New Food market report from Business Monitor International: "Qatar Food & Drink Report Q3 2013"
Boston, MA -- (SBWIRE) -- 08/14/2013 -- We continue to maintain our very positive view on the Qatari consumer sector. Qatari household spending has been expanding at a steady clip over the last decade, and we expend this trend to continue over the medium term. In addition to projecting real GDP growth of 5.0% in 2013 and 4.8% in 2014, we see private consumption growing by 8.0% and 7.5% in 2013 and 2014 respectively. An array of structural factors continues to support consumption growth and the expansion of the retail sector, namely high per capita income (which we forecast to reach US$108,000 by end-2013), an influx of expatriates entering the country in preparation for the 2022 FIFA World Cup, and an official unemployment rate of 0.5%.
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Headline Industry Data (local currency)
- 2013 food consumption growth = +4.5%; compound annual growth rate (CAGR) to 2017 = +5.4%.
- 2013 soft drinks sales = +10.5%; compound annual growth rate (CAGR) to 2017 = +7.2%
- 2013 mass grocery retail sales = +5.6%; compound annual growth rate (CAGR) to 2017 = +6.7%
- 2013 supermarket sales = +2.6%; compound annual growth rate (CAGR) to 2017 = +4.2%
Key Industry Trends And Developments
Hassad Food Continues Acquisitions: In April it was reported that Hassad Foods has acquired the 51% stake needed to control India-based rice producer Bush Foods Overseas. The group paid around US $100mn to purchase the brand, which will be used to 'expand the company's food goods portfolio both domestically and internationally over a five-year span', according to a spokesperson. Among the terms of the sale, Hassad will take control of Bush's US$30mn automated rice mill and plans to maintain certain elements of its current branding strategy for customer synergy and retention. In June it was announced that Hassad plans on investing US$500mn in India in the production of rice, coffee, cardamom and 'ready-made foods'.
JV Partner Majid Al Futtaim Buys Out Carrefour: In May, Carrefour sold its 25% stake in its Middle East and North Africa joint venture to its partner MAF for AED2.5bn (EUR530mn). This move came as a bit of a surprise, as Carrefour's recent international divestment strategy has generally focused on markets where it was not a market leader. Likely factors that may have driven this decision include the price on offer and the strategic initiative to close the doors on non-core emerging markets if attractive value can be extracted from would-be buyers. Under the agreement, MAF will retain a franchise agreement with Carrefour until 2025, so the stores will retain the popular Carrefour banner until then.
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