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GCCFood Industry| November 28, 2023Table of Contents1.EXECUTIVE SUMMARY............................................................................ 71.1.Scope of the Report .................................................................................. 71.2.Industry Outlook ...................................................................................... 71.3.Growth Drivers......................................................................................... 71.4.Challenges .............................................................................................. 81.5.Trends .................................................................................................... 82.THE GCC FOOD INDUSTRY OVERVIEW ................................................... 92.1.Country-Wise Market Overview..................................................................162.2.Demand and Supply of Major Food Categories .............................................253.THE GCC FOOD INDUSTRY OUTLOOK ................................................... 303.1.Forecasting Methodology ..........................................................................303.2.The GCC Food Consumption Forecast .........................................................313.3.Country-wise Market Size Forecast.............................................................334.GROWTH DRIVERS............................................................................... 405.CHALLENGES........................................................................................ 496.TRENDS ............................................................................................... 547.MERGER AND ACQUISITION (M&A) ACTIVITIES.................................. 588.FINANCIAL AND VALUATION ANALYSIS .............................................. 608.1.Financial Performance ..............................................................................608.2.Valuation Analysis ...................................................................................68COUNTRY PROFILES ......................................................................................... 72COMPANY PROFILES ........................................................................................ 79 Page | 2 Page | 3GCCFood Industry| November 28, 2023“Food Industry (except Restaurants / Foodservice) saw an increased growth during 2020 andgood part of 2021 as people spent a lot of time at home leading to increased consumption, andloading of pantries at home etc. However, since then, on the supply side, the industry haswitnessed a significant inflation in costs (due to rising interest rates / financing costs, Russia-Ukraine war, high energy prices etc.) leading to decline in profitability. On the demand side,consumer preferences are changing in terms of seeking more value for money, demandinghealthier alternatives and convenience both in terms of food (snacking, ready-to-go food) andavailability(online shopping).The trade structure is also evolving with new formats likediscounters also challenging the Modern Trade.In GCC, we have also seen increased competition from international players committing to theregion with greater manufacturing and R&D investments. Compared to western markets, GCCwith its growing population, younger working population, high disposable incomes, relatively lowerper-capita consumption, plus country strategy shifts (e.g., KSA) to have more local production forself-sufficiency and food security. It is critical to balance between market shares and profitability.Balancing both supply side and demand side dynamics is a challenge for most industry players.In this environment, the players who can build strong brands, offer quality & innovative products,while being cost-effective are likely to come out as winners.The food demand is expected to continue to grow across GCC as more people moving in due torelaxation of entry/residency visas and better infrastructure with further significant investmentsare being made to build large projects for tourism purposes. People have confidence on theauthorities given the way they managed pandemic crises and are taking measures overall toimprove the ease of doing business in the region.”Kesri SinghDirector, Americana Group“The 2020s decade so far has been characterized by events that have a lasting impact on thecourse of human history – across industries, economies, environment, geo-politics, quality of lifeand more. Every industry experienced a transformation in the fundamental driving forces and theF&B industry in the MENA region is no exception. In fact, many of the parameters that have shiftedduring the pandemic seem to be here to stay for the longer term.The current inflationary reality is the result of a milieu of factors including the aftershocks of supplychain disruptions and freight charge increases that considerably impacted international trade, acommodity boom exacerbated by supply shocks due to climate change and th