Bahrain Food & Drink Report Q4 2013: New research report available at Fast Market Research.
Headline Industry Data (local currency)
Full Report Details at
* 2013 food consumption growth = +6.6% year-on-year (y-o-y); compound annual growth rate (CAGR) to 2017 = +7.7%
* 2013 soft drink value sales growth = +5.7% y-o-y; CAGR to 2017 = +6.8%
* 2013 mass grocery retail sales = +8.2% y-o-y; CAGR to 2017 = +9.2%
Key Company Trends
Bahrain To Follow Region's Example: With its hot climate and strict prohibition of alcohol, Bahrain continues to boast attractive soft drinks potential for both domestic and international investment. Bahrain, much like its regional Gulf neighbours, has seen soft drinks industry sales soar over the last decade. Buoyed by impressive consumer spending power across the Gulf Cooperation Council, core carbonates continue to perform well. However, in our view, the non-carbonated segment offers greater long-term growth potential. With bottled water and functional drinks gradually gaining momentum over our forecast period to 2017, diversification beyond core carbonates is likely to shape the industry's growth trajectory going forward.
Carrefour Sells Stake In JV To MAF: In a move that comes as a bit of a surprise, Carrefour in May 2013 sold its 25% stake in its Middle East and North Africa joint venture (JV) to its partner Majid al-Futtaim (MAF) for AED2.5bn (EUR530mn). Under the agreement, MAF will retain a franchise agreement with Carrefour until 2025 so the stores will retain the popular Carrefour banner until then. MAF is now well positioned to expand operations both domestically and internationally (a promising prospect for the company).
Key Risks To Outlook
Oil Prices Could Pose Risk: A marked drop in oil prices concomitant with a slowdown in growth in Europe, the US and China would pose a significant risk to the country's near-term growth outlook, and likely lead to a marked deterioration to the country's balance of payments and fiscal dynamics. In terms of the latter, Bahrain's break-even oil price is now between US$115/bbl and US$120/bbl, which is by far the highest in the Gulf. Meanwhile, a more pronounced regional crisis stemming from an uptick in tensions between Iran and the West could see risk premiums spike higher, particularly for Bahrain.
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|Date:||Sep 30, 2013|
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