GCC food spend seen rising to $106bn by 2017

Consumer spending in the GCC food retail sector is expected to reach $106bn in the next five years, according to a new report.

Food remains the largest segment of consumer expenditure in the region, standing at $83bn at year-end 2012 of the total $300bn, according to AT Kearney, the global management consultancy.

It said food accounts for 28 percent of the total consumers spend in 2012, with Saudi Arabia and the UAE together accounting for around 75 percent of the total food retail market in the GCC.

"While an exciting opportunity of $23bn exists, there are many changing dynamics in the grocery retail sector. Regional retail has experienced Hyper Speed evolution in past years growing very rapidly when compared to retailing in many mature economies such as the US and Europe," said Dr Martin Fabel, partner, AT Kearney.

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