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FINANCIAL NEWS
GCC to spend USD106b on food sector in 5 years
03 Mar 2013
(MENAFN) Global management consultancy AT Kearney stated that by 2017, consumers in the GCC are projected to spend USD106 billion on food purchases, reported Arabian Business.
The firm said that at the end of 2012, consumers in the region spent USD83 billion on food, which made up 28 percent of total consumer expenditure in the year, which hit USD300 billion.
It added that the UAE and Saudi Arabia contributed with nearly 75 percent of the GCC’s total food retail market in 2012.
Furthermore, over the coming 5 years, the larger sized stores, including hypermarkets, will dominate market share.
It is worth noting that the GCC food retailing offers a USD23 billion opportunity for the regional retail industry, according to AT Kearney.
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