New Food market report from Business Monitor International: "Saudi Arabia Food & Drink Report Q3 2013"
Boston, MA -- (SBWIRE) -- 07/25/2013 -- Our outlook on Saudi Arabia's consumer sector remains very positive, as the economy will continue to perform very well, boosted by strong performance in the non-hydrocarbons sector. We expect Saudi Arabia to remain on a solid growth plan through 2013 despite the ongoing turbulence in the global economy, as the non-oil sector continues to expand on the back of booming household expenditure. We project private consumption to grow by 5.0% in 2013 and 2014, contributing approximately 2.7 pp to headline growth in both periods. The outlook for the retail sector is set to remain bright over the medium term, with sales benefiting from rising disposable incomes, favourable demographics and increasing urbanisation.
Headline Industry Data
- 2013 food consumption growth in local currency = +9.8%; compound annual growth rate (CAGR) to 2017 = +8.9%
- 2013 confectionery value sales growth = +8.6%; CAGR to 2017 = +7.4%
- 2013 mass grocery retail sales growth = +11.7%; CAGR to 2017 = +10.5%
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Key Company Trends
IDJ Takes Full Control of Teeba: In April 2013 it was announced that the International Dairy & Juice Co. (IDJ), a joint venture between Almarai and PepsiCo, had taken full control of Jordanian food processing company Teeba Investment. IDJ previously held 75% of Teeba and raised its stake to 100% by purchasing Alsafa Co.'s 25% share for JOD12mn (US$17mn). According to a statement made by Almarai to the Saudi stock exchange, this new ownership structure would allow IDJ to 'drive the Teeba investment forward'.
An Increasingly Energised Soft Drinks Industry: According to a recently released report, non-carbonate drinks will progressively drive future growth within Saudi Arabia's thriving soft drinks industry. Evidence of increasingly dynamic consumer demand supports our view that with maturing carbonate sales, continued diversification within the soft drinks segment will stimulate growth and increase value sales. With a vast, youthful population, consumers will continue to spur demand for products such as functional, energy enhanced drinks, facilitated by our bullish outlook for increased consumer spending to 2017.
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