The majority of the largest packaged food companies have one or more power brands – product ranges that generate over US$1 billion in sales and have at least a degree of multinational presence. The de rigeuer strategy for food companies is to launch brands popular in Western Europe and North America into new territories
Manufacturers and distributors alike are looking at the Middle East and North Africa as one of the key growth regions. This is mainly fueled by a handful of markets particularly the United Arab Emirates, Saudi Arabia and Egypt. Many brands will look to capitalize on the growth potential that the region offers by way of new entrants or brand expansion with investments rife in the region.
The need for quality products and services will continue to rise with a burgeoning population in the food and beverages sector.
*Source: Euromonitor International