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Bahrain Food and Drink Report Q2 2010
Market |
Food and Drink |
Report Type |
Market Research |
Country |
Bahrain |
Published |
26 January 2010 |
Number of Pages |
51 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
While the economic downturn has certainly impacted the Bahraini food and drink sector, a recovery is apparently being reflected by the industry, with investments and forecasts both picking up, as discussed in our recently published Bahrain Food & Drink Report for Q210. As we move into the new decade, we hold to our view of a global economic recovery, with improved growth, fiscal and balance-of-payments positions for Bahrain in comparison with 2009.
In line with our projection of a global macroeconomic recovery, we see Bahrain's economy growing positively again in 2010, but remaining sluggish for the remainder of the forecast period, until 2014, when a large increase in oil production output will cause a similar spike in real growth. However, the private sector has been damaged by the financial crisis and growth will remain below par till 2014, averaging 1.8% annually between 2010 and 2013. This may not look particularly impressive at first glance, but the slowdown is in the export sector, masking a broad-based recovery in consumption and investment. The growth will also allow per capita GDP to increase steadily from US$20,560 in 2008 to US$29,882 in 2014.
This growth will result in a boost in the local food and drink industry and a number of investments have recently been made into the sector. Most recently, in late December, Global Banking Corporation, a domestic firm, established a new limited liability company called Diyafa Holdings Company, in order to benefit from growth opportunities in the food and drink, hospitality and retail and business service sectors. Ahmed Al Khan, chairman of the new entity, noted that while the current economic downturn has created stagnation in the market for start-up organisations, it also offers a ‘first mover advantage’ in certain key commercial sectors. The new company plans on targeting some of the leading international food and hospitality brands, while also creating and developing its own brands in specific market segments. Also in December, the Auntie Anne’s chain announced that it will continue to expand in Bahrain following the recent opening of its first location at Seef Mall. The company, which will be managed through a sub-franchise license by Da’Rosa Food Company WLL, plans to open at least five stores over the next five years, and may eventually develop customised products to fit local taste profiles. Meanwhile, India-based Britannia and Oman-based Al Sallan Food Industries recently relaunched the popular biscuit brand Baker's Pride in the Bahraini market. The strategy for the relaunch includes an improved recipe and new packaging, designed to give the brand a new look and feel, while the sales price will remain the same. Such investments reflect returning investor confidence in the country’s food and drink industry, and with good reason. We are currently forecasting growth of 34% in food consumption in Bahrain between 2009 and 2014. This forecast rate of growth is higher than most countries in the Gulf region, due to the less developed state of Bahrain’s food industry, indicating that good growth opportunities remain on the back of the recovery.
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