GCC food retail sector spending to reach $106b in next five years

GCC spending in the food retail sector is estimated to reach $106 billion in the next five years, global management consultancy company AT Kearney said in a report.

Out of the total consumer spend of $300 billion, food is the largest segment of consumer expenditure in the region and stood at $83 billion year-end 2012, 28 percent of the total spend, said the report.

Saudi Arabia and the UAE together account for around 75 percent of the region’s total food retail market, it added.

Currently, Saudi Arabia and the UAE combined make up about 75 percent of the total food retail market in the GCC.

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