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Kuwait Food and Drink Report Q2 2010
Business Monitor International, Feb 2010, Pages: 51
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.
Forecast to record a tentative recovery in 2010, Kuwait’s export oriented economy came under strain in 2009 as depressed global sentiment weighed down energy export revenues. Driven by public sector spending, the authors expect GDP growth to come in at 2% in 2010, which will be welcomed by Kuwait’s fairly dynamic food processing industry as discussed in the recently published Kuwait Food & Drink Report for Q210.
On the back of the anticipated economic recovery, the authors expect headline food consumption in Kuwait to increase 3.8% to KWD0.72bn (US$2.51bn) in 2010. While consumer sentiment is likely to remain some way off the period leading up to the global downturn when the trend towards premiumisation was at its sharpest, the improving state of the consumer will nonetheless be welcomed by leading Kuwaiti food and drink companies like Americana (Kuwait Food Company). Operating assets across the food, drink and food services industries, Americana is a major regional player with an annual turnover close to US$2bn. Unsurprisingly given Kuwait’s high disposable income profile and the similarity in consumer tastes and preferences to most of the wider Gulf region, Kuwait possesses a well-developed dairy industry that leverages off the spending power of the population and wide consumption of dairy products (estimated at more than 50 kilograms per capita annually).
Leading industry players include Kuwait Danish Dairy and Kuwait Dairy Corporation, both of whom are vertically integrated with exposure to segments ranging form fresh milk to ice cream. However, their ability to pursue major expansion regionally is hamstrung somewhat by the sheer weight of competition with Saudi Arabia in particular possessing a notably strong dairy industry.
While the small size of the Kuwaiti market caps the long-term volume and value growth opportunities on offer, premiumisation opportunities across all segments of the food industry should continue to present themselves over the forecast period to 2014. Beyond 2010, between 2011 and 2014, the authors expect modest growth in headline food consumption at 9.2% to KWD0.8bn.
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