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Egypt Food and Drink Report Q3 2010
Business Monitor International, July 2010, Pages: 67
Egypt 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 Egypt's food and drink industry.
Egypt remains the most promising Middle East and North Africa consumer market with significant scope for growth across the key food and drink indicators. On the demand side, a young, aspirant and rapidly growing population – already close to 80mn – and a promising long-term macroeconomic outlook are two of the dynamics upon which our view is based. Yet concerns remain about Egypt’s regulatory environment and the uneven distribution of income, which will need addressing if the country is to capitalise on its potential.
Headline Industry Data
- 2010 per capita food consumption = +5.07%; forecast to 2014 = +26.46%
- 2010 soft drinks volume sales = +5.03%; forecast to 2014 = +28.74%
- 2010 mass grocery retail sales = +9.47%; forecast to 2014 = +47.19%
Key Macroeconomic Data
- 2010 Real GDP growth = +4.6% (2009, +4.7%)
- 2010 Consumer Price Index = +10.6% chg y-o-y (period average) (2009, +15.7%)
- 2010 Real Private Consumption Growth = +4.0% (period average) (2009, +4.5%)
Key Company Trends
Multinational Interest Growing – Multinational companies are increasingly attracted to the Egyptian consumer play with the underdeveloped state of the food and drink industry and the size of the market the key draws. Gulf companies are becoming more and more interested in Egypt as they look to build up exposure to frontier markets.
Domestic Companies Pursuing Expansion – While multinational companies are largely leading food and drink investment spending in Egypt, domestic companies are also increasingly active. In June 2010, the diversified Egyptian food and drink firm Juhayna announced it had raised about EGP808mn (US$142.5mn) in a 1.75 times oversubscribed private share offering. This represented 80% of new Juhayna shares up for grabs, with the remaining 20% to be available to public investors in what will be Egypt’s first initial public offering since 2008.
Key Risks to Outlook
Regulatory Environment – Egypt's regulatory environment remains a concern, with the food and drink team rating it just 5/10. Infrastructure continues to misfire and internal trade systems remain weak, which contribute to Egypt being a high-cost market.
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