Outlook For Beverages Remains Strong; PepsiCo To Capitalise

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Despite a relatively conservative outlook for the Thai economy; moderation fuelled by a forecast China and US-led dip in global export demand and a pessimistic view of the medium-term prospects for investment growth, BMI remains optimistic on the prospects for Thailand's soft drinks industry. We are forecasting annual average sales growth of 6.8% to 2014, thanks in part to the predicted robustness of private consumption growth. US behemoth PepsiCo intends to exploit this outlook, upping its stake in local player Serm Suk to improve the bottler's competitiveness and long-term growth prospects.