Boston, MA -- (SBWIRE) -- 12/27/2012 -- We continue to hold to our positive outlook for consumer spending in Kuwait owing to factors such as continued economic growth, elevated oil prices and household incomes boosted by wage and benefit hikes. Even though food prices remain the key driver of inflation, amelioration in this area has been noted in H212. We note, however, that Kuwait imports the vast majority of its food items for domestic consumption, making it particularly vulnerable to external pressure. This situation will continue to pose both upside and downside risks to our forecasts.
Headline Industry Data (local currency)
- 2013 food consumption growth = +3.7%; forecast compound annual growth rate (CAGR) to 2017 = +4.0%
- 2013 per capita food consumption growth = +1.3%; forecast CAGR to 2017 = +1.8%
- 2013 soft drinks value sales growth = +6.0%; forecast CAGR to 2017 = +6.1%
- 2013 mass grocery retail sales growth = +4.3%; forecast CAGR to 2017 = +4.3%
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Key Industry Trends
Committee Formed to Stop Illegal Trade in Pork Products: Kuwaiti minister of commerce and industry Anas Al-Saleh was in September 2012 quoted by Arab Times as saying that the Kuwaiti ministry is forming a committee to fight the import of illegal foodstuffs that contain pork. Chairman of the Wazzaker Centre, Fuad Al-Rifaei, has threatened to release the names of companies that he claims have imported Brazilian pork products.
Foreign Fast-Food Outlets Continue Expanding in Kuwait: In August 2012, Canadian burger joint Big Smoke Burger was reported to be targeting Kuwait. The company plans to open the first restaurant outside its home continent within six months. Big Smoke Burger is reportedly to 'hand-pick' its franchise partners, which will be able to open three units in Kuwait. The brand's owner, Mustafa Yusuf, is also eyeing new launches in Oman, the UAE and Bahrain, with plans including up to 30 outlets by 2015.
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