Brasil Foods S.A., Cooperativa Central dos Produtores Rurais de Minas Gerais (CCPR/
Itambe), Groupe Lactalis and Nestle S.A.

TABLE OF CONTENTS
Executive Summary 2
Market value 2
Market value forecast 2
Market volume 2
Market volume forecast 2
Category segmentation 2
Geography segmentation 2
Market share 2
Market rivalry 2
Market Overview 7
Market definition 7
Market analysis 7
Market Data 8
Market value 8
Market volume 9
Market Segmentation 10
Category segmentation 10
Geography segmentation 12
Market share 13
Market distribution 14
Market Outlook 15
Market value forecast 15
Market volume forecast 16
Five Forces Analysis 17
Summary 17
Buyer power 18
Supplier power 19
New entrants 20
Threat of substitutes 21
Degree of rivalry 22
Leading Companies 23
Brasil Foods S.A. 23
Cooperativa Central dos Produtores Rurais de Minas Gerais (CCPR/ 27
Itambe) 27
Groupe Lactalis 28
Nestle S.A. 29
Macroeconomic Indicators 33
Country Data 33
Appendix 35
Methodology 35
Industry associations 36
Related research 36

LIST OF TABLES
Table 1: Brazil dairy market value: $ million, 2007–11 8
Table 2: Brazil dairy market volume: million kg, 2007–11 9
Table 3: Brazil dairy market category segmentation: % share, by value, 2007–2011 10
Table 4: Brazil dairy market category segmentation: $ million, 2007-2011 10
Table 5: Brazil dairy market geography segmentation: $ million, 2011 12
Table 6: Brazil dairy market share: % share, by value, 2011 13
Table 7: Brazil dairy market distribution: % share, by value, 2011 14
Table 8: Brazil dairy market value forecast: $ million, 2011–16 15
Table 9: Brazil dairy market volume forecast: million kg, 2011–16 16
Table 10: Brasil Foods S.A.: key facts 23
Table 11: Brasil Foods S.A.: key financials ($) 24
Table 12: Brasil Foods S.A.: key financials (BRL) 24
Table 13: Brasil Foods S.A.: key financial ratios 25
Table 14: Cooperativa Central dos Produtores Rurais de Minas Gerais (CCPR/ 27
Itambe): key facts 27
Table 15: Groupe Lactalis: key facts 28
Table 16: Nestle S.A.: key facts 29
Table 17: Nestle S.A.: key financials ($) 30
Table 18: Nestle S.A.: key financials (CHF) 30
Table 19: Nestle S.A.: key financial ratios 31
Table 20: Brazil size of population (million), 2007–11 33
Table 21: Brazil gdp (constant 2000 prices, $ billion), 2007–11 33
Table 22: Brazil gdp (current prices, $ billion), 2007–11 33
Table 23: Brazil inflation, 2007–11 34
Table 24: Brazil consumer price index (absolute), 2007–11 34
Table 25: Brazil exchange rate, 2007–11 34

LIST OF FIGURES
Figure 1: Brazil dairy market value: $ million, 2007–11 8
Figure 2: Brazil dairy market volume: million kg, 2007–11 9
Figure 3: Brazil dairy market category segmentation: $ million, 2007-2011 11
Figure 4: Brazil dairy market geography segmentation: % share, by value, 2011 12
Figure 5: Brazil dairy market share: % share, by value, 2011 13
Figure 6: Brazil dairy market distribution: % share, by value, 2011 14
Figure 7: Brazil dairy market value forecast: $ million, 2011–16 15
Figure 8: Brazil dairy market volume forecast: million kg, 2011–16 16
Figure 9: Forces driving competition in the dairy market in Brazil, 2011 17
Figure 10: Drivers of buyer power in the dairy market in Brazil, 2011 18
Figure 11: Drivers of supplier power in the dairy market in Brazil, 2011 19
Figure 12: Factors influencing the likelihood of new entrants in the dairy market in Brazil, 2011 20
Figure 13: Factors influencing the threat of substitutes in the dairy market in Brazil, 2011 21
Figure 14: Drivers of degree of rivalry in the dairy market in Brazil, 2011 22
Figure 15: Brasil Foods S.A.: revenues & profitability 25
Figure 16: Brasil Foods S.A.: assets & liabilities 26
Figure 17: Nestle S.A.: revenues & profitability 31
Figure 18: Nestle S.A.: assets & liabilities 32