Future of Fish and Seafood Industry in Egypt: Ken Research
Posted on 16 September 2016 by KenResearch Food and Beverage,
Ken Research published a report on ‘Consumer and Market Insights: Fish & Seafood in Egypt’ which discusses empirical data on Fish and seafood industry according to the six category types like Chilled Raw Packaged Fish & Seafood-Processed, Frozen fish and seafood etc, market proportion of main companies, important distribution channels and packaging trends. The report puts forward how the new and existing players can use this information on dynamics of the food items sector in Egypt to gain an edge in the market. Additionally, segment wise growth strategies have also been covered.
Fresh Fish and Seafood Industry leads the Fish and Seafood industry of Egypt. Privately marketed products reach to the lowest tranche of the consumer segment and the ‘Ambient’ segment is expected to grow at about 4.8% per year (Compounded Annual Growth rate or CAGR).
Salient Characteristics of the Fish and Seafood Industry of Egypt
The economy of Egypt relied heavily on imports earlier until import substitution policies were put in place and was crumbling under the weight of its burgeoning debt. Later it was freed from these shackles when the International Monetary Fund (IMF) released a series of arrangements, after the country participated in the Gulf War coalition that helped it to improve its macroeconomic indicators.
Undergoing these changes, the Egyptians saw the vegetarian diet to be cheaper than the non-vegetarian one. Even then seafood ingredients continue to be important components of their daily meals. It is bolstered by the fact Egypt produces and imports the maximum seafood items among the Gulf countries and exports almost nothing. These facts corroborate that there is indeed high demand and consumption of seafood in Egypt as the old Say’s law cannot be completely thrown out of the window: ‘Demand creates its own Supply’.
Source: FAO Fisheries
The report ‘Consumer and Market Insights report on the Fish & Seafood market in Egypt’ by Canadean analyzes six categories, as the market stays highly disintegrated, out of which Ambient Fish and seafood segment promises fastest growth potential at 4.8% CAGR from 2015 to 2020. The dominant market share, total one fifth of the retail food sales of the country, is captured by Siblou and Samak seafoods. Since the demand continues to soar as shown by high production and imports and almost negligible exports, the sales for packaging seafood or rigid metal will be the fastest growing packaging material in Egypt.
In order to tap the market as maximum possible, the private brands are making effort to penetrate the market and trickle down to the last layer of the consumer segment, successfully capturing 37.2% of the market.
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Ankur Gupta, Head Marketing & Communications