consuming user. Convenience foods generally contain some level of preservatives to prevent spoilage and thus last longer "on the shelf" and thus have the advantage of a longer shelf life, and thereby contains its costs further. There are also significant economies of scale with convenience foods, since the value propostion is that they can be prepared with minimal effort – often only by simple re-heating – thus translating into the further benefit that a bulk quantity can often be stocked. Many convenience foods are available in cans or other special plastic packaging, allowing them to be frozen or chilled.
The preservation, or canning, of fruits and vegetable in the early 1900s was the predecessor to the convenience food market. Large quantities of food could be stocked in cans and used only as required and the convenience food market emerged as a major industry by the early 1960's. There is now available a broad range of convenience foods including breakfast, lunch and dinner offerings as well as snacks. Additional social trends accelerated the expansion of convenience foods. The rise of the two-earner family in the latter part of the 20th century as well as the move to the city and suburb has contributed to the acceptance of convenience foods. Advances in both food processing and packaging have also shaped further growth. Acceptance by high population emerging markets such as India and China will also help drive the convenience food market.
Region Watch: Market segmentation is key to growth in Latin America
The Latin American cosmetics and toiletries market is still patchily undeveloped. Many consumers have limited access to branded products, due to an immature retail infrastructure, paving the way for direct selling, which is very popular. The counterfeit market, especially of perfumes, thrives due to lack of market regulation. As economies such as Brazil start to boom, normative retailing trends are emerging.
Extremely diverse markets still hold common trends
The cosmetics and toiletries market in Latin America is exceptionally diverse. A comparison between markets such as Brazil, with its consumer base of 192 million and a booming economy, with markets such as Bolivia, with nine million consumers whose economy is still strongly rural, is hard to make. This fragmentation of consumers is not merely at country level. Most markets are very diverse internally, for example Ecuador, whose consumer base is a patchwork of communities, including native Americans, people of colonial Spanish origin and the descendants of African slaves. Retailing habits are very different. Direct selling in Guatemala is poised to become the leading cosmetics and toiletries channel over the forecast period, while Argentina has become characterised by the spread of chained pharmacies.
However, there are several trends that are generally common to each market. The leading players are typically multinational producers such as Procter & Gamble or Colgate-Palmolive (although local producers are also present, typically at the low end of the market). Consumers throughout the region have been seeking to trade up, as local levels of disposable income have boomed over the review period and retail networks have improved. Consumer response to marketing has been very strong throughout Latin America, especially after multinationals poured money into the region, sensing the strong potential of a market that is still immature in large parts.
Market characterised by dynamic growth
Growth across the region has therefore been extremely positive – the Latin American cosmetics and toiletries market grew by 15% in 2007, compared to global growth of less than 6%, making it the most dynamic region in the world. This growth was largely underpinned by flourishing sales in Latin America's larger markets; cosmetics and toiletries sales improved by 13% in Brazil and by 17% in Argentina; Costa Rica saw growth of 12% while Venezuela saw exponential growth of 29% in 2007.
The development of these markets, in particular, has been driven by greatly improved economies, and the concurrent rise in disposable income. Venezuela, for example, enjoyed strong economic growth driven by high oil prices – the country is a key producer. In addition, the presidential election campaign and increased spending on social programmes improved the purchasing power of the lowest socio-economic groups. This trend has been repeated across the region – even the slowest growing market, Mexico, grew by 5% in 2007 as economic stability started to empower a far wider share of the consumer base.
Key products at variance
Patterns of consumer use across the region were only broadly similar – hair care, for example, was the largest product sector in value terms in the region, generating 27% of market value, but this varied from 15% in Costa Rica to 30% in Peru. Sales of hair care products in Brazil grew by 26% in 2007, compared to 3% in Chile. Regional trends were naturally distorted by patterns of use in large markets such as Brazil, Argentina and Mexico.
Other market sectors were at odds across the region. Fragrance sales accounted for 27% of the Guatemalan market, compared to 11% for Chile. These disparities reflect very different levels of market development across the region. Chile, for example, has a retail network more in line with Western European norms, of urban-based high street retailers and supermarkets, compared to Bolivia where product availability is limited by poverty and ongoing infrastructure. Outdoor markets generated 50% of store-based retail sales in Bolivia, but less than 1% in Chile.
For these reasons, product range is wildly different - dermocosmetics were a key sales generator in Chile in 2007, but were largely absent from the Bolivian market. Although regional trends have seen consumers seeking to trade up, without ongoing macroeconomic growth over the forecast period, much of the potential of the market will not be met.
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