SOUTH AFRICA – South Africa’s food and beverages industry is holding up better than many others in the economy, as both local and global companies continue to increase investment.
Total income from the food and beverages industry increased by 9.2% to R4bn in September this year compared with September last year, Statistics SA data showed on Monday. This was after an 8.2% increase in August.
Beverages and food sales at takeaway and fast-food outlets, and restaurants and coffee shops drove the increase in total income in the industry.
The latest food and beverages survey results point to the resilience of the industry, despite tough economic conditions and a slowdown in the growth of spending by households.
Global food and beverages chains such as coffee giant Starbucks are among those set to open stores in SA next year.
Total income increased 9.6% in the third quarter of 2015 compared with the third quarter of 2014.
The results of the food and beverage report are based on a survey of almost 1,000 businesses that are registered and pay value-added tax (VAT).
The data are used to compile estimates of the tourism satellite accounts and gross domestic product, which are used to develop and monitor government policy.