According to research firm Future Market Insights, demand for frozen foods has increased due to growing need for convenient foods in the Middle East.
The rising number of the working women along with increasing disposable income is contributing significantly towards revenue growth of frozen food market in the forthcoming years.
Shifting food patterns of Egyptian consumers from fresh food towards frozen foods is contributing significantly towards growth of Middle East’s frozen foods market. Saudi Arabia is expected to generate higher revenues in Middle East’s frozen foods market due to incredibly busier lifestyle, resulting in increasing demand for frozen foods. Increasing costs of fresh foods has influenced consumers in Algeria to incline towards frozen foods, even in affordable prices.
Savola Group Acquires a Considerable Stake in the Al Kabeer Group: Dubai
Savola Group, based in Jeddah recently announced that it has plans to acquire a considerable stake of nearly 51% in the Al Kabeer Group, which is a Dubai based company. Key players and manufacturers must note that the deal is worth more than USD150m. This deal is also likely to help Savola Group in strengthening its position in the global market along with making heavy investments with regards to expansion of the company’s product portfolio. The acquisition will be completing within six months’ time span, during which, Savola Group will deal with the administrative and legal procedures with regards to acquisition. The focal point is also that the transaction process will be done by means of combination of bank loans as well as cash flows.
Savola Group had recently mentioned that its partnership with Al Kabeer Group is a strategic business proposition that will help the company in expanding its investment portfolio as well as enter into value-added and attractive categories within the food sector across the globe. The company has increasing consumer demand for convenient and cost-effective frozen foods. Key players and manufacturers can plan to enter in mergers and acquisitions with Al Kabeer Group as well as Savola Group, which in turn would help in business expansion and product innovation.