New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 05/30/2013 -- Our outlook on Kuwait's food and drink sector remains strong, and with robust domestic consumption continuing to drive growth, the Kuwaiti economy is expected to perform relatively well over 2013. However, a plateau in oil production means that Kuwait is unlikely to achieve the breakneck pace of growth seen in previous years, and we have revised downward our real GDP forecast for 2013 to 3.0%, from 3.7% previously. Private consumption remained strong through the second half of 2012, and is likely to hold up well in 2013. Kuwaiti nationals are still benefiting from the across-the-board increases in public sector wages and social security transfers approved in 2012, which helped to drive up household incomes; at the same time, inflation has stayed lower than in previous years. We forecast household consumption to grow by 3.5% in 2013, providing a boost of approximately 1% to the headline GDP figure.
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Headline Industry Data (local currency)
- 2013 food consumption growth = +3.8%; forecast compound annual growth rate (CAGR) to 2017 = +4.0%
- 2013 per capita food consumption growth = +1.5%; forecast CAGR to 2017 = +1.8%
- 2013 soft drinks value sales growth = +6.2%; forecast CAGR to 2017 = +6.3%
- 2013 mass grocery retail sales growth = +4.4%; forecast CAGR to 2017 = +4.3%
Key Industry Developments
Cargill And Arasco To Form JV: In early 2013, American agribusiness company Cargill and Saudi Arabian food firm Arasco announced plans to have create a new starches and sweeteners joint venture (JV) in Saudi Arabia. Once finalized, Cargill will hold a 20% stake in the JV, while Arasco will hold 80% and management control. The new company, which will acquire Arasco's existing corn milling facility in Al Kharj, will produce starch-based products primarily for the Gulf countries of Saudi Arabia, UAE, Kuwait, Oman, Qatar and Bahrain, as well as Yemen, Iraq and Jordan. The two companies plan to triple production at the Al Kharj plant, while glucose and starch production capacities will more than double.
Khatif Acquires 50% In LaVazza Coffee Distributor: In February 2013, Drinks Business Review reported that Kuwait-based venture capital firm Khatif Holding acquired a 50% stake in one of LaVazza Coffee's local distributors. The group's recent investment in Arwa Gulf Food is expected to help improve the efficiency of distribution for LaVazza products and other goods. In addition, Arwa Gulf's market share is projected to grow as an added benefit of the deal.
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