> **来源：[研报客](https://pc.yanbaoke.cn)** # WHAT'S NEXT IN EMERGING MARKETS ## Core Content Overview Emerging markets are experiencing rapid growth, driven by increasing consumer spending, urbanization, and digital adoption. The report highlights the potential of five key markets — Vietnam, Argentina, Brazil, Ghana, and Côte d'Ivoire — as well as the trends in the FMCG sectors of beer and snacks. These categories are seen as indicators of consumer readiness to spend on non-essentials, reflecting a shift in purchasing behavior and lifestyle preferences. ## Main Trends and Insights ### 1. **FMCG Growth in Emerging Markets** - FMCG sales growth in emerging markets is currently **2–4 times higher** than in developed markets. - **Snacks** and **beer** are among the fastest-growing categories, with **healthy and portable** options gaining traction. - The rise of **connected spenders** (digital-savvy consumers) is a key driver of growth, especially in Vietnam and Argentina, where they are expected to significantly increase in number and spending power by 2025. ### 2. **Vietnam: A Rising Star in Southeast Asia** - Vietnam is experiencing **rapid economic expansion**, with a **high GDP growth rate** and **fast-growing FMCG industry**. - **Snacks** are leading the growth in FMCG, followed by **beer** and **healthy food drinks**. - **Rural areas** are growing faster than urban regions, with **rural FMCG sales growth** outpacing urban by **7.6% to 4.9%** in MAT Q3 2017. - **Local manufacturers** are outperforming global players, with **double the growth** in snack sales compared to top global brands. - **Mini marts** are playing a crucial role in the expansion of the modern trade channel, which is growing at **9.9%** YTD Q3 2017, compared to **5.2%** for traditional trade. ### 3. **Argentina: A Market in Recovery** - Argentina's economy is recovering after a tough 2016, with **GDP growth** expected to stabilize and reach **2.5%** in 2018. - **Local brands** are driving **snack growth**, with a **47% increase** in sales since 2016, compared to only **2%** for global players. - **Connected spenders** are expected to grow to **11 million** by 2025, contributing **$218 billion** in digital spend. - The **low and premium price tiers** are showing the most growth in FMCG, indicating a shift in consumer preferences towards value and quality. ### 4. **Brazil: A Market in Transition** - Brazil's FMCG market is recovering, with **beer consumption** growing faster than other categories. - **Private label** and **low-priced items** are boosting the modern trade channel, with **28% growth** in product variety. - **Millennials** are the main force behind FMCG volume declines, but they are also key to **premium product adoption** as the economy improves. - **Connected consumers** are increasing, with **55.9 million** expected to be digital-savvy by 2025, spending **$500 million** or a third of all consumer spend. ### 5. **Ghana: A Fast-Growing African Market** - Ghana is projected to be the **fastest-growing African country** in 2018, with a **7.8% GDP growth**. - The **beverage category** is showing strong growth, with **beer, spirits, coffee, and soda** leading the way. - **Rural areas** are the biggest growth opportunity in non-essential categories, with sales growing **2–3 times faster** than in the total category. - **Small manufacturers** are outperforming top players, showing **higher growth** in both volume and value. ## Key Markets to Watch | Country | Key Growth Areas | Notes | |---------------|--------------------------------------------------|-------| | **Vietnam** | Snacks, Beer, Healthy Food Drinks | Rural growth is higher and more volatile. | | **Argentina**| Snacks, Beer, Value and Private Label Products | Connected spenders are key to future growth. | | **Brazil** | Beer, Private Label, Premium Products | Millennials and connected consumers are driving change. | | **Ghana** | Beverages, Snacks, Rural Markets | Rural growth is significant in non-essential categories. | | **Côte d'Ivoire** | Not detailed in the text but mentioned as a market to watch | Potential in snacks and beverages. | ## Summary of Growth Drivers - **Population Growth**: Emerging markets have a growing population, especially in mid- to high-density cities. - **Rising Incomes**: Consumers are becoming more affluent, allowing them to spend on non-essentials. - **Urbanization**: More consumers are moving to urban and mixed-density areas, increasing demand for convenience and variety. - **Digital Adoption**: Connected spenders are driving growth, with a preference for digital shopping and mobile engagement. - **Health and Wellness**: Consumers are seeking healthier and more convenient options, especially in snacks and beverages. - **Local Innovation**: Local manufacturers are outperforming global players in many categories due to better understanding of local tastes and needs. ## Conclusion Emerging markets are evolving rapidly, with **snacks** and **beer** serving as key indicators of consumer behavior. The **connected and convenience-focused** shopper is becoming more influential, pushing companies to innovate and adapt quickly. **Local brands** are leading the way in many markets, while **premiumization** and **health trends** are reshaping consumer preferences. Companies must act fast and strategically to capitalize on these opportunities and stay ahead of the curve.