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With volume growth unlikely for the mainstream in the next few years, industry LFL and margins will be pressured.
Elsewhere, consumer goods giant Unilever has beaten forecasts with volume growth of 3.6%, with all regions and product categories seeing increased sales.
"We see no volume growth," analysts at Bernstein Research said in their study, with volume growth for the high-margin Gulf of Mexico operations not expected until 2014.
The company behind Peroni and Grolsch, which also owns 58% of MillerCoors, has been hit by lacklustre trading, with volume growth forecast to be up just 1%, and the dollar riding high against the currencies in some of its key markets.
But many lenders are making up for margin compression with volume growth, while some specialty financials care far more about the health of the economy than interest rates.
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Important classes of such processes are acid dissolution of a porous medium and gas solid reactions with pore volume growth, e.g. coal gasification, and with pore closure, e.g. lime sulfation, and catalyst deactivation.
"Although we're not satisfied with our volume growth, it is worth noting that it was all generated without acquisition," Steven S. Reinemund, PepsiCo's chairman and chief executive, said, alluding to the Coca-Cola Company, which reported Wednesday that much of its volume increases in the first quarter had come from acquisitions.
Credit Suisse was more positive, starting coverage with an outperform rating and 400p target price: We see synergy potential substantially above management guidance not priced in by the market which, together with industrial volume growth should drive peer-leading earnings growth over the next two years.
The oral-care giant's quarterly results sparkled with unit volume growth in every business segment.
"This is important in the long term because we won't have to offset volume declines with new volume growth elsewhere".
We consider elliptic operators L in divergence form on certain domains in Rd with fractal volume growth.
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