New Food market report from Business Monitor International: "Egypt Food & Drink Report Q1 2013"
Boston, MA -- (SBWIRE) -- 03/07/2013 -- Egypt Q1 2013
Egypt remains one of our favourite Middle East and Africa markets from the point of view of longer-term opportunities in food and drink as well as mass grocery retail. Its large and expanding population will provide a suitable aspirational consumer base for both volume increases and value-based premiumisation. Nevertheless, we caution that the gloomy shorter-term economic outlook poses downside risks to our forecasts.
Headline Industry Data (local currency)
- 2013 per capita food consumption = +12.0%; forecast compound annual growth rate (CAGR) to 2017 = +11.8%
- 2013 alcoholic drinks value sales = +18.1%; forecast CAGR to 2017 = +16.1%
- 2013 soft drinks value sales = +17.1%; forecast CAGR to 2017 = +16.5%
- 2013 mass grocery retail sales = +16.6%; forecast CAGR to 2017 = +15.6%
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Key Company Trends
Taxes On Beer Increased By 200%: The Egyptian authorities have hiked taxes on beer by 200%, according to the Drinks Business Review. The tax increase received official presidential approval on December 9 2012 in a move that also saw taxes raised on products including cigarettes and soft drinks. The increases follow the government's agreement to follow conditions set by the International Monetary Fund in the hope of securing a US$4.8bn loan. The hike will have a relatively limited impact on the value consumption of beer in Egypt, given that most of the population does not consume alcohol. However, the tourist sector (mostly on-trade) will feel the pinch.
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