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Large food businesses are active globally and performing well, while smaller producers and wholesalers generally face tough competition and low margins.

Gearing of food businesses is generally high, and can be a significant risk for companies with weak profitability and focus on the domestic market.

The outlook for food exports remains positive, with further demand growth from overseas expected, due to the strong reputation of “Made in Italy”.

The economic downturn of two main export markets - Brazil and Angola - has led to reduced exports and, to some extent, investment levels in the sector.

While the industry is still fragmented, consolidation is on-going and companies should gain size and become more competitive domestically and abroad.

Economic growth is expected to pick up in 2017, but uncertainty about the new US administration (potential protectionist trade policies) casts a shadow.

The consequences of any US shift on its Mexico policy remain to be seen, but increased currency volatility has already an negative impact on the economy.

Steady, but uneven growth is expected to persist. Domestic demand is the main driver of expansion, but manufacturing and export performance remain subdued.

Pressures on international trade are mounting around the globe and the outlook is increasingly uncertain.

Automotive suppliers´ margins remain structurally under pressure, as the powerful car manufacturers demand greater productivity, coupled with lower prices.