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Kuwait Food and Drink Report Q3 2009
Business Monitor International, July 2009, Pages: 55
The Kuwait Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Kuwait's food and drink industry
Kuwait has fallen back into sixth place in the regional Food & Drink Business Environment Ratings table for Q309. Although a decline in crude oil prices and private investment forced through by the global financial meltdown will press down on Kuwait’s economic outlook, extensive government infrastructure spending will provide a degree of cushion. BMI has forecast GDP to contract by 1% in 2009, which is better than our global average (we are currently forecasting global output to slide by 2.3% in 2009) in these turbulent times. Despite a weakened near term economic outlook, the country remains one of the Gulf region’s wealthiest and is home to a fairly dynamic food processing industry as discussed in this recently published Kuwait Food & Drink Report for Q309.
Kuwait Food Company (Americana) is the country’s leading food company with assets across the food services industry as well as food and drink production. The company boasts an extensive production portfolio that includes popular food brands such as Heinz and California Garden. Therefore, it is particularly well placed to capitalise on rising demand for convenience and packaged foods.
Like most countries in the Gulf region, Kuwait possesses a reasonably well developed dairy sector. Spearheaded by Kuwait Danish Dairy and closely followed by Kuwait Dairy Corporation, the industry is one of the country’s most well invested. Both companies have vertically integrated product portfolio’s (including fresh milk, yoghurt and ice creams) yet their ability to grow into dominant regional players is hamstrung by the competitiveness of the Gulf region’s dairy industry.
BMI analyses that the halal food industry may not only attract further regional investment (UAE-based Al Islami Foods entered Kuwait in April 2009 after securing a distributional tie ups with Gulf Trading and Refrigeration Company (GTRC) and International Agencies Company (IAC)), but also provide growth opportunities for Kuwaiti companies. The World Halal Forum expects the value of the halal food industry to grow to US$650mn in 2010 and Gulf-based companies are scrambling to jump on to the bandwagon of an industry that has thus far been dominated by non-regional food processors.
Through to 2013, food consumption has been forecasted to increase by 4.8% and reach US$1.32bn while per capita consumption is expected to crawl up to US$390. Although the forecasted growth figures are by no means dynamic, regional investors in particular are likely to remain interested in the high-income Kuwaiti consumer base as they diversify their businesses in search of greater volume.
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